Did Olin beat or miss consensus estimates last quarter?

What is Olin's latest dividend and current dividend yield?

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What is the revenue and EPS growth rate for Olin year over year?

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What factors drove the changes in Olin's revenue and profit?

What guidance did Olin's management provide for the next earnings period?

What were the key takeaways from Olin's earnings call?

- **Inventory management challenge**: $40M EBITDA penalty in Q4 to reduce working capital, with uncertain recovery in commercial ammunition demand. 
- **Epoxy headwinds persist**: Subsidized Asian imports and European capacity rationalization slow. 
- **Military business resilience**: Strong international demand offsets weak commercial sales. 
- **Tax credit benefit materializes**: Section 45V to provide $15-20M annual EBITDA from 2026, but delayed payments impact cash flow. 
- **Turnaround costs loom**: 2026 VCM unit turnaround to weigh on profitability. 


**【CEO Summary Section】**
- Q3 2025 revenue growth driven by stable Chlor Alkali Products and Vinyls (CAPV) despite headwinds in Epoxy and Winchester. 
- Epoxy faces subsidized Asian imports, but new Stade supply agreement to deliver $40M annual EBITDA benefit from 2026. 
- Winchester commercial sales down due to high retail inventories, but military demand remains strong. 
- $40M EBITDA penalty in Q4 to reduce inventories, with focus on just-in-time manufacturing. 
- Section 45V clean hydrogen tax credit to provide $15-20M annual EBITDA benefit from 2026. 

**【CFO Financial Commentary】**
- Q3 adjusted EBITDA of $190M (excluding $32M tax credit), with working capital challenges due to delayed U.S. government payments. 
- Net debt expected flat year-over-year, with share buybacks curtailed amid cautious capital allocation. 
- Epoxy operating costs rising due to planned inventory reductions and fixed manufacturing expenses. 
- 2026 turnaround costs for Vinyl Chloride Monomer (VCM) unit expected to be significant headwind. 

**【Q&A Highlights】**
- Inventory reduction actions to free up $150M cash, with focus on Winchester and chemicals. 
- EDC spot market exposure reduced via structural contracts, but joint venture dissolution with Mitsui. 
- Military ammunition project delays due to U.S. government shutdown. 
- Epoxy Europe recovery slow, but U.S. pricing improvements and capacity rationalization. 
- Chlor Alkali ECU values stable, but seasonal demand weakness in Q4. 
- Winchester commercial margins unlikely to recover until demand improves and inventory rightsized. 
- Beyond250 cost savings initiative to deliver $70-90M annual run rate by 2026. 


Olin Corporation (OLN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OLN

OLN fundamentals

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