第99.1展示文本
投资者联系人：Steve Keenan
(314) 719-1755
InvestorRelations@Olin.com
资讯平台 欧林公司，地址： MO 63105，卡龙戴勒广场190号，1530套房。
欧林宣布2024年第三季度业绩
亮点
•2024年第三季度净亏损为（24.9）百万美元，每股稀释盈亏为（0.21）美元
•第四季度调整后的EBITDA为16030万美元
2024年10月24日，美国密苏里州克莱顿 欧林公司（纽交所：OLN）宣布截至2024年9月30日的第三季度财务业绩。2024年第三季度报告净亏损为（2490万）美元，每股摊薄亏损为（0.21）美元，相比于2023年第三季度报告的净利润为10410万美元，每股摊薄利润为0.82美元。2024年第三季度调整后的EBITDA为16030万美元，不包括13020万美元的折旧和摊销费用以及790万美元的重组费用。2023年第三季度调整后的EBITDA为31480万美元。2024年第三季度销售额为158950万美元，而2023年第三季度销售额为167140万美元。
肯恩·莱恩，总裁兼首席执行官说：“在第三季度，我们的欧林团队不懈努力，以恢复自飓风贝瑞尔的影响。然而，尽管团队的辛勤工作，与飓风相关的持续运营限制使我们在九月下旬开展了另一个停工，成功地于本月完成。这段停工使原先预计的第三季度飓风贝瑞尔影响额外增加了940万美元，我们预计化学品业务在第四季度将出现约2500万美元的残留影响。总体而言，预计飓风贝瑞尔将在2024年带来约13500万美元的不利影响。我们在得克萨斯州自由港的资产现在正在恢复正常运营。除飓风贝瑑尔影响外，我们2024年第三季度的化学品业务表现略好于预期。”
Lane继续说：“Winchester第三季度的业绩未达预期，由于商用弹药销售疲软，我们的零售客户销售下滑并且渠道库存水平较高。
补给速率放缓。Winchester第三季度的军工-半导体装备出货量和项目营业收入较上季度增长35%。我们预计Winchester 2024年第四季度的业务部门结果将按季度趋于下降，因为我们进入商业弹药需求旺季最弱的季度，而我们的零售客户持续减少其高水平的库存水平。
在总体展望方面，Lane继续评论道：“我们鼓舞地看到全球苛性钠需求持续缓慢改善，尽管预计第四季度需求季节性较低。除飓风伯艾尔的影响外，我们预计化工业务2024年第四季度调整后的EBITDA将较第三季度季节性下降。根据我们目前的展望，我们预计欧林2024年第四季度调整后的EBITDA将在170到20000万美元的区间内。欧林在我们以价值为重点的商业模式和资本配置策略上保持着纪律性，这继续推动现金流，并使我们的首要目标是将现金返还给股东。”
业务分部报告
欧林将分部收益定义为利息费用、利息收入、其他营业收入（费用）、非经营性养老金收入、其他收入和所得税前的收入（亏损）。
氯碱产品和乙烯
2024年第三季度氯碱产品和乙烯销售额为87160万美元，低于2023年第三季度的96960万美元。2024年第三季度部门收入为4530万美元，低于2023年第三季度的17230万美元。第三季度包括7670万美元的额外成本、未吸收的固定制造业成本以及飓风贝丽尔带来的销售损失减少利润。部门收入剩余的5030万美元下降主要是由于价格下调，主要是氢氧化钠。2013年第三季度部门业绩受维修轮换和后续操作问题影响，位于德克萨斯州弗里波特加工厂的乙烯氯单体装置费用增加，由此产生更高的成本以及由于销售损失导致的利润减少。2024年第三季度氯碱产品和乙烯的结果包括折旧和摊销费用为10650万美元，而2013年第三季度为10760万美元。
EPOXY
2024年第三季度环氧树脂销售额为28510万元，而2023年第三季度为32160万元。销售额下降主要是由于销量减少，包括飓风贝丽尔带来的销售损失影响。2024年第三季度部门亏损为4280万美元，而2023年第三季度部门亏损为2880万美元。第三季度额外支出包括3270万美元的成本，未吸收的固定制造业成本，以及与飓风贝丽尔相关的销售损失导致的利润减少。部分业绩的剩余1870万美元增长主要是由于较低的原材料成本和运营成本。环氧树脂第三
2024年第四季度的业绩中，折旧和摊销费用为1370万美元，与2023年第三季度的1470万美元相比。
温彻斯特
2023年第四季度，欧林完成了对White Flyer业务的收购，该业务被纳入Winchester部门。 White Flyer设计、制造和销售娱乐陷阱、松鸽、国际和运动靶。2024年第三季度Winchester销售额为43280万美元，而2023年第三季度为38020万美元。销售额增加主要是由于较高的国际军工销售、军工项目营业收入和White Flyer销售，部分抵消了较低的商用弹药销售。2024年第三季度部门收入为5340万美元，而2023年第三季度为6450万美元。部门收入减少1110万美元主要是由于商用弹药装运减少和推进剂成本增加，部分抵消了White Flyer收入和军工装运量增加以及军工项目营业收入增加。2024年第三季度Winchester业绩包括折旧及摊销费用为850万美元，而2023年第三季度为660万美元。
公司和其他成本
2024年第三季度，公司的其他未分配成本相比于2023年第三季度增加了300万美元，主要是由于股票补偿增加（包括按市场价计价的股票补偿）和法律相关成本增加。
流动性和股票回购
2024年9月30日的现金余额为22590万美元。欧林于2024年第三季度结束时，净债务约为27亿美元，净债务与调整后的EBITDA比率为3.0倍。2024年9月30日，欧林可用流动资金约为10亿美元。
2024年第三季度，约100万股普通股以总价4540万美元回购。截至2024年9月30日，欧林在其股票回购授权下拥有约7亿美元可用。
会议通话信息
Olin senior management will host a conference call to discuss third quarter 2024 financial results at 9:00 a.m. Eastern time on Friday, October 25, 2024. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin’s website, www.olin.com, under the third quarter conference call icon. An archived replay
of the webcast will also be available in the Investor Relations section of Olin’s website beginning at 12:00 p.m. Eastern time. A final transcript of the call will be posted the next business day.
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.
Visit www.olin.com for more information on Olin.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," “target,” and variations of such words and similar expressions in this communication to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s common stock. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors. In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:
Business, Industry and Operational Risks
•sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;
•declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;
•unsuccessful execution of our strategic operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;
•failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;
•failure to control costs and inflation impacts or failure to achieve targeted cost reductions;
•our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
•the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;
•exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;
•availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
•the failure or an interruption, including cyber-attacks, of our information technology systems;
•our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
•risks associated with our international sales and operations, including economic, political or regulatory changes;
•our indebtedness and debt service obligations;
•weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;
•adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
•the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;
•our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
•changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;
•new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;
•unexpected outcomes from legal or regulatory claims and proceedings;
•costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;
•various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and
•failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability.
All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.
2024-15
Olin Corporation
Consolidated Statements of Operations(a)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Sales | $ | 1,589.5 | $ | 1,671.4 | $ | 4,868.8 | $ | 5,218.4 | ||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Cost of Goods Sold | 1,455.0 | 1,402.3 | 4,289.2 | 4,236.6 | ||||||||||||||||
| Selling and Administrative | 111.7 | 90.9 | 308.2 | 303.9 | ||||||||||||||||
Restructuring Charges(b) | 7.9 | 11.9 | 23.0 | 92.0 | ||||||||||||||||
Other Operating Income (Expense)(c) | 0.6 | (0.3) | 0.8 | 27.2 | ||||||||||||||||
| Operating Income | 15.5 | 166.0 | 249.2 | 613.1 | ||||||||||||||||
| Interest Expense | 48.4 | 46.2 | 139.6 | 133.9 | ||||||||||||||||
| Interest Income | 1.0 | 1.0 | 2.7 | 3.2 | ||||||||||||||||
| Non-operating Pension Income | 6.7 | 5.9 | 19.4 | 17.0 | ||||||||||||||||
| Income (Loss) before Taxes | (25.2) | 126.7 | 131.7 | 499.4 | ||||||||||||||||
| Income Tax Provision | — | 22.2 | 36.8 | 96.2 | ||||||||||||||||
| Net (Loss) Income | (25.2) | 104.5 | 94.9 | 403.2 | ||||||||||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests | (0.3) | 0.4 | (3.0) | (4.1) | ||||||||||||||||
| Net (Loss) Income Attributable to Olin Corporation | $ | (24.9) | $ | 104.1 | $ | 97.9 | $ | 407.3 | ||||||||||||
| Net (Loss) Income Attributable to Olin Corporation Per Common Share: | ||||||||||||||||||||
| Basic | $ | (0.21) | $ | 0.84 | $ | 0.83 | $ | 3.19 | ||||||||||||
| Diluted | $ | (0.21) | $ | 0.82 | $ | 0.81 | $ | 3.12 | ||||||||||||
| Dividends Per Common Share | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | ||||||||||||
| Average Common Shares Outstanding - Basic | 116.9 | 124.2 | 118.4 | 127.5 | ||||||||||||||||
| Average Common Shares Outstanding - Diluted | 116.9 | 127.0 | 120.2 | 130.6 | ||||||||||||||||
(a)Unaudited.
(b)Restructuring charges for the nine months ended September 30, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.
(c)Other operating income (expense) for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Segment Information(a)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Sales: | ||||||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 871.6 | $ | 969.6 | $ | 2,676.5 | $ | 3,089.0 | ||||||||||||
| Epoxy | 285.1 | 321.6 | 944.1 | 1,016.1 | ||||||||||||||||
| Winchester | 432.8 | 380.2 | 1,248.2 | 1,113.3 | ||||||||||||||||
| Total Sales | $ | 1,589.5 | $ | 1,671.4 | $ | 4,868.8 | $ | 5,218.4 | ||||||||||||
| Income (Loss) before Taxes: | ||||||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 45.3 | $ | 172.3 | $ | 221.2 | $ | 598.3 | ||||||||||||
| Epoxy | (42.8) | (28.8) | (57.6) | (7.9) | ||||||||||||||||
| Winchester | 53.4 | 64.5 | 195.9 | 190.2 | ||||||||||||||||
| Corporate/Other: | ||||||||||||||||||||
| Environmental Expense | (7.2) | (6.9) | (19.4) | (23.1) | ||||||||||||||||
| Other Corporate and Unallocated Costs | (25.9) | (22.9) | (68.7) | (79.6) | ||||||||||||||||
Restructuring Charges(b) | (7.9) | (11.9) | (23.0) | (92.0) | ||||||||||||||||
Other Operating Income (Expense)(c) | 0.6 | (0.3) | 0.8 | 27.2 | ||||||||||||||||
| Interest Expense | (48.4) | (46.2) | (139.6) | (133.9) | ||||||||||||||||
| Interest Income | 1.0 | 1.0 | 2.7 | 3.2 | ||||||||||||||||
| Non-operating Pension Income | 6.7 | 5.9 | 19.4 | 17.0 | ||||||||||||||||
| Income (Loss) before Taxes | $ | (25.2) | $ | 126.7 | $ | 131.7 | $ | 499.4 | ||||||||||||
(a)Unaudited.
(b)Restructuring charges for the nine months ended September 30, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.
(c)Other operating income (expense) for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Consolidated Balance Sheets(a)
| September 30, | December 31, | September 30, | |||||||||||||||
| (In millions, except per share data) | 2024 | 2023 | 2023 | ||||||||||||||
| Assets: | |||||||||||||||||
| Cash and Cash Equivalents | $ | 225.9 | $ | 170.3 | $ | 158.3 | |||||||||||
| Accounts Receivable, Net | 863.2 | 874.7 | 894.2 | ||||||||||||||
| Income Taxes Receivable | 18.9 | 15.3 | 28.0 | ||||||||||||||
| Inventories, Net | 827.7 | 858.8 | 977.7 | ||||||||||||||
| Other Current Assets | 66.0 | 54.1 | 42.8 | ||||||||||||||
| Total Current Assets | 2,001.7 | 1,973.2 | 2,101.0 | ||||||||||||||
| Property, Plant and Equipment (Less Accumulated Depreciation of $5,120.4, $4,826.4 and $4,724.6) | 2,343.4 | 2,519.6 | 2,490.2 | ||||||||||||||
| Operating Lease Assets, Net | 309.3 | 344.7 | 331.0 | ||||||||||||||
| Deferred Income Taxes | 90.4 | 87.4 | 106.1 | ||||||||||||||
| Other Assets | 1,131.5 | 1,118.5 | 1,117.3 | ||||||||||||||
| Intangibles, Net | 218.3 | 245.8 | 248.6 | ||||||||||||||
| Goodwill | 1,423.7 | 1,424.0 | 1,421.0 | ||||||||||||||
| Total Assets | $ | 7,518.3 | $ | 7,713.2 | $ | 7,815.2 | |||||||||||
| Liabilities and Shareholders’ Equity: | |||||||||||||||||
| Current Installments of Long-term Debt | $ | 123.9 | $ | 78.8 | $ | 78.9 | |||||||||||
| Accounts Payable | 759.1 | 775.4 | 717.6 | ||||||||||||||
| Income Taxes Payable | 138.4 | 154.7 | 171.5 | ||||||||||||||
| Current Operating Lease Liabilities | 65.4 | 69.3 | 68.3 | ||||||||||||||
| Accrued Liabilities | 343.1 | 450.0 | 361.0 | ||||||||||||||
| Total Current Liabilities | 1,429.9 | 1,528.2 | 1,397.3 | ||||||||||||||
| Long-term Debt | 2,765.6 | 2,591.3 | 2,711.2 | ||||||||||||||
| Operating Lease Liabilities | 250.0 | 283.1 | 270.4 | ||||||||||||||
| Accrued Pension Liability | 202.6 | 225.8 | 212.7 | ||||||||||||||
| Deferred Income Taxes | 445.9 | 476.2 | 500.7 | ||||||||||||||
| Other Liabilities | 334.7 | 340.3 | 355.4 | ||||||||||||||
| Total Liabilities | 5,428.7 | 5,444.9 | 5,447.7 | ||||||||||||||
| Commitments and Contingencies | |||||||||||||||||
| Shareholders’ Equity: | |||||||||||||||||
| Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and Outstanding 116.6, 120.2 and 122.5 Shares | 116.6 | 120.2 | 122.5 | ||||||||||||||
| Additional Paid-in Capital | — | 24.8 | 130.1 | ||||||||||||||
| Accumulated Other Comprehensive Loss | (466.2) | (496.3) | (480.3) | ||||||||||||||
| Retained Earnings | 2,406.3 | 2,583.7 | 2,555.2 | ||||||||||||||
| Olin Corporation’s Shareholders’ Equity | 2,056.7 | 2,232.4 | 2,327.5 | ||||||||||||||
| Noncontrolling Interests | 32.9 | 35.9 | 40.0 | ||||||||||||||
| Total Equity | 2,089.6 | 2,268.3 | 2,367.5 | ||||||||||||||
| Total Liabilities and Equity | $ | 7,518.3 | $ | 7,713.2 | $ | 7,815.2 | |||||||||||
(a)Unaudited.
Olin Corporation
Consolidated Statements of Cash Flows(a)
| Nine Months Ended September 30, | |||||||||||
| (In millions) | 2024 | 2023 | |||||||||
| Operating Activities: | |||||||||||
| Net Income | $ | 94.9 | $ | 403.2 | |||||||
| Depreciation and Amortization | 388.9 | 404.9 | |||||||||
| Gains on Disposition of Property, Plant and Equipment | — | (27.0) | |||||||||
| Stock-based Compensation | 11.8 | 13.2 | |||||||||
| Write-off of Equipment and Facility included in Restructuring Charges | — | 17.7 | |||||||||
| Deferred Income Taxes | (43.7) | (60.6) | |||||||||
| Qualified Pension Plan Contributions | (0.9) | (1.6) | |||||||||
| Qualified Pension Plan Income | (17.5) | (15.0) | |||||||||
| Changes in Assets and Liabilities: | |||||||||||
| Receivables | 5.1 | 28.4 | |||||||||
| Income Taxes Receivable/Payable | (21.5) | 55.3 | |||||||||
| Inventories | 32.8 | (43.4) | |||||||||
| Other Current Assets | 2.1 | 9.8 | |||||||||
| Accounts Payable and Accrued Liabilities | (77.2) | (222.7) | |||||||||
| Other Assets | (24.9) | (27.2) | |||||||||
| Other Noncurrent Liabilities | 6.2 | 29.5 | |||||||||
| Other Operating Activities | 5.4 | (6.8) | |||||||||
| Net Operating Activities | 361.5 | 557.7 | |||||||||
| Investing Activities: | |||||||||||
| Capital Expenditures | (144.1) | (173.0) | |||||||||
| Payments under Other Long-term Supply Contracts | (58.6) | (46.2) | |||||||||
| Proceeds from Disposition of Property, Plant and Equipment | — | 28.8 | |||||||||
| Other Investing Activities | (4.3) | (3.6) | |||||||||
| Net Investing Activities | (207.0) | (194.0) | |||||||||
| Financing Activities: | |||||||||||
| Long-term Debt Borrowings, Net | 216.7 | 206.6 | |||||||||
| Common Stock Repurchased and Retired | (256.8) | (595.1) | |||||||||
| Stock Options Exercised | 22.6 | 22.3 | |||||||||
| Employee Taxes Paid for Share-based Payment Arrangements | (10.5) | — | |||||||||
| Dividends Paid | (70.9) | (76.6) | |||||||||
| Contributions Received from Noncontrolling Interests | — | 44.1 | |||||||||
| Net Financing Activities | (98.9) | (398.7) | |||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | (0.7) | |||||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 55.6 | (35.7) | |||||||||
| Cash and Cash Equivalents, Beginning of Year | 170.3 | 194.0 | |||||||||
| Cash and Cash Equivalents, End of Period | $ | 225.9 | $ | 158.3 | |||||||
(a)Unaudited.
Olin Corporation
Non-GAAP Financial Measures - Adjusted EBITDA(a)
Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Reconciliation of Net (Loss) Income to Adjusted EBITDA: | ||||||||||||||||||||
| Net (Loss) Income | $ | (25.2) | $ | 104.5 | $ | 94.9 | $ | 403.2 | ||||||||||||
| Add Back: | ||||||||||||||||||||
| Interest Expense | 48.4 | 46.2 | 139.6 | 133.9 | ||||||||||||||||
| Interest Income | (1.0) | (1.0) | (2.7) | (3.2) | ||||||||||||||||
| Income Tax Provision | — | 22.2 | 36.8 | 96.2 | ||||||||||||||||
| Depreciation and Amortization | 130.2 | 131.0 | 388.9 | 404.9 | ||||||||||||||||
| EBITDA | 152.4 | 302.9 | 657.5 | 1,035.0 | ||||||||||||||||
| Add Back: | ||||||||||||||||||||
| Restructuring Charges | 7.9 | 11.9 | 23.0 | 23.0 | 92.0 | |||||||||||||||
Certain Non-recurring Items(b) | — | — | — | (27.0) | ||||||||||||||||
| Adjusted EBITDA | $ | 160.3 | $ | 314.8 | $ | 680.5 | $ | 1,100.0 | ||||||||||||
(a)Unaudited.
(b)Certain non-recurring items for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA(a)
Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.
| September 30, | December 31, | September 30, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2023 | ||||||||||||||
| Current Installments of Long-term Debt | $ | 123.9 | $ | 78.8 | $ | 78.9 | |||||||||||
| Long-term Debt | 2,765.6 | 2,591.3 | 2,711.2 | ||||||||||||||
| Total Debt | 2,889.5 | 2,670.1 | 2,790.1 | ||||||||||||||
| Less: Cash and Cash Equivalents | (225.9) | (170.3) | (158.3) | ||||||||||||||
| Net Debt | $ | 2,663.6 | $ | 2,499.8 | $ | 2,631.8 | |||||||||||
Trailing Twelve Months Adjusted EBITDA(b) | $ | 890.6 | $ | 1,310.1 | $ | 1,541.8 | |||||||||||
| Net Debt to Adjusted EBITDA | 3.0 | 1.9 | 1.7 | ||||||||||||||
(a)Unaudited.
(b)Trailing Twelve Months Adjusted EBITDA as of September 30, 2024 is calculated as the nine months ended September 30, 2024 plus the year ended December 31, 2023 less the nine months ended September 30, 2023. Trailing Twelve Months Adjusted EBITDA as of September 30, 2023 is calculated as the nine months ended September 30, 2023 plus the year ended December 31, 2022 less the nine months ended September 30, 2022.