Olin Corp (OLN: Quote) announced that its fourth quarter net income grew to $34.6 million, or $0.43 per share from $18.7 million, or $0.23 per share in the year-ago quarter.
The company said that the fourth quarter results included pretax restructuring charges of $2.5 million compared to restructuring charges of $4.1 million last year. These charges were primarily related to costs associated with the Chlor Alkali mercury cell conversion and reconfiguration project and employee and equipment relocation expenses incurred as part of the ongoing Winchester centerfire relocation project.
Quarterly sales were $587.6 million, up from $445.8 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenues of $546.61 million for the quarter. Analysts’ estimates typically exclude special items.
Looking ahead to first quarter, the company predicts net income to be in $0.40 to $0.45 per share range. Analysts expect the company to report earnings of $0.56 per share for the first-quarter.
Chlor Alkali first quarter 2013 earnings are expected to decline compared to the first quarter of 2012 due to lower volumes and pricing. Commercial volumes in Winchester are expected to remain at elevated levels and as a result, first quarter 2013 earnings are forecast to significantly exceed first quarter 2012 earnings. First quarter 2013 results are expected to include approximately $3.5 million of restructuring charges.
“As Olin enters 2013, we are optimistic that we can generate adjusted EBITDA in the range of $410 million to $440 million.” Joseph D. Rupp, Chairman, President, and Chief Executive Officer stated.
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by RTT Staff Writer
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