Olin Shares Fall After 2Q Loss Due to Shutdown at Texas Plant

Dow Jones08-01

Olin shares fell after the chemical maker posted a wider-than-expected second-quarter loss and lower-than-expected revenue as operational issues at one of its Texas plants weighed on results.

Shares were recently down 17% at $18.33 on Friday.

The Clayton, Mo.-based company reported a net loss of $13.3 million, or 12 cents a share, compared with a loss of $1.3 million, or 1 cent a share, a year earlier. Analysts surveyed by FactSet expected a loss of 3 cents a share.

Sales slipped 1% to $1.74 billion from $1.76 billion. Analysts expected revenue of about $1.79 billion.

Chief Executive Ken Lane said results were hurt by an unplanned shutdown at the company's vinyl chloride monomer plant in Freeport, Texas, which reduced second-quarter adjusted EBITDA by about $40 million. Operations have resumed at reduced rates, with another roughly $20 million impact expected in the third quarter before the plant returns to full production late in the quarter.

Olin forecast third-quarter adjusted EBITDA of $160 million to $200 million, saying stronger commercial ammunition demand at its Winchester business is expected to offset continued pressure in its chemicals operations.

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