By: ICN Bureau
Last updated : October 23, 2021 11:50 am
Sales in the third quarter 2021 were $2,340.1 million compared to $1,437.6 million in the third quarter 2020.
Olin Corporation reported net income was $390.7 million, or $2.38 per diluted share in third quarter 2021, which compares to third quarter 2020 reported net loss of $736.8 million, or $4.67 per diluted share.
Third quarter 2021 adjusted EBITDA of $707.0 million excludes depreciation and amortization expense of $145.2 million and restructuring charges of $3.6 million. Third quarter 2020 adjusted EBITDA was $195.5 million. Sales in the third quarter 2021 were $2,340.1 million compared to $1,437.6 million in the third quarter 2020.
Scott Sutton, Chairman, President and Chief Executive Officer, said, "Solid quarterly adjusted EBITDA was achieved despite production interruptions from hurricanes, raw material cost volatility, and supply-chain disruptions. Our third quarter performance continues to demonstrate the resilience of our unique winning model that adapts in real-time to prioritize 'value first' amid a backdrop of improving structural fundamentals. Olin drove sequential pricing improvement in the third quarter 2021 for chlorine, chlorine derivatives, including epoxy resins, and caustic soda.
"We expect Chlor Alkali Products and Vinyls fourth quarter segment results to increase sequentially, while the Epoxy and Winchester segment fourth quarter results are expected to seasonally decline from third quarter 2021 levels. Overall, we also expect fourth quarter 2021 adjusted EBITDA to be comparable to or slightly lower than third quarter 2021 levels."