Olin Corporation has 2022 reported net income of $393million for the first quarter ended March 31, 2022 as compared to net income of $243.6 million Q1 2021. First quarter 2022 adjusted EBITDA of $710.9 million excludes depreciation and amortization expense of $151.7 million and restructuring charges of $3.1 million.  First quarter 2021 adjusted EBITDA was $540.4 million.  Sales in the first quarter 2022 were $2,461.4 million compared to $1,918.8 million in the first quarter 2021.

Scott Sutton, Chairman, President, and Chief Executive Officer, said, "Our team's performance in the first quarter continued to prioritize system value and delivered record quarterly adjusted EBITDA despite the challenges faced by our Chemicals businesses.  Our Chemicals teams overcame reduced electrical power generation at our Freeport, Texas facility, which is expected to continue at least into fourth quarter 2022, and weaker European epoxy resin demand in our system, which caused us to temporarily curtail epoxy resin production at our Stade, Germany facility and refrain from selling incremental volume into a poor-quality market; thereby, breaking the cyclic tendencies that have historically plagued the business.  Our Winchester business delivered record quarterly segment results as our Shoot United™ campaign ramped up.

"As we look forward to second quarter 2022 in our Chemicals businesses, we expect our winning model to push second quarter 2022 results higher than first quarter 2022, despite sequentially higher raw material and operating costs, mainly increased natural gas and electrical power costs.  Our Chlor Alkali Products and Vinyls second quarter 2022 results is expected to improve sequentially despite approximately $75 million of reduced margin from lost sales and production volumes, increased maintenance expense and other costs, as a result of the unplanned production outage at our Plaquemine, Louisiana facility.  Our Epoxy business expects to continue to absorb weaker epoxy resin demand and operate at low rates.  With our recently announced price increases for ammunition and primers expected to offset higher commodity and other materials costs, we expect Winchester second quarter results to be similar to first quarter 2022 levels.  Overall, we expect Olin's second quarter 2022 adjusted EBITDA to improve sequentially from first quarter 2022."