Olin Corporation announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 reported net income was US$ 48.6 million, or US$ 0.40 per diluted share, which compares to first quarter 2023 reported net income of US$ 156.3 million, or US$ 1.16 per diluted share.

First quarter 2024 adjusted EBITDA of US$ 242.1 million excludes depreciation and amortization expense of US$ 129.7 million and restructuring charges of US$ 8.3 million. First quarter 2023 adjusted EBITDA was US$ 434.1 million. Sales in the first quarter 2024 were US$ 1,635.3 million, compared to US$1,844.3 million in the first quarter 2023.

Ken Lane, President and Chief Executive Officer, said, "All first quarter 2024 business segment results improved sequentially from fourth quarter 2023, which begins Olin's recovery from trough-level earnings. During the quarter, the Olin team delivered on our commitment to accelerate a favorable inflection point for our Chlor Alkali Products and Vinyls business. We expect this momentum to continue with second quarter 2024 results, as demand and pricing continue to improve. We expect our Chemical businesses to be sequentially higher than first quarter 2024 levels and our Winchester business to be in line with first quarter results, as a less favorable mix and higher raw material costs offset stronger military volumes. Overall, we anticipate Olin's second quarter 2024 adjusted EBITDA to improve from first quarter 2024 levels. Based on our current outlook for the pace of demand and pricing improvement for our Chemical businesses, we currently believe Olin's full year 2024 adjusted EBITDA to be similar to or slightly higher than 2023 levels."

Commenting on his recent appointment as President and CEO, Lane continued, "I am excited about building upon Olin's strong foundation and confident in our ability to sustain strong earnings and cash flow performance. As such, we will continue our disciplined capital allocation strategy, while committing to maintain an investment-grade balance sheet. We remain committed to our approach to preserve electrochemical unit (ECU) values and will continue to align our operating rates and product purchases to match the weaker side of the ECU, while refraining from selling incremental volume into poor-quality markets."