Olin Corporation announced financial results for the fourth quarter ended December 31, 2023. Fourth quarter 2023 reported net income was US $52.9 million, or $0.43 per diluted share, which compares to fourth quarter 2022 reported net income of $196.6 million, or $1.43 per diluted share.

Fourth quarter 2023 adjusted EBITDA of $210.1 million excludes depreciation and amortization expense of $128.5 million, insurance recoveries of $22.0 million, and restructuring income of $2.4 million. Fourth quarter 2022 adjusted EBITDA was $441.8 million.

Sales in the fourth quarter 2023 were $1,614.6 million, compared to $1,977.0 million in the fourth quarter 2022. Full year 2023 reported net income was $460.2 million, or $3.57 per diluted share, which compares to full year 2022 reported net income of $1,326.9 million, or $8.94 per diluted share.

Scott Sutton, Chairman, President, and Chief Executive Officer, said, "Through the challenging economic environment of 2023, Olin successfully demonstrated our unique winning model by delivering $1.3 billion of adjusted EBITDA and corresponding cash flows enabling the 2023 repurchase of approximately 10% of our outstanding shares. As we are confident in our Company's future and the strength of our earnings and cash flow, we plan to continue our capital allocation strategy, while committing to maintain an investment-grade balance sheet and achieving additional investment-grade credit ratings.

"In fourth quarter 2023, we executed a 'value accelerator initiative' designed to halt the decline in our electrochemical unit ("ECU") values and accelerate a favorable inflection point for our Chlor Alkali Products and Vinyls business. We are seeing success with our 'value accelerator initiative' but expect to continue to limit our market participation through February 2024, as we remain disciplined in our approach to ECU values. We anticipate our initiative supports an improved 2024 adjusted EBITDA as compared to 2023. Considering the ongoing difficult global economic environment and our 'value accelerator initiative,' we expect first quarter 2024 results from our Chemical businesses to be slightly higher than fourth quarter 2023 levels. We also expect our Winchester business first quarter 2024 results to increase sequentially from fourth quarter 2023. Overall, we expect Olin's first quarter 2024 adjusted EBITDA to improve by approximately 10% from fourth quarter 2023 levels."