Olin reports Q1 EPS $1.16, consensus $1.33

Reports Q1 revenue $1.84B, consensus $2.05B. CEO Scott Sutton said, "Our team’s performance in the first quarter continues to demonstrate our winning model’s resilience and ability to deliver significantly higher recessionary trough level adjusted EBITDA compared to Olin’s historical approach. During Q1, our Chlor Alkali Products and Vinyls team pivoted our market participation as caustic soda became the weaker side of the Electrochemical Unit versus chlorine and chlorine derivatives. Olin realigned its operating rates and product purchases to match the caustic soda market conditions; thereby, refraining from selling incremental volume into poor-quality markets. Our Epoxy business continues to be challenged by European and North American demand weakness, aggravated by elevated Asian exports and a muted recovery of Chinese domestic demand. As expected, Winchester’s decisive Q4 actions delivered sequential improvement in its segment results, which were further lifted by improved domestic and international military demand. In light of the on-going challenging global economic environment, we expect Q2 results from our Chemical businesses to be slightly lower than Q1 levels. As commercial customer inventories become more normalized, we expect our Winchester business Q2 results to increase sequentially from first quarter 2023. Overall, we expect Olin’s Q2 adjusted EBITDA to be slightly lower than Q1 levels."