Olin reports Q3 EPS (21c), consensus 4c

Reports Q3 revenue $1.56B, consensus $1.57B. CEO Ken Lane said, “During Q3, our Olin (OLN) team worked tirelessly to recover from the effects of Hurricane Beryl. However, despite the team’s hard work, persistent operating limitations related to the hurricane necessitated an additional outage, which we commenced in late September and successfully completed this month. This downtime added $9.4M to the originally estimated Q3 Hurricane Beryl impact of $100M and we anticipate a residual Q4 impact of approximately $25M on our Chemicals businesses. Overall, Hurricane Beryl is expected to result in an approximately $135M headwind in 2024. Our Freeport, Texas assets are now returning to normal operations. Excluding the Hurricane Beryl impact, our Chemicals businesses’ performance in Q3 was slightly better than we anticipated…We expect Winchester’s Q4 2024 segment results to trend sequentially lower, as we enter the seasonally weakest quarter of commercial ammunition demand coupled with our retail customers continuing to reduce their elevated inventory levels.”