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Olin Q3 net income falls 77% on lower sales volume, prices

November 06/2019

MOSCOW (MRC) -- Olin Corporation OLN reported net income of USD44.2 million or 27 cents per share in third-quarter 2019, down from profit of USD195.1 million or USD1.16 per share a year ago, said the company.

Excluding one-time items, adjusted earnings for the quarter were 41 cents per share, which surpassed the Zacks Consensus Estimate of 36 cents.

The chemical makers revenues fell roughly 15.8% year over year to USD1,576.6 million in the quarter. Moreover, it missed the Zacks Consensus Estimate of USD1,729.8 million.

The company witnessed continued weakness in caustic soda pricing in the quarter. Prices declined modestly on a sequential basis in the quarter.

"Olin believes the challenging demand and price environment that the chlor-alkali products and vinyls and the epoxy businesses have been facing will continue through the fourth quarter of 2019," the company said in a statement.

Olin now expects full year 2019 net income of USD30m-59m, with corresponding adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD930m-980m.

Major US phenol producers are INEOS Phenol, Altivia, AdvanSix, Shell Chemicals, SABIC and Olin.

Phenol is the main feedstock component for the production of bisphenol A (BPA), which, in its turn, is used to produce polycarbonate (PC).

According to ICIS-MRC Price report, Russia's estimated consumption of polycarbonate (PC) rose in in the first three quarters of 2019 by 11% year on year to 61,000 tonnes (54,800 tonnes a year earlier). Consumption in the injection moulding sector grew in the first nine months of 2019 by 10% year on year to 7,900 tonnes from 7,200 tonnes a year earlier. 


mrcplast.com
Author:Anna Larionova
Tags:acetone, bisphenol A, kausticheskaya soda, PK, PC granules, PC compounds, phenol, Olin Corporation.
Category:General News
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