Olin Corporation (NYSE:OLN) reported mixed third-quarter financial results, after the closing bell on Thursday. Also, the company said Hurricane Beryl will impact its chemical businesses.
Olin reported quarterly GAAP losses of 21 cents per share which missed the analyst consensus estimate of 3 cents per share. The company reported quarterly sales of $1.59 billion which beat the analyst consensus estimate of $1.57 billion.
Ken Lane, President, and Chief Executive Officer, said, "During the third quarter, our Olin 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 $9.4 million to the originally estimated third quarter Hurricane Beryl impact of $100 million and we anticipate a residual fourth quarter impact of approximately $25 million on our Chemicals businesses. Overall, Hurricane Beryl is expected to result in an approximately $135 million headwind in 2024. Our Freeport, Texas assets are now returning to normal operations. Excluding the Hurricane Beryl impact, our Chemicals businesses' performance in the third quarter 2024 was slightly better than we anticipated."
Olin said it sees fourth-quarter adjusted EBITDA of $170 million to $200 million.
Olin shares gained 1% to trade at $41.85 on Monday.
These analysts made changes to their price targets on Olin following earnings announcement.
- Keybanc analyst Aleksey Yefremov maintained Olin with an Overweight and lowered the price target from $57 to $56.
- Barclays analyst Michael Leithead maintained Olin with an Equal-Weight and lowered the price target from $49 to $45.
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