第99.1展示文本
投資者聯繫人：Steve Keenan
(314) 719-1755
InvestorRelations@Olin.com
資訊平台 歐林公司，地址： MO 63105，卡龍戴勒廣場190號，1530套房。
歐林宣佈2024年第三季度業績
亮點
•2024年第三季度淨虧損爲（24.9）百萬美元，每股稀釋盈虧爲（0.21）美元
•第四季度調整後的EBITDA爲16030萬美元
2024年10月24日，美國密蘇里州克萊頓 歐林公司（紐交所：OLN）宣佈截至2024年9月30日的第三季度財務業績。2024年第三季度報告淨虧損爲（2490萬）美元，每股攤薄虧損爲（0.21）美元，相比於2023年第三季度報告的淨利潤爲10410萬美元，每股攤薄利潤爲0.82美元。2024年第三季度調整後的EBITDA爲16030萬美元，不包括13020萬美元的折舊和攤銷費用以及790萬美元的重組費用。2023年第三季度調整後的EBITDA爲31480萬美元。2024年第三季度銷售額爲158950萬美元，而2023年第三季度銷售額爲167140萬美元。
肯恩·萊恩，總裁兼首席執行官說：「在第三季度，我們的歐林團隊不懈努力，以恢復自颶風貝瑞爾的影響。然而，儘管團隊的辛勤工作，與颶風相關的持續運營限制使我們在九月下旬開展了另一個停工，成功地於本月完成。這段停工使原先預計的第三季度颶風貝瑞爾影響額外增加了940萬美元，我們預計化學品業務在第四季度將出現約2500萬美元的殘留影響。總體而言，預計颶風貝瑞爾將在2024年帶來約13500萬美元的不利影響。我們在得克薩斯州自由港的資產現在正在恢復正常運營。除颶風貝瑑爾影響外，我們2024年第三季度的化學品業務表現略好於預期。」
Lane繼續說：“Winchester第三季度的業績未達預期，由於商用彈藥銷售疲軟，我們的零售客戶銷售下滑並且渠道庫存水平較高。
補給速率放緩。Winchester第三季度的軍工-半導體裝備出貨量和項目營業收入較上季度增長35%。我們預計Winchester 2024年第四季度的業務部門結果將按季度趨於下降，因爲我們進入商業彈藥需求旺季最弱的季度，而我們的零售客戶持續減少其高水平的庫存水平。
在總體展望方面，Lane繼續評論道：「我們鼓舞地看到全球苛性鈉需求持續緩慢改善，儘管預計第四季度需求季節性較低。除颶風伯艾爾的影響外，我們預計化工業務2024年第四季度調整後的EBITDA將較第三季度季節性下降。根據我們目前的展望，我們預計歐林2024年第四季度調整後的EBITDA將在170到20000萬美元的區間內。歐林在我們以價值爲重點的商業模式和資本配置策略上保持着紀律性，這繼續推動現金流，並使我們的首要目標是將現金返還給股東。」
業務分部報告
歐林將分部收益定義爲利息費用、利息收入、其他營業收入（費用）、非經營性養老金收入、其他收入和所得稅前的收入（虧損）。
氯鹼產品和乙烯
2024年第三季度氯鹼產品和乙烯銷售額爲87160萬美元，低於2023年第三季度的96960萬美元。2024年第三季度部門收入爲4530萬美元，低於2023年第三季度的17230萬美元。第三季度包括7670萬美元的額外成本、未吸收的固定制造業成本以及颶風貝麗爾帶來的銷售損失減少利潤。部門收入剩餘的5030萬美元下降主要是由於價格下調，主要是氫氧化鈉。2013年第三季度部門業績受維修輪換和後續操作問題影響，位於德克薩斯州弗裏波特加工廠的乙烯氯單體裝置費用增加，由此產生更高的成本以及由於銷售損失導致的利潤減少。2024年第三季度氯鹼產品和乙烯的結果包括折舊和攤銷費用爲10650萬美元，而2013年第三季度爲10760萬美元。
EPOXY
2024年第三季度環氧樹脂銷售額爲28510萬元，而2023年第三季度爲32160萬元。銷售額下降主要是由於銷量減少，包括颶風貝麗爾帶來的銷售損失影響。2024年第三季度部門虧損爲4280萬美元，而2023年第三季度部門虧損爲2880萬美元。第三季度額外支出包括3270萬美元的成本，未吸收的固定制造業成本，以及與颶風貝麗爾相關的銷售損失導致的利潤減少。部分業績的剩餘1870萬美元增長主要是由於較低的原材料成本和運營成本。環氧樹脂第三
2024年第四季度的業績中，折舊和攤銷費用爲1370萬美元，與2023年第三季度的1470萬美元相比。
溫徹斯特
2023年第四季度，歐林完成了對White Flyer業務的收購，該業務被納入Winchester部門。 White Flyer設計、製造和銷售娛樂陷阱、松鴿、國際和運動靶。2024年第三季度Winchester銷售額爲43280萬美元，而2023年第三季度爲38020萬美元。銷售額增加主要是由於較高的國際軍工銷售、軍工項目營業收入和White Flyer銷售，部分抵消了較低的商用彈藥銷售。2024年第三季度部門收入爲5340萬美元，而2023年第三季度爲6450萬美元。部門收入減少1110萬美元主要是由於商用彈藥裝運減少和推進劑成本增加，部分抵消了White Flyer收入和軍工裝運量增加以及軍工項目營業收入增加。2024年第三季度Winchester業績包括折舊及攤銷費用爲850萬美元，而2023年第三季度爲660萬美元。
公司和其他成本
2024年第三季度，公司的其他未分配成本相比於2023年第三季度增加了300萬美元，主要是由於股票補償增加（包括按市場價計價的股票補償）和法律相關成本增加。
流動性和股票回購
2024年9月30日的現金餘額爲22590萬美元。歐林於2024年第三季度結束時，淨債務約爲27億美元，淨債務與調整後的EBITDA比率爲3.0倍。2024年9月30日，歐林可用流動資金約爲10億美元。
2024年第三季度，約100萬股普通股以總價4540萬美元回購。截至2024年9月30日，歐林在其股票回購授權下擁有約7億美元可用。
會議通話信息
Olin senior management will host a conference call to discuss third quarter 2024 financial results at 9:00 a.m. Eastern time on Friday, October 25, 2024. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin’s website, www.olin.com, under the third quarter conference call icon. An archived replay
of the webcast will also be available in the Investor Relations section of Olin’s website beginning at 12:00 p.m. Eastern time. A final transcript of the call will be posted the next business day.
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.
Visit www.olin.com for more information on Olin.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," “target,” and variations of such words and similar expressions in this communication to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s common stock. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors. In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:
Business, Industry and Operational Risks
•sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;
•declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;
•unsuccessful execution of our strategic operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;
•failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;
•failure to control costs and inflation impacts or failure to achieve targeted cost reductions;
•our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
•the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;
•exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;
•availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
•the failure or an interruption, including cyber-attacks, of our information technology systems;
•our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
•risks associated with our international sales and operations, including economic, political or regulatory changes;
•our indebtedness and debt service obligations;
•weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;
•adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
•the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;
•our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
•changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;
•new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;
•unexpected outcomes from legal or regulatory claims and proceedings;
•costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;
•various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and
•failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability.
All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.
2024-15
Olin Corporation
Consolidated Statements of Operations(a)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Sales | $ | 1,589.5 | $ | 1,671.4 | $ | 4,868.8 | $ | 5,218.4 | ||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Cost of Goods Sold | 1,455.0 | 1,402.3 | 4,289.2 | 4,236.6 | ||||||||||||||||
| Selling and Administrative | 111.7 | 90.9 | 308.2 | 303.9 | ||||||||||||||||
Restructuring Charges(b) | 7.9 | 11.9 | 23.0 | 92.0 | ||||||||||||||||
Other Operating Income (Expense)(c) | 0.6 | (0.3) | 0.8 | 27.2 | ||||||||||||||||
| Operating Income | 15.5 | 166.0 | 249.2 | 613.1 | ||||||||||||||||
| Interest Expense | 48.4 | 46.2 | 139.6 | 133.9 | ||||||||||||||||
| Interest Income | 1.0 | 1.0 | 2.7 | 3.2 | ||||||||||||||||
| Non-operating Pension Income | 6.7 | 5.9 | 19.4 | 17.0 | ||||||||||||||||
| Income (Loss) before Taxes | (25.2) | 126.7 | 131.7 | 499.4 | ||||||||||||||||
| Income Tax Provision | — | 22.2 | 36.8 | 96.2 | ||||||||||||||||
| Net (Loss) Income | (25.2) | 104.5 | 94.9 | 403.2 | ||||||||||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests | (0.3) | 0.4 | (3.0) | (4.1) | ||||||||||||||||
| Net (Loss) Income Attributable to Olin Corporation | $ | (24.9) | $ | 104.1 | $ | 97.9 | $ | 407.3 | ||||||||||||
| Net (Loss) Income Attributable to Olin Corporation Per Common Share: | ||||||||||||||||||||
| Basic | $ | (0.21) | $ | 0.84 | $ | 0.83 | $ | 3.19 | ||||||||||||
| Diluted | $ | (0.21) | $ | 0.82 | $ | 0.81 | $ | 3.12 | ||||||||||||
| Dividends Per Common Share | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | ||||||||||||
| Average Common Shares Outstanding - Basic | 116.9 | 124.2 | 118.4 | 127.5 | ||||||||||||||||
| Average Common Shares Outstanding - Diluted | 116.9 | 127.0 | 120.2 | 130.6 | ||||||||||||||||
(a)Unaudited.
(b)Restructuring charges for the nine months ended September 30, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.
(c)Other operating income (expense) for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Segment Information(a)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Sales: | ||||||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 871.6 | $ | 969.6 | $ | 2,676.5 | $ | 3,089.0 | ||||||||||||
| Epoxy | 285.1 | 321.6 | 944.1 | 1,016.1 | ||||||||||||||||
| Winchester | 432.8 | 380.2 | 1,248.2 | 1,113.3 | ||||||||||||||||
| Total Sales | $ | 1,589.5 | $ | 1,671.4 | $ | 4,868.8 | $ | 5,218.4 | ||||||||||||
| Income (Loss) before Taxes: | ||||||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 45.3 | $ | 172.3 | $ | 221.2 | $ | 598.3 | ||||||||||||
| Epoxy | (42.8) | (28.8) | (57.6) | (7.9) | ||||||||||||||||
| Winchester | 53.4 | 64.5 | 195.9 | 190.2 | ||||||||||||||||
| Corporate/Other: | ||||||||||||||||||||
| Environmental Expense | (7.2) | (6.9) | (19.4) | (23.1) | ||||||||||||||||
| Other Corporate and Unallocated Costs | (25.9) | (22.9) | (68.7) | (79.6) | ||||||||||||||||
Restructuring Charges(b) | (7.9) | (11.9) | (23.0) | (92.0) | ||||||||||||||||
Other Operating Income (Expense)(c) | 0.6 | (0.3) | 0.8 | 27.2 | ||||||||||||||||
| Interest Expense | (48.4) | (46.2) | (139.6) | (133.9) | ||||||||||||||||
| Interest Income | 1.0 | 1.0 | 2.7 | 3.2 | ||||||||||||||||
| Non-operating Pension Income | 6.7 | 5.9 | 19.4 | 17.0 | ||||||||||||||||
| Income (Loss) before Taxes | $ | (25.2) | $ | 126.7 | $ | 131.7 | $ | 499.4 | ||||||||||||
(a)Unaudited.
(b)Restructuring charges for the nine months ended September 30, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.
(c)Other operating income (expense) for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Consolidated Balance Sheets(a)
| September 30, | December 31, | September 30, | |||||||||||||||
| (In millions, except per share data) | 2024 | 2023 | 2023 | ||||||||||||||
| Assets: | |||||||||||||||||
| Cash and Cash Equivalents | $ | 225.9 | $ | 170.3 | $ | 158.3 | |||||||||||
| Accounts Receivable, Net | 863.2 | 874.7 | 894.2 | ||||||||||||||
| Income Taxes Receivable | 18.9 | 15.3 | 28.0 | ||||||||||||||
| Inventories, Net | 827.7 | 858.8 | 977.7 | ||||||||||||||
| Other Current Assets | 66.0 | 54.1 | 42.8 | ||||||||||||||
| Total Current Assets | 2,001.7 | 1,973.2 | 2,101.0 | ||||||||||||||
| Property, Plant and Equipment (Less Accumulated Depreciation of $5,120.4, $4,826.4 and $4,724.6) | 2,343.4 | 2,519.6 | 2,490.2 | ||||||||||||||
| Operating Lease Assets, Net | 309.3 | 344.7 | 331.0 | ||||||||||||||
| Deferred Income Taxes | 90.4 | 87.4 | 106.1 | ||||||||||||||
| Other Assets | 1,131.5 | 1,118.5 | 1,117.3 | ||||||||||||||
| Intangibles, Net | 218.3 | 245.8 | 248.6 | ||||||||||||||
| Goodwill | 1,423.7 | 1,424.0 | 1,421.0 | ||||||||||||||
| Total Assets | $ | 7,518.3 | $ | 7,713.2 | $ | 7,815.2 | |||||||||||
| Liabilities and Shareholders’ Equity: | |||||||||||||||||
| Current Installments of Long-term Debt | $ | 123.9 | $ | 78.8 | $ | 78.9 | |||||||||||
| Accounts Payable | 759.1 | 775.4 | 717.6 | ||||||||||||||
| Income Taxes Payable | 138.4 | 154.7 | 171.5 | ||||||||||||||
| Current Operating Lease Liabilities | 65.4 | 69.3 | 68.3 | ||||||||||||||
| Accrued Liabilities | 343.1 | 450.0 | 361.0 | ||||||||||||||
| Total Current Liabilities | 1,429.9 | 1,528.2 | 1,397.3 | ||||||||||||||
| Long-term Debt | 2,765.6 | 2,591.3 | 2,711.2 | ||||||||||||||
| Operating Lease Liabilities | 250.0 | 283.1 | 270.4 | ||||||||||||||
| Accrued Pension Liability | 202.6 | 225.8 | 212.7 | ||||||||||||||
| Deferred Income Taxes | 445.9 | 476.2 | 500.7 | ||||||||||||||
| Other Liabilities | 334.7 | 340.3 | 355.4 | ||||||||||||||
| Total Liabilities | 5,428.7 | 5,444.9 | 5,447.7 | ||||||||||||||
| Commitments and Contingencies | |||||||||||||||||
| Shareholders’ Equity: | |||||||||||||||||
| Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and Outstanding 116.6, 120.2 and 122.5 Shares | 116.6 | 120.2 | 122.5 | ||||||||||||||
| Additional Paid-in Capital | — | 24.8 | 130.1 | ||||||||||||||
| Accumulated Other Comprehensive Loss | (466.2) | (496.3) | (480.3) | ||||||||||||||
| Retained Earnings | 2,406.3 | 2,583.7 | 2,555.2 | ||||||||||||||
| Olin Corporation’s Shareholders’ Equity | 2,056.7 | 2,232.4 | 2,327.5 | ||||||||||||||
| Noncontrolling Interests | 32.9 | 35.9 | 40.0 | ||||||||||||||
| Total Equity | 2,089.6 | 2,268.3 | 2,367.5 | ||||||||||||||
| Total Liabilities and Equity | $ | 7,518.3 | $ | 7,713.2 | $ | 7,815.2 | |||||||||||
(a)Unaudited.
Olin Corporation
Consolidated Statements of Cash Flows(a)
| Nine Months Ended September 30, | |||||||||||
| (In millions) | 2024 | 2023 | |||||||||
| Operating Activities: | |||||||||||
| Net Income | $ | 94.9 | $ | 403.2 | |||||||
| Depreciation and Amortization | 388.9 | 404.9 | |||||||||
| Gains on Disposition of Property, Plant and Equipment | — | (27.0) | |||||||||
| Stock-based Compensation | 11.8 | 13.2 | |||||||||
| Write-off of Equipment and Facility included in Restructuring Charges | — | 17.7 | |||||||||
| Deferred Income Taxes | (43.7) | (60.6) | |||||||||
| Qualified Pension Plan Contributions | (0.9) | (1.6) | |||||||||
| Qualified Pension Plan Income | (17.5) | (15.0) | |||||||||
| Changes in Assets and Liabilities: | |||||||||||
| Receivables | 5.1 | 28.4 | |||||||||
| Income Taxes Receivable/Payable | (21.5) | 55.3 | |||||||||
| Inventories | 32.8 | (43.4) | |||||||||
| Other Current Assets | 2.1 | 9.8 | |||||||||
| Accounts Payable and Accrued Liabilities | (77.2) | (222.7) | |||||||||
| Other Assets | (24.9) | (27.2) | |||||||||
| Other Noncurrent Liabilities | 6.2 | 29.5 | |||||||||
| Other Operating Activities | 5.4 | (6.8) | |||||||||
| Net Operating Activities | 361.5 | 557.7 | |||||||||
| Investing Activities: | |||||||||||
| Capital Expenditures | (144.1) | (173.0) | |||||||||
| Payments under Other Long-term Supply Contracts | (58.6) | (46.2) | |||||||||
| Proceeds from Disposition of Property, Plant and Equipment | — | 28.8 | |||||||||
| Other Investing Activities | (4.3) | (3.6) | |||||||||
| Net Investing Activities | (207.0) | (194.0) | |||||||||
| Financing Activities: | |||||||||||
| Long-term Debt Borrowings, Net | 216.7 | 206.6 | |||||||||
| Common Stock Repurchased and Retired | (256.8) | (595.1) | |||||||||
| Stock Options Exercised | 22.6 | 22.3 | |||||||||
| Employee Taxes Paid for Share-based Payment Arrangements | (10.5) | — | |||||||||
| Dividends Paid | (70.9) | (76.6) | |||||||||
| Contributions Received from Noncontrolling Interests | — | 44.1 | |||||||||
| Net Financing Activities | (98.9) | (398.7) | |||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | (0.7) | |||||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 55.6 | (35.7) | |||||||||
| Cash and Cash Equivalents, Beginning of Year | 170.3 | 194.0 | |||||||||
| Cash and Cash Equivalents, End of Period | $ | 225.9 | $ | 158.3 | |||||||
(a)Unaudited.
Olin Corporation
Non-GAAP Financial Measures - Adjusted EBITDA(a)
Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Reconciliation of Net (Loss) Income to Adjusted EBITDA: | ||||||||||||||||||||
| Net (Loss) Income | $ | (25.2) | $ | 104.5 | $ | 94.9 | $ | 403.2 | ||||||||||||
| Add Back: | ||||||||||||||||||||
| Interest Expense | 48.4 | 46.2 | 139.6 | 133.9 | ||||||||||||||||
| Interest Income | (1.0) | (1.0) | (2.7) | (3.2) | ||||||||||||||||
| Income Tax Provision | — | 22.2 | 36.8 | 96.2 | ||||||||||||||||
| Depreciation and Amortization | 130.2 | 131.0 | 388.9 | 404.9 | ||||||||||||||||
| EBITDA | 152.4 | 302.9 | 657.5 | 1,035.0 | ||||||||||||||||
| Add Back: | ||||||||||||||||||||
| Restructuring Charges | 7.9 | 11.9 | 23.0 | 23.0 | 92.0 | |||||||||||||||
Certain Non-recurring Items(b) | — | — | — | (27.0) | ||||||||||||||||
| Adjusted EBITDA | $ | 160.3 | $ | 314.8 | $ | 680.5 | $ | 1,100.0 | ||||||||||||
(a)Unaudited.
(b)Certain non-recurring items for the nine months ended September 30, 2023 included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.
Olin Corporation
Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA(a)
Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.
| September 30, | December 31, | September 30, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2023 | ||||||||||||||
| Current Installments of Long-term Debt | $ | 123.9 | $ | 78.8 | $ | 78.9 | |||||||||||
| Long-term Debt | 2,765.6 | 2,591.3 | 2,711.2 | ||||||||||||||
| Total Debt | 2,889.5 | 2,670.1 | 2,790.1 | ||||||||||||||
| Less: Cash and Cash Equivalents | (225.9) | (170.3) | (158.3) | ||||||||||||||
| Net Debt | $ | 2,663.6 | $ | 2,499.8 | $ | 2,631.8 | |||||||||||
Trailing Twelve Months Adjusted EBITDA(b) | $ | 890.6 | $ | 1,310.1 | $ | 1,541.8 | |||||||||||
| Net Debt to Adjusted EBITDA | 3.0 | 1.9 | 1.7 | ||||||||||||||
(a)Unaudited.
(b)Trailing Twelve Months Adjusted EBITDA as of September 30, 2024 is calculated as the nine months ended September 30, 2024 plus the year ended December 31, 2023 less the nine months ended September 30, 2023. Trailing Twelve Months Adjusted EBITDA as of September 30, 2023 is calculated as the nine months ended September 30, 2023 plus the year ended December 31, 2022 less the nine months ended September 30, 2022.