Highlights
Fourth quarter 2022 net income of $196.6 million, or $1.43 per diluted share
Quarterly adjusted EBITDA of $441.8 million
Share repurchases of $1.35 billion in 2022
Expect 2023 adjusted EBITDA of $1.5 to $2.0 billion
CLAYTON, Mo., Jan. 26, 2023 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2022. Fourth quarter 2022 reported net income was $196.6 million, or $1.43 per diluted share, which compares to fourth quarter 2021 reported net income of $306.6 million, or $1.89 per diluted share. Fourth quarter 2022 adjusted EBITDA of $441.8 million excludes depreciation and amortization expense of $148.5 million and restructuring charges and other items of $10.0 million. Fourth quarter 2021 adjusted EBITDA was $686.7 million. Sales in the fourth quarter 2022 were $1,977.0 million compared to $2,430.4 million in the fourth quarter 2021. Full year 2022 reported net income was $1,326.9 million, or $8.94 per diluted share, which compares to full year 2021 reported net income of $1,296.7 million, or $7.96 per diluted share.
Scott Sutton, Chairman, President, and Chief Executive Officer, said, “In 2022, we repurchased approximately 16% of our outstanding shares from available cash flow, while also reducing our net debt level. With our confidence in our ability to generate meaningful earnings and cash flow even in recessionary economic conditions, we expect to continue our capital allocation strategy, while committing to maintain an investment-grade balance sheet and achieve investment-grade credit ratings. Our 2022 performance continued to demonstrate how our winning model adapted in real-time to emphasize ‘value first’ versus a volume maximization approach. Despite the recessionary global economic conditions that developed during 2022, we generated over $1.3 billion of net income and over $2.4 billion of adjusted EBITDA.
“We expect the challenging global economic conditions to continue in 2023. Overall, we expect full year 2023 adjusted EBITDA to be in the $1.5 to $2.0 billion range, demonstrating the resiliency of our winning model that should dramatically improve our recessionary trough level of adjusted EBITDA compared to Olin’s historical strategy and performance.
“In early 2023, we expect our chemical businesses to continue to be tested by European and North American epoxy demand weakness and vinyls intermediate demand weakness, aggravated by elevated levels of Chinese exports caused by lingering weak Chinese domestic demand. Our chemical businesses expect to continue at reduced operating rates as we refrain from selling incremental volume into poor-quality markets. We expect the first quarter 2023 results from our Chemical businesses to be slightly lower than fourth quarter 2022 levels. We expect our Winchester business first quarter 2023 results to increase sequentially from fourth quarter 2022 but to be lower than first quarter 2022 levels due to lower commercial ammunition shipments. Overall, we expect Olin’s first quarter 2023 adjusted EBITDA to decline slightly from fourth quarter 2022 levels.”
SEGMENT REPORTING
Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes.
CHLOR ALKALI PRODUCTS AND VINYLS
Chlor Alkali Products and Vinyls sales for the fourth quarter 2022 were $1,172.8 million compared to $1,244.1 million in the fourth quarter 2021. The decrease in Chlor Alkali Products and Vinyls sales was primarily due to 29% lower volumes, partially offset by higher pricing. Fourth quarter 2022 segment earnings were $252.3 million compared to $294.8 million in the fourth quarter 2021. The $42.5 million decrease in segment earnings was primarily due to lower volumes and higher raw material and operating costs, mainly increased natural gas and electrical power costs, partially offset by higher pricing across all products except vinyls intermediates, which declined. Chlor Alkali Products and Vinyls fourth quarter 2022 results included depreciation and amortization expense of $117.6 million compared to $119.4 million in the fourth quarter 2021.
EPOXY
Epoxy sales for the fourth quarter 2022 were $484.2 million compared to $795.7 million in the fourth quarter 2021. The decrease in Epoxy sales was primarily due to 36% lower volumes. Fourth quarter 2022 segment earnings were $30.5 million compared to $170.8 million in the fourth quarter 2021. The $140.3 million decrease in Epoxy segment earnings was primarily due to lower volumes and higher operating costs, mainly increased natural gas and electrical power costs. Epoxy fourth quarter 2022 results included depreciation and amortization expense of $22.4 million compared to $22.6 million in the fourth quarter 2021.
WINCHESTER
Winchester sales for the fourth quarter 2022 were $320.0 million compared to $390.6 million in the fourth quarter 2021. The decrease in Winchester sales was primarily due to lower commercial ammunition shipments, partially offset by higher commercial ammunition pricing and higher military and law enforcement shipments. During 2022, Winchester experienced a transition in its commercial ammunition business from refilling depleted supply chains to filling inventories at the rate of its customers’ sales. In some cases, customers’ inventories became too high so Winchester chose to preserve value by manufacturing and selling less commercial ammunition. Fourth quarter 2022 segment earnings were $45.7 million compared to $101.8 million in the fourth quarter 2021. The $56.1 million decrease in segment earnings was primarily due to lower commercial ammunition shipments and higher commodity and other materials costs partially offset by higher commercial ammunition pricing and higher military and law enforcement sales. Winchester fourth quarter 2022 results included depreciation and amortization expense of $6.4 million compared to $6.5 million in the fourth quarter 2021.
CORPORATE AND OTHER COSTS
Other corporate and unallocated costs in the fourth quarter of 2022 increased $4.3 million compared to the fourth quarter 2021 primarily due to unfavorable foreign currency impacts.
LIQUIDITY AND SHARE REPURCHASES
The cash balance on December 31, 2022, was $194.0 million and we ended the year with net debt of approximately $2.4 billion and a net debt to adjusted EBITDA ratio of 1.0 times. During 2022, Olin repaid $201.1 million of debt, which followed a $1,103.1 million debt reduction in 2021. On December 31, 2022, Olin had approximately $1.5 billion of available liquidity.
During fourth quarter 2022, approximately 4.9 million shares of common stock were repurchased at a cost of $250.1 million. During 2022, approximately 25.7 million shares of common stock were repurchased at a cost of $1,350.7 million. For the full year 2021, Olin repurchased approximately 4.7 million shares of common stock at a cost of $251.9 million. On December 31, 2022, Olin had approximately $1.7 billion available under its current share repurchase authorization.
CONFERENCE CALL INFORMATION
Olin senior management will host a conference call to discuss fourth quarter 2022 financial results at 9:00 a.m. Eastern time on Friday, January 27, 2023. 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 fourth 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, and industrial cartridges.
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, 2021, 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 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;
availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions, production hazards and weather-related events;
the failure or an interruption of our information technology systems;
failure to identify, attract, develop, retain and motivate qualified employees throughout the organization;
our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
our substantial amount of indebtedness and significant debt service obligations;
risks associated with our international sales and operations, including economic, political or regulatory changes;
the negative impact from the COVID-19 pandemic and the global response to the pandemic, including without limitation adverse impacts in complying with governmental mandates;
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.
2023-02
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Olin Corporation |
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Consolidated Statements of Operations (a) |
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Three Months |
Years Ended |
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Ended December 31, |
December 31, |
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|
(In millions, except per share amounts) |
2022 |
2021 |
2022 |
2021 |
||
|
Sales |
$ 1,977.0 |
$ 2,430.4 |
$ 9,376.2 |
$ 8,910.6 |
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|
Operating Expenses: |
||||||
|
Cost of Goods Sold |
1,594.5 |
1,800.6 |
7,194.3 |
6,616.4 |
||
|
Selling and Administration |
97.9 |
102.2 |
393.9 |
416.9 |
||
|
Restructuring Charges |
11.0 |
3.4 |
25.3 |
27.9 |
||
|
Other Operating Income (b) |
– |
1.4 |
16.3 |
1.4 |
||
|
Operating Income |
273.6 |
525.6 |
1,779.0 |
1,850.8 |
||
|
Interest Expense (c) |
40.5 |
143.6 |
143.9 |
348.0 |
||
|
Interest Income |
1.0 |
– |
2.2 |
0.2 |
||
|
Non-operating Pension Income |
9.7 |
9.0 |
38.7 |
35.7 |
||
|
Income before Taxes |
243.8 |
391.0 |
1,676.0 |
1,538.7 |
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|
Income Tax Provision (d) |
47.2 |
84.4 |
349.1 |
242.0 |
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|
Net Income |
$ 196.6 |
$ 306.6 |
$ 1,326.9 |
$ 1,296.7 |
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Net Income Per Common Share: |
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|
Basic |
$ 1.46 |
$ 1.94 |
$ 9.16 |
$ 8.15 |
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Diluted |
$ 1.43 |
$ 1.89 |
$ 8.94 |
$ 7.96 |
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Dividends Per Common Share |
$ 0.20 |
$ 0.20 |
$ 0.80 |
$ 0.80 |
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Average Common Shares Outstanding – Basic |
134.5 |
158.4 |
144.9 |
159.1 |
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Average Common Shares Outstanding – Diluted |
137.7 |
162.5 |
148.5 |
163.0 |
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(a) |
Unaudited. |
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(b) |
Other operating income for the year ended December 31, 2022 included $13.0 million of gains for the sale of two former manufacturing facilities. Other |
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(c) |
Interest expense for the three months and year ended December 31, 2021 included a loss on extinguishment of debt of $104.6 million and $152.2 million, |
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(d) |
Income tax provision for the year ended December 31, 2022 included a benefit of $36.6 million primarily associated with the release of deferred tax |
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Olin Corporation |
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Segment Information (a) |
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Three Months |
Years Ended |
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Ended December 31, |
December 31, |
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|
(In millions) |
2022 |
2021 |
2022 |
2021 |
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Sales: |
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|
Chlor Alkali Products and Vinyls |
$ 1,172.8 |
$ 1,244.1 |
$ 5,085.0 |
$ 4,140.8 |
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Epoxy |
484.2 |
795.7 |
2,690.5 |
3,186.0 |
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Winchester |
320.0 |
390.6 |
1,600.7 |
1,583.8 |
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Total Sales |
$ 1,977.0 |
$ 2,430.4 |
$ 9,376.2 |
$ 8,910.6 |
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Income before Taxes: |
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Chlor Alkali Products and Vinyls |
$ 252.3 |
$ 294.8 |
$ 1,181.3 |
$ 997.8 |
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Epoxy |
30.5 |
170.8 |
388.5 |
616.5 |
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Winchester |
45.7 |
101.8 |
372.9 |
412.1 |
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Corporate/Other: |
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Environmental Expense (b) |
(5.2) |
(5.4) |
(23.2) |
(14.0) |
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Other Corporate and Unallocated Costs |
(38.7) |
(34.4) |
(131.5) |
(135.1) |
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Restructuring Charges |
(11.0) |
(3.4) |
(25.3) |
(27.9) |
||||
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Other Operating Income (c) |
– |
1.4 |
16.3 |
1.4 |
||||
|
Interest Expense (d) |
(40.5) |
(143.6) |
(143.9) |
(348.0) |
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|
Interest Income |
1.0 |
– |
2.2 |
0.2 |
||||
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Non-operating Pension Income |
9.7 |
9.0 |
38.7 |
35.7 |
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|
Income before Taxes |
$ 243.8 |
$ 391.0 |
$ 1,676.0 |
$ 1,538.7 |
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(a) |
Unaudited. |
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(b) |
Environmental expense for the years ended December 31, 2022 and 2021 included $1.0 million and $2.2 million, respectively, of insurance recoveries for costs incurred and |
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(c) |
Other operating income for the year ended December 31, 2022 included $13.0 million of gains for the sale of two former manufacturing facilities. Other operating income for |
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(d) |
Interest expense for the three months and year ended December 31, 2021 included a loss on extinguishment of debt of $104.6 million and $152.2 million, respectively, which |
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Olin Corporation |
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Consolidated Balance Sheets (a) |
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December 31, |
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(In millions, except per share data) |
2022 |
2021 |
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Assets: |
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Cash & Cash Equivalents |
$ 194.0 |
$ 180.5 |
|
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Accounts Receivable, Net |
924.6 |
1,106.5 |
|
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Income Taxes Receivable |
43.2 |
0.3 |
|
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Inventories, Net |
941.9 |
868.3 |
|
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Other Current Assets |
52.7 |
92.7 |
|
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Total Current Assets |
2,156.4 |
2,248.3 |
|
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Property, Plant and Equipment |
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|
(Less Accumulated Depreciation of $4,413.1 and $4,076.5) |
2,674.1 |
2,913.6 |
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Operating Lease Assets, Net |
356.0 |
372.4 |
|
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Deferred Income Taxes |
60.5 |
99.3 |
|
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Other Assets |
1,102.5 |
1,131.8 |
|
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Intangibles, Net |
273.8 |
331.7 |
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Goodwill |
1,420.9 |
1,420.6 |
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Total Assets |
$ 8,044.2 |
$ 8,517.7 |
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Liabilities and Shareholders’ Equity: |
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Current Installments of Long-term Debt |
$ 9.7 |
$ 201.1 |
|
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Accounts Payable |
837.7 |
847.7 |
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Income Taxes Payable |
133.4 |
98.4 |
|
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Current Operating Lease Liabilities |
71.8 |
76.8 |
|
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Accrued Liabilities |
508.8 |
458.1 |
|
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Total Current Liabilities |
1,561.4 |
1,682.1 |
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Long-term Debt |
2,571.0 |
2,578.2 |
|
|
Operating Lease Liabilities |
292.5 |
302.0 |
|
|
Accrued Pension Liability |
234.5 |
381.9 |
|
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Deferred Income Taxes |
507.3 |
558.9 |
|
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Other Liabilities |
333.9 |
362.4 |
|
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Total Liabilities |
5,500.6 |
5,865.5 |
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Commitments and Contingencies |
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Shareholders’ Equity: |
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Common Stock, $1.00 Par Value Per Share, Authorized 240.0 Shares: |
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Issued and Outstanding 132.3 Shares (156.8 in 2021) |
132.3 |
156.8 |
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Additional Paid-in Capital |
682.7 |
1,969.6 |
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Accumulated Other Comprehensive Loss |
(495.9) |
(488.0) |
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Retained Earnings |
2,224.5 |
1,013.8 |
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Total Shareholders’ Equity |
2,543.6 |
2,652.2 |
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Total Liabilities and Shareholders’ Equity |
$ 8,044.2 |
$ 8,517.7 |
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(a) Unaudited. |
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Olin Corporation |
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Consolidated Statements of Cash Flows (a) |
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Years Ended |
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|
December 31, |
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(In millions) |
2022 |
2021 |
|
|
Operating Activities: |
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|
Net Income |
$ 1,326.9 |
$ 1,296.7 |
|
|
Gains on Disposition of Property, Plant and Equipment |
(13.0) |
(1.4) |
|
|
Loss on Debt Extinguishment |
– |
152.2 |
|
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Stock-based Compensation |
14.1 |
8.3 |
|
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Depreciation and Amortization |
598.8 |
582.5 |
|
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Deferred Income Taxes |
(32.4) |
(42.7) |
|
|
Qualified Pension Plan Contributions |
(1.3) |
(1.1) |
|
|
Qualified Pension Plan Income |
(33.1) |
(27.8) |
|
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Changes in: |
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Receivables |
160.8 |
(360.0) |
|
|
Income Taxes Receivable/Payable |
(2.9) |
105.1 |
|
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Inventories |
(86.3) |
(206.0) |
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Other Current Assets |
15.9 |
(22.3) |
|
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Accounts Payable and Accrued Liabilities |
(22.3) |
240.1 |
|
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Other Assets |
(2.6) |
(13.3) |
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Other Noncurrent Liabilities |
(0.7) |
26.2 |
|
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Other Operating Activities |
– |
4.5 |
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Net Operating Activities |
1,921.9 |
1,741.0 |
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Investing Activities: |
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Capital Expenditures |
(236.9) |
(200.6) |
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Payments under Other Long-Term Supply Contracts |
(37.7) |
– |
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Proceeds from Disposition of Property, Plant and Equipment |
14.9 |
3.2 |
|
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Net Investing Activities |
(259.7) |
(197.4) |
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Financing Activities: |
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Long-term Debt Repayments, Net |
(201.1) |
(1,103.1) |
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|
Debt Early Redemption Premiums |
– |
(137.7) |
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Common Stock Repurchased and Retired |
(1,350.7) |
(251.9) |
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Stock Options Exercised |
25.7 |
72.4 |
|
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Dividends Paid |
(116.2) |
(127.8) |
|
|
Debt Issuance Costs |
(4.4) |
(3.9) |
|
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Net Financing Activities |
(1,646.7) |
(1,552.0) |
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Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(2.0) |
(0.8) |
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
13.5 |
(9.2) |
|
|
Cash and Cash Equivalents, Beginning of Year |
180.5 |
189.7 |
|
|
Cash and Cash Equivalents, End of Period |
$ 194.0 |
$ 180.5 |
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(a) Unaudited. |
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Olin Corporation |
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Non-GAAP Financial Measures – Adjusted EBITDA (a) |
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Olin’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for |
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Three Months |
Years Ended |
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Ended December 31, |
December 31, |
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(In millions) |
2022 |
2021 |
2022 |
2021 |
|
|
Reconciliation of Net Income to Adjusted EBITDA: |
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|
Net Income |
$ 196.6 |
$ 306.6 |
$ 1,326.9 |
$ 1,296.7 |
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Add Back: |
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|
Interest Expense |
40.5 |
143.6 |
143.9 |
348.0 |
|
|
Interest Income |
(1.0) |
– |
(2.2) |
(0.2) |
|
|
Income Tax Provision |
47.2 |
84.4 |
349.1 |
242.0 |
|
|
Depreciation and Amortization |
148.5 |
150.1 |
598.8 |
582.5 |
|
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EBITDA |
431.8 |
684.7 |
2,416.5 |
2,469.0 |
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Add Back: |
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|
Restructuring Charges |
11.0 |
3.4 |
25.3 |
27.9 |
|
|
Environmental Recoveries (b) |
(1.0) |
– |
(1.0) |
(2.2) |
|
|
Certain Non-recurring Items (c) |
– |
(1.4) |
(13.0) |
(1.4) |
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Adjusted EBITDA |
$ 441.8 |
$ 686.7 |
$ 2,427.8 |
$ 2,493.3 |
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(a) |
Unaudited. |
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(b) |
Environmental recoveries included insurance recoveries for costs incurred and expensed in prior periods. |
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(c) |
Certain non-recurring items for the year ended December 31, 2022 included $13.0 million of gains for the sale of two former manufacturing facilities |
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Olin Corporation |
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Non-GAAP Financial Measures – Net Debt to Adjusted EBITDA (a) |
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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 |
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December 31, |
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|
(In millions) |
2022 |
2021 |
||
|
Current Installments of Long-term Debt |
$ 9.7 |
$ 201.1 |
||
|
Long-term Debt |
2,571.0 |
2,578.2 |
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Total Debt |
2,580.7 |
2,779.3 |
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|
Less: Cash and Cash Equivalents |
(194.0) |
(180.5) |
||
|
Net Debt |
$ 2,386.7 |
$ 2,598.8 |
||
|
Trailing Twelve Months Adjusted EBITDA |
$ 2,427.8 |
$ 2,493.3 |
||
|
Net Debt to Adjusted EBITDA |
1.0 |
1.0 |
||
|
(a) Unaudited. |
||||
SOURCE Olin Corporation