From a profit of $41.7 million or 25 cents per share in Q1 2019, Olin Corporation (OLN) slipped to a loss of $80 million or 51 cents per share in Q1 2020, hurt by planned maintenance turnaround costs.
The adjusted loss for the quarter was 41 cents per share, excluding one-time items. The chemical maker’s revenues in the quarter plunged 8.3 percent year over year to $1,425.1 million. Continued weakness in caustic soda pricing witnessed by the company in January to March. Its Epoxy unit is also hurt by lower product prices.
Revenues at the division of Chlor Alkali Products and Vinyls fell 12.9 percent year over year to $759.9 million. Up 84 percent year over year, the company ended Q1 with cash equivalents of $194.5 million. At the end of Q1, long-term debt was $3,489.5 million, up 13.8 percent year over year.
Sequentially lower ethylene dichloride pricing and sequential improvement in caustic soda pricing expected by the company in Q2. For Q2, planned maintenance turnaround costs of $55 million projected by the company.
