Olin Corp., the parent of Winchester, lowered its fourth-quarter earnings guidance, with most of the shortfall occurring in the Chlor Alkali Products and Vinyls business.
The lower-than-expected earnings reflect an extended planned maintenance turnaround and unplanned downtime at its Freeport, TX operations supporting the Chlor Alkali Products and Vinyls segment, as well as lower-than-expected pipeline chlorine demand.
For the fourth quarter, Olin now expects adjusted EBITDA to be approximately $67 million compared to the previous outlook of $110 million to $130 million.
Ken Lane, president and CEO, said, “Late in the quarter, our Chlor Alkali Products and Vinyls was impacted by a meaningful decline in chlorine demand as well as operational issues at our Freeport, Texas site related to a planned turnaround and interruption of raw material supply by a third party. Our Freeport, Texas site has returned to normal operations. In spite of these challenges, the Olin Team remains focused on operating our assets safely, delivering on our cost reduction targets and maintaining our disciplined value-first commercial approach.”
Image courtesy Winchester Ammo
