Winchester parent company Olin Corp. on Tuesday reported that the ammunition and gun maker’s sales for the first quarter of 2019 were $157.2 million, down 8 percent from $170.9 million in the first quarter of 2018. The decrease in sales was primarily due to lower military and commercial sales.
First quarter 2019 segment earnings were $9.1 million, down 24.2 percent from $12 million in the first quarter 2018. The decrease in segment earnings was primarily due to lower military ammunition volumes and lower selling prices, partially offset by lower commodity and other material costs.
Winchester first quarter 2019 results included depreciation and amortization expense of $4.9 million compared to $5.1 million in the first quarter 2018.
Olin Corp.’s first quarter 2019 reported net income was $41.7 million, or 25 cents per diluted share, which compares to first quarter 2018 reported net income of $20.9 million, or 12 cents per diluted share.
First quarter 2019 adjusted EBITDA of $270.1 million excludes depreciation and amortization expense of $152.9 million, restructuring charges of $4.0 million, information technology integration costs of $14.1 million and a pretax gain on the sale of an investment in a non-consolidated affiliate of $11.2 million.
First quarter 2018 adjusted EBITDA was $240.3 million. Sales in the first quarter 2019 were $1,553.4 million compared to $1,710.3 million in the first quarter 2018.