Olin Corp. reported sales in its Winchester segment grew 120 percent in the fourth quarter ended December 31 to $340.6 million from $154.7 million a year ago. Operating profit reached $44.8 million, up from $7.0 million a year ago.
Scott Sutton, Olin’s president and chief executive officer, said in a statement, “Our Winchester business delivered the strongest quarterly earnings in its history due to outstanding execution by the team, with even higher performance expected in 2021.”
In the year, revenues for the Winchester segment reached $927.6 million, up from $665.5 million. Earnings more than doubled to $92.3 million from $40.1 million.
Olin also operates chemical businesses, including chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid.
Fourth-quarter 2020 reported net loss was $33.0 million, or 21 cents per diluted share, which compares to fourth quarter 2019 reported net loss of $77.2 million, or 49 cents per diluted share. Fourth-quarter 2020 adjusted EBITDA of $246.2 million excludes depreciation and amortization expense of $143.3 million, information technology integration costs of $13.3 million, and restructuring charges and other non-recurring costs of $4.7 million. Fourth-quarter 2019 adjusted EBITDA was $173.2 million. Sales in the fourth quarter 2020 were $1,654.1 million compared to $1,387.1 million in the fourth quarter 2019.