Olin Corporation reported its first quarter 2009 net income was $46.7 million, or 60 cents per diluted share, which compares to $37.3 million, or 50 cents per diluted share in the first quarter of 2008. Sales in the first quarter of 2009 were $400.6 million, compared to $399.1 million in the first quarter of 2008.
Joseph D. Rupp, Chairman, President, and Chief Executive Officer, said, “Winchester achieved the highest level of quarterly earnings in its history, reflecting the continuation of the stronger than normal demand that began in the fourth quarter of 2008. “Earnings in the second quarter of 2009 are projected to be in the 30 cents to 40 cents per diluted share range. This forecast reflects the combination of continued weak demand and lower ECU pricing in Chlor Alkali.”
The company defines segment results as income (loss) before interest expense, interest income, other income, and income taxes and include the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments.