Olin Corp. reported earnings at its Winchester Ammo segment fell 63.9 percent in the third quarter, primarily due to lower commercial ammunition pricing and shipments and higher raw material costs, including propellant and commodity metal costs. Sales inched up 1.6 percent, missing plan due to soft commercial ammunition sales.

Ken Lane, Olin’s president and CEO, said in a statement, “Our Winchester third quarter 2025 results fell short of expectations as commercial ammunition sales showed only slight seasonal improvement. Commercial retailers continue to have elevated inventories amid continued lower consumer sales. As expected, our defense business delivered sequentially improved results.”

Winchester Ammunition sales for the third quarter 2025 were $439.6 million, compared to $432.8 million in the third quarter of 2024. Sales were comparable, as higher military sales and military project revenue were offset by lower commercial ammunition sales.

Segment earnings were $19.3 million, compared to $53.4 million in the third quarter 2024. Winchester’s third quarter 2025 results included depreciation and amortization expense of $7.8 million compared to $8.5 million in the third quarter 2024.

For the first nine months, earnings at the Winchester Ammunition segment fell 65.8 percent to $67.1 million from $195.9 million. Sales improved 2.1 percent to $1.28 billion from $1.25 billion.

Consolidated Company Results
Olin Corp. third quarter 2025 reported net income was $42.8 million, or 37 cents per diluted share, compared with the third quarter 2024 reported net loss of $24.9 million, or a loss of 21 cents per diluted share.

Third quarter 2025 adjusted EBITDA of $222.4 million excludes depreciation and amortization expense of $133.8 million, restructuring charges of $2.9 million, and environmental insurance recoveries of $1.0 million. Third quarter 2025 adjusted EBITDA included a $32.0 million pretax benefit primarily related to the clean hydrogen production tax credit under Section 45V as part of the Inflation Reduction Act of 2022. Third quarter 2024 adjusted EBITDA was $160.3 million, which included $109.4 million of additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. Sales in the third quarter 2025 were $1,713.2 million, compared to $1,589.5 million in the third quarter 2024.

Chlor Alkali Products and Vinyls segment sales for the third quarter 2025 were $924.0 million, compared to $871.6 million in the third quarter 2024. The increase in sales was primarily due to higher volumes, partially offset by lower pricing. Third quarter 2025 segment earnings were $127.6 million, compared to $45.3 million in the third quarter 2024. Third quarter 2025 segment earnings included a $32.0 million pretax benefit primarily related to the clean hydrogen production tax credit under Section 45V as part of the Inflation Reduction Act of 2022, resulting from the sale and use of hydrogen produced at certain of our chlor alkali plants. The third quarter 2024 segment earnings included $76.7 million in additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. The remaining $26.4 million decrease in segment earnings was primarily due to lower ethylene dichloride (EDC) pricing, partially offset by higher caustic soda pricing and higher volumes, primarily EDC and caustic soda. Chlor Alkali Products and Vinyl’s third quarter 2025 results included depreciation and amortization expense of $109.0 million compared to $106.5 million in the third quarter 2024.

Epoxy segment sales for the third quarter 2025 were $349.6 million, compared to $285.1 million in the third quarter 2024. The increase in sales was primarily due to higher volumes, including the impact of lost sales from Hurricane Beryl in the third quarter of 2024. Third quarter 2025 segment loss was ($32.2) million, compared to segment loss of ($42.8) million in the third quarter 2024. The third quarter 2024 segment results included $32.7 million in additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. The remaining $22.1 million decrease in segment results was due to higher operating costs, primarily from unabsorbed fixed costs incurred from planned inventory reductions, partially offset by improved volumes, as product margins were comparable year over year. Epoxy’s third quarter 2025 results included depreciation and amortization expense of $13.2 million compared to $13.7 million in the third quarter 2024.

Lane remarked, “In the third quarter, Olin delivered on our sequentially higher earnings expectations, primarily driven by our Chlor Alkali Products and Vinyls segment. Although seasonal demand growth was limited within a persistently challenging market, Olin maintained its disciplined focus on preserving our Electrochemical Unit (ECU) values.”

Lane continued, “In addition to ongoing, subdued global epoxy demand, headwinds persist from subsidized Asian material flowing into the United States and European epoxy markets. We continue to execute our strategy by capitalizing on our chlor alkali integration and expanding sales of our formulated solutions products.

Corporate And Other Costs
Other corporate and unallocated costs in the third quarter of 2025 were comparable to the third quarter 2024, as higher incentive costs, including mark-to-market adjustments on stock-based compensation, were offset by a favorable impact from foreign currency.

Liquidity And Share Repurchases
The cash balance on September 30, 2025, was $140.3 million. Olin ended the third quarter 2025 with net debt of approximately $2.85 billion and a net debt-to-adjusted EBITDA ratio of 3.7 times. On September 30, 2025, Olin had approximately $1.3 billion in available liquidity.

During third quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of $10.1 million. On September 30, 2025, Olin had approximately $2.0 billion available under its share repurchase authorizations.

Outlook
Commenting on Olin’s outlook for the remainder of 2025, Lane continued, “The fourth quarter market environment is typically the weakest seasonal quarter for our businesses. As a result, we expect Olin’s fourth quarter 2025 adjusted EBITDA to be in the range of $110 million to $130 million, which includes a $40 million penalty from planned inventory reductions, supporting our value-first commercial approach. We remain focused on our Optimize the Core strategic priorities: operating safely and reliably, progressing our Beyond250 structural cost reduction program, and maximizing cash generation. With the actions we are taking, we expect to end this year with net debt comparable with year-end 2024. Our Olin team continues to demonstrate the strength of our company in the face of a historically long industry trough.”

Image courtesy Winchester Ammunition