Olin Corp Q2 2024 Sales Up, Net Income Slightly Down

TL;DR

Olin Corp sales up to $5.01B H1'24, but net income dipped to $117.5M. Watch margins.

AI Summary

Olin Corporation filed its 10-Q for the period ending June 30, 2024, reporting total net sales of $5,009.8 million for the first six months of 2024. This compares to $4,826.4 million in the same period of 2023. The company's net income for the first half of 2024 was $117.5 million, down from $120.2 million in the first half of 2023.

Why It Matters

This filing provides insight into Olin Corporation's financial performance, indicating a slight increase in revenue but a decrease in profitability, which could impact investor sentiment and future strategic decisions.

Risk Assessment

Risk Level: medium — The slight decrease in net income despite increased sales suggests potential margin pressures or rising costs, which warrants attention.

Key Numbers

• $5,009.8M — Net Sales (H1 2024) (Represents an increase from the prior year's period.)
• $4,826.4M — Net Sales (H1 2023) (Prior period comparison for sales.)
• $117.5M — Net Income (H1 2024) (Slight decrease compared to the prior year's period.)
• $120.2M — Net Income (H1 2023) (Prior period comparison for net income.)
• 20240630 — Reporting Period End Date (Indicates the timeframe covered by the financial report.)

Key Players & Entities

• Olin Corporation (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $5,009.8 million (dollar_amount) — Total net sales for H1 2024
• $4,826.4 million (dollar_amount) — Total net sales for H1 2023
• $117.5 million (dollar_amount) — Net income for H1 2024
• $120.2 million (dollar_amount) — Net income for H1 2023

FAQ

Key Financial Figures

• $1.00 — nge on which registered: Common Stock, $1.00 par value per share OLN New York Stock
• $5,009 — pment (less accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) 2,395.1 2,519
• $4,826.4 — s accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) 2,395.1 2,519.6 2,550.6
• $4,636.9 — depreciation of $5,009.8, $4,826.4 and $4,636.9) 2,395.1 2,519.6 2,550.6 Operating lea

Filing Documents

• oln-20240630.htm (10-Q) — 1546KB
• oln-ex101_2024630xq2.htm (EX-10.1) — 31KB
• oln-ex102_2024630xq2.htm (EX-10.2) — 56KB
• oln-ex311_2024630xq2.htm (EX-31.1) — 10KB
• oln-ex312_2024630xq2.htm (EX-31.2) — 10KB
• oln-ex32_2024630xq2.htm (EX-32) — 6KB
• oln-20240630_g1.jpg (GRAPHIC) — 28KB
• 0000074303-24-000168.txt ( ) — 9214KB
• oln-20240630.xsd (EX-101.SCH) — 56KB
• oln-20240630_cal.xml (EX-101.CAL) — 79KB
• oln-20240630_def.xml (EX-101.DEF) — 228KB
• oln-20240630_lab.xml (EX-101.LAB) — 700KB
• oln-20240630_pre.xml (EX-101.PRE) — 483KB
• oln-20240630_htm.xml (XML) — 1682KB

— Financial Information

Part I — Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Comprehensive Income 5 Condensed Statements of Shareholders' Equity 6 Condensed Statements of Cash Flows 7 Notes to Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Business Background 25 Executive Summary 26 Consolidated Results of Operations 27 Segment Results 29 Outlook 32 Environmental Matters 32 Legal Matters and Contingencies 33 Liquidity and Capital Resources 33

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37 Cautionary Statement Regarding Forward-Looking Statements 37

— Other Information

Part II — Other Information 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

— FINANCIAL INFORMATION

Part I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES Condensed Balance Sheets ($ in millions, except per share data) (Unaudited) June 30, 2024 December 31, 2023 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 182.1 $ 170.3 $ 161.1 Receivables, net 903.6 874.7 869.8 Income taxes receivable 17.7 15.3 32.8 Inventories, net 872.9 858.8 1,081.2 Other current assets 82.0 54.1 53.3 Total current assets 2,058.3 1,973.2 2,198.2 Property, plant and equipment (less accumulated depreciation of $5,009.8, $4,826.4 and $4,636.9) 2,395.1 2,519.6 2,550.6 Operating lease assets, net 321.2 344.7 335.7 Deferred income taxes 91.5 87.4 82.6 Other assets 1,144.8 1,118.5 1,108.6 Intangible assets, net 226.3 245.8 255.9 Goodwill 1,423.4 1,424.0 1,420.9 Total assets $ 7,660.6 $ 7,713.2 $ 7,952.5 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt $ 121.8 $ 78.8 $ 9.0 Accounts payable 779.1 775.4 750.0 Income taxes payable 122.5 154.7 139.6 Current operating lease liabilities 67.1 69.3 70.2 Accrued liabilities 348.8 450.0 426.9 Total current liabilities 1,439.3 1,528.2 1,395.7 Long-term debt 2,789.1 2,591.3 2,717.3 Operating lease liabilities 261.0 283.1 273.6 Accrued pension liability 201.8 225.8 225.4 Deferred income taxes 467.9 476.2 505.9 Other liabilities 332.2 340.3 363.0 Total liabilities 5,491.3 5,444.9 5,480.9 Commitments and contingencies Shareholders' equity: Common stock, $1.00 par value per share: authorized, 240.0 shares; issued and outstanding, 117.5, 120.2 and 125.8 shares 117.5 120.2 125.8 Additional paid-in capital — 24.8 313.7 Accumulated other comprehensive loss ( 474.0 ) ( 496.3 ) ( 483.4 ) Retained earnings 2,492.6 2,583.7 2,475.9 Olin Corporation's shareholders' equity 2,136.1 2,232.4 2,432.0 Noncontrolling interests 33.2 35.9 39.6 Total equity 2,169.3 2,268.3 2,471.6 Total liabilities and equity $ 7,660.6 $ 7,713.2 $ 7,952.5 The accompanyi

View Full Filing

View this 10-Q filing on SEC EDGAR