Oct. 26, 2023，Olin Announces Third Quarter 2023 Results.

Net profit reported for the third quarter of 2023 was $104.1 million, down 66.9% year-over-year, compared to a net profit of $315.2 million reported for the third quarter of 2022. Adjusted EBITDA for the third quarter of 2023 was $314.8 million, excluding depreciation and amortization expense of $131 million and restructuring charges of $11.9 million. Adjusted EBITDA for the third quarter of 2022 was $547.8 million. Sales for the third quarter of 2023 were $1,671.4 million, down 28% year-over-year, compared to $2,321.7 million for the third quarter of 2022.

Scott Sutton, Chairman, President, and Chief Executive Officer, said, "Despite the contracting demand environment over the last six quarters, Olin's team continues to prove our model's resilience and the ability to deliver higher trough level adjusted EBITDA and corresponding cash flows than the previous cycles' peak results. We continue to prioritize share repurchases from excess cash flow with approximately 8% of outstanding shares repurchased so far in 2023.

"Although electrochemical unit ("ECU") values have been declining in 2023, we believe the global conditions for our Chlor Alkali Products and Vinyls business are approaching a favorable inflection point. Therefore, our team has taken the dramatic step to considerably reduce our operating rates; thereby, further reducing our market participation and accelerating the favorable inflection point, as we remain disciplined in our approach to ECU values. We have idled our St. Gabriel, Louisiana, facility and our largest chlor alkali plant at our Freeport, Texas facility. This 'value accelerator initiative' is expected to reduce our fourth quarter 2023 adjusted EBITDA outlook by approximately $100 million compared to our previous expectation; however, we anticipate it should deliver an improved 2024 adjusted EBITDA compared to 2023. We expect Winchester segment fourth quarter results to be similar to third quarter 2023 levels even as we perform our holiday shutdowns. Overall, we expect Olin's fourth quarter 2023 adjusted EBITDA to be in the $200 million range."