27 April 2012 05:02 [Source: ICIS news]
SINGAPORE (ICIS)--US-based chlor-alkali producer Olin reported late on Thursday a fall in its first-quarter net income to $38.7m (€29.4m) from $133.7m year on year, while first-quarter sales increased by 16.3% year on year to $507.2m.
First quarter net income in 2011 included a one-time, pre-tax gain of $181.4m as a result of a re-measurement of the company’s previously held 50% equity interest in ?xml:namespace>
The company’s chlor-alkali sales were $359.7m, compared to $299.4m in the same period in the previous year, a 20.1% increase, it said.
Olin’s chlor-alkali segment earnings for the first quarter of 2012 grew by 64.6% year on year to $74.4m on higher volumes and higher prices, it added.
Sales for the
“In the first quarter of 2012, Olin generated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $94.9m, which represents the highest level of first quarter adjusted EBITDA ever,” said Joseph D Rupp, the CEO of Olin.
The company’s first quarter 2012 adjusted EBITDA represented a 38% increase compared to the same period in 2011, he added.
Into the second quarter of 2012, the company expects its chlor-alkali segment earnings to improve from the first quarter, reflecting seasonally stronger chlorine and bleach demand, it said.
In addition, Olin’s
“Second quarter 2012 [overall] net income is forecast to be in the $0.50-0.55 per diluted share range,” Rupp added.
($1 = €0.76)
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