8-K
filed April 27, 2023, 7:59 PM ET
ticker OLN
CIK 0000074303
earnings
confidence high
sentiment negative
materiality 0.82
Olin Q1 net income $156.3M ($1.16/sh) vs $393M ($2.48/sh) YoY; adjusted EBITDA down 39%
OLIN Corp
2023-Q1 EPS reported
$1.16
revenue$1,844,300,000
- Revenue $1,844M (-25% YoY); Chlor Alkali segment earnings $245.9M (-25%), Epoxy $21.4M (-85%), Winchester $61M (-49%).
- Adjusted EBITDA $434.1M vs $710.9M in Q1 2022; expects Q2 adjusted EBITDA slightly lower than Q1.
- Repurchased 3.6M shares for $206.1M during Q1; $1.5B remaining under authorization.
- Board declared quarterly dividend $0.20/share payable June 9 to holders of record May 11.
- Bylaws amended to reduce board size from 9 to 8 after completion of Heidi Alderman's term.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.98
OLIN Corp reported the first quarter ended March 31, 2023 results: revenue $1,844.3 million, net income $156.3 million, EPS $1.16 per diluted share.
- Period
- the first quarter ended March 31, 2023
- Revenue
- $1,844.3 million
- Net income
- $156.3 million
- EPS
- $1.16 per diluted share
- Result
- reported results
Exact text from the filing
Olin Corporation (NYSE: OLN) announced financial results for the first quarter ended March 31, 2023. First quarter 2023 reported net income was $156.3 million, or $1.16 per diluted share, which compares to first quarter 2022 reported net income of $393.0 million, or $2.48 per diluted share. First quarter 2023 adjusted EBITDA of $434.1 million excludes depreciation and amortization expense of $137.1 million and restructuring charges of $60.9 million. First quarter 2022 adjusted EBITDA was $710.9 million. Sales in the first quarter 2023 were $1,844.3 million compared to $2,461.4 million in the first quarter 2022.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
OLIN Corp: Decreased the size of the Board from nine to eight directors.
- Change
- bylaw amendment
Exact text from the filing
Olin’s Board of Directors approved an amendment to Article II, Section 1 of Olin’s Bylaws to decrease the size of the Board from nine to eight directors, following the completion of Ms. Heidi Alderman’s term on the Board.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
OLIN Corp shareholders approved Election of Directors at the 2023-04-27 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-04-27
Exact text from the filing
Proposal 1 - Election of Directors Beverley A. Babcock 105,538,517 1,884,544 221,084 14,041,113 C. Robert Bunch 103,547,850 3,894,597 201,698 14,041,113 Matthew S. Darnall 104,566,770 2,885,414 191,961 14,041,113 Earl L. Shipp 105,238,415 2,208,067 197,663 14,041,113 Scott M. Sutton 103,850,560 3,558,122 235,463 14,041,113 William H. Weideman 105,839,970 1,571,900 232,275 14,041,113 W. Anthony Will 104,142,130 5,282,647 219,368 14,041,113 Carol A. Williams 102,545,243 4,686,978 411,924 14,041,113
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
OLIN Corp shareholders approved Conduct an advisory vote on the frequency of a shareholder vote on executive compensation at the 2023-04-27 meeting.
- Proposal
- say on pay frequency
- Outcome
- passed
- Meeting
- 2023-04-27
Exact text from the filing
Proposal 3 - Conduct an advisory vote on the frequency of a shareholder vote on executive compensation 102,190,775 421,469 4,737,746 294,156 14,041,113
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
OLIN Corp shareholders approved Ratification of appointment of KPMG LLP as independent registered public accounting firm for 2023 at the 2023-04-27 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-04-27
Exact text from the filing
Proposal 4 - Ratification of appointment of KPMG LLP as independent registered public accounting firm for 2023 118,889,786 2,523,360 272,112
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
OLIN Corp shareholders approved Conduct an advisory vote to approve the compensation for named executive officers at the 2023-04-27 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2023-04-27
Exact text from the filing
Proposal 2 - Conduct an advisory vote to approve the compensation for named executive officers 102,545,243 4,686,978 411,924 14,041,113
View on SEC.gov
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