Key Highlights

  • Third quarter sales were $1,747.7 million, up from $1,713.2 million a year earlier.
  • Net income was $14.4 million, or $0.13 per diluted share, versus $42.8 million, or $0.37.
  • Adjusted EBITDA was $191.4 million, compared with $222.4 million in the prior year quarter.
  • Winchester segment Earnings rose to $33.8 million from $19.3 million.
  • Fourth quarter adjusted EBITDA is expected between $80 million and $100 million.

Sales edge higher while Net Income falls to $14.4 million

Olin (NYSE:OLN), a vertically integrated manufacturer of chlorine, caustic soda, vinyls and epoxies and a leading U.S. maker of ammunition through its Winchester business, reported third quarter 2026 results on October 29, 2026. Sales were $1,747.7 million, compared with $1,713.2 million in the third quarter of 2025.

Net income was $14.4 million, or $0.13 per diluted share, against $42.8 million, or $0.37. Operating Income was $59.2 million versus $82.8 million, and net interest expense was $44.5 million versus $45.2 million.

Adjusted EBITDA of $191.4 million excludes Depreciation and amortization of $114.4 million, acquisition-related costs of $13.7 million and restructuring charges of $1.7 million. The prior year figure was $222.4 million.

Chlor Alkali and Vinyls absorb the Freeport VCM outage

Chlor Alkali Products and Vinyls sales fell to $850.8 million from $924.0 million, mainly on lower trading volumes tied to the Blue Water Alliance, which ended operations at the end of 2025, and lower vinyl chloride monomer volumes. Higher pricing partly offset the decline.

Segment earnings were $71.3 million, down from $127.6 million. The latest quarter included a $5.0 million pretax benefit, primarily from the clean hydrogen production tax credit, versus $32.0 million a year ago. Operating issues at the Freeport, Texas VCM plant cost $32.1 million in higher costs and lost profit.

Chief Executive Ken Lane said normal operations at the VCM Assets have been restored.

Epoxy swings to a profit and Winchester keeps growing

Epoxy sales rose to $412.2 million from $349.6 million on higher volumes and improved pricing. Segment earnings were $0.6 million, compared with a loss of $32.2 million, an improvement of $32.8 million that the company tied to higher volumes and lower operating costs. Demand in Europe remains weak.

Winchester sales were $484.7 million versus $439.6 million, driven by commercial ammunition. Segment earnings rose by $14.5 million to $33.8 million on higher commercial pricing and volume, partly offset by higher metals costs.

Merger milestones and a leveraged balance sheet

Olin and Huntsman (NYSE:HUN) announced on June 16, 2026 a definitive all-stock Merger of equals to form a combined company called OlinHuntsman. Shareholders of both companies approved the deal, and the Hart-Scott-Rodino Waiting Period has expired. Olin now expects closing in the first quarter of 2027, subject to customary conditions and remaining regulatory approvals.

Olin ended September 30, 2026 with $214.8 million in cash, net Debt of about $2.8 billion and a net debt to adjusted EBITDA ratio of 5.2 times. Available Liquidity was about $1.3 billion.

For the nine months, Operating Cash Flow was $69.7 million versus $153.0 million, capital expenditures were $106.6 million, and the company reported a net loss of $81.9 million. The quarterly Dividend was $0.20 per share.

Fourth-quarter range reflects seasonality and turnarounds

Management guided fourth quarter 2026 adjusted EBITDA to $80 million to $100 million. It cited normal seasonality, elevated year-end customer destocking in Chemicals, higher feedstock costs, pressure from subsidized Asian exports and significant planned maintenance turnarounds.

Readers tracking the name will likely follow the merger approvals, Beyond250 cost savings, and how the fourth quarter range compares with the $191.4 million delivered in the third.