Olin Corp. missed analysts’ earnings forecasts for its third quarter, reporting an income 62 percent lower than in the prior-year quarter as sales plunged in recent months.
The Clayton-based producer of metals, chemicals and ammunition posted a profit of $26.1 million, or $0.33 per share, for its third quarter. That’s down from $69.7 million, or $0.86 per share, during the same period last year. The latest results missed Thomson Reuters-polled analysts expectations of $0.42 per share.
Overall sales plunged 11 percent, with low numbers reported in the company’s three main business segments.
Chlor Alkali Products sales were $329.2 million, down from $374.2 in the same quarter last year, reflecting the impact of lower chlorine and caustic soda shipments and prices.
Chemical Distribution sales were $76.6 million, compared to $101.9 million in the prior-year quarter. And the Winchester division reported sales of $209.6 million, down from $213.1 million in the prior-year quarter, reflecting the impact of lower shipments, partially offset by higher prices and lower manufacturing and other costs.
During the third quarter, the firm repurchased 550,000 shares for $15 million. As of Sept. 30, there were about 6.9 million shares to be repurchased under an 8 million share buyback plan that started in April .