Olin Announces Third Quarter 2009 Earnings; Winchester Posts Third Consecutive Quarter of Record Earnings
CLAYTON, Mo.--Olin Corporation (NYSE: OLN) announced today that its third quarter 2009 net income was $39.4 million, or $0.50 per diluted share, which compares to $37.7 million, or $0.49 per diluted share in the third quarter of 2008. Sales in the third quarter of 2009 were $397.0 million, compared to $502.9 million in the third quarter of 2008.
Joseph D. Rupp, Chairman, President, and Chief Executive Officer said, "For the third consecutive quarter Winchester achieved the highest level of earnings in its history, reflecting the combination of seasonally strong sales, the continuation of the stronger than normal demand that began in the fourth quarter of 2008, and lower costs. Winchester's earnings more than doubled in the third quarter of 2009 compared to the third quarter of 2008 driven by commercial sales which increased 22% year-over-year, and improved costs."
"Earnings in the Winchester segment are expected to decline significantly from the third quarter due to seasonally weaker demand, but are expected to exceed fourth quarter 2008 earnings. Winchester expects fourth quarter 2009 demand to be stronger than historic fourth quarter levels."
Winchester third quarter 2009 sales were $168.2 million compared to $140.8 million in the third quarter of 2008. The increase primarily reflects higher sales volumes. Commercial and military sales increased during the quarter which more than offset declines in law enforcement and industrial sales. Winchester's third quarter 2009 segment income was $23.0 million compared to $9.8 million in the third quarter of 2008.
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