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Olin (OLN) Q3 FY2023 earnings: revenue $1.7 billion, down 28.0% on the year

Olin Corp. (OLN) reported revenue of $1.7 billion for Q3 FY2023, the quarter ended 30 September 2023, down 28.0% on the same quarter a year earlier. Net income was $104 million, down 66.8% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$1.7 billiondown 28.0%
Net income$104 milliondown 66.8%
Diluted EPS$0.82
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue1,671n/an/an/a
Cost of revenue1,402n/an/an/a
Gross profit269n/an/an/a
Gross margin16.1%n/an/a
Selling, general and administrative90.9n/an/an/a
Operating income166n/an/an/a
Operating margin9.9%n/an/a
Interest expense46.2n/an/an/a
Pre-tax income127n/an/an/a
Income tax22.2n/an/an/a
Effective tax rate17.5%n/an/a
Net income104n/an/an/a
Net margin6.3%n/an/a
Diluted EPS$0.82n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow215n/an/an/a
Capital expenditure44.2n/an/an/a
Free cash flow170n/an/an/a
Free cash flow margin10.2%n/an/a
Cash from investing-63.4n/an/an/a
Cash from financing-154n/an/an/a
Depreciation and amortisation131n/an/an/a
Share-based compensation6.7n/an/an/a
Buybacks202n/an/an/a
Dividends paid24.8n/an/an/a
Diluted shares, weighted127mn/an/an/a
Shares outstanding at period end122mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity2,328n/an/an/a
Non-controlling interest40.0n/an/an/a
Debt2,790n/an/an/a
Operating lease liabilities270n/an/an/a
Other liabilities2,387n/an/an/a
Total liabilities and equity7,815n/an/an/a
Fixed assets2,490n/an/an/a
Goodwill1,421n/an/an/a
Intangible assets249n/an/an/a
Cash and equivalents158n/an/an/a
Inventory978n/an/an/a
Other assets2,519n/an/an/a
Total assets7,815n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024 †Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,6711,6151,6351,6441,5901,6711,6441,7581,7131,6651,5831,742
Cost of revenue1,4021,4311,4281,4061,4551,5131,4961,6201,5301,6341,5071,572
Gross profit26918420723813415814913818331.375.8170
Gross margin16%11%13%14%8%9%9%8%11%2%5%10%
SG&A90.910310294.611210010195.298.1169145103
Operating income16699.097.313615.547.343.735.382.8-156-78.346.5
Operating margin10%6%6%8%1%3%3%2%5%-9%-5%3%
Interest expense46.247.244.646.648.444.948.545.646.846.243.244.3
Pre-tax income12759.960.396.6-25.210.02.1-6.841.5-198-1183.8
Tax rate18%19%21%25%n/a-1%43%n/a-5%n/an/a450%
Net income10452.548.674.2-24.910.71.4-1.342.8-144-83.0-13.3
Net margin6%3%3%5%-2%1%0%-0%2%-9%-5%-1%
Diluted EPS$0.82$0.46$0.40$0.62-$0.21$0.09$0.01-$0.01$0.37-$1.25-$0.73-$0.12
Operating cash flow21541781.090.6190142-86.021226.7321-48.67.9
Capital expenditure44.263.044.356.543.351.061.431.071.162.843.729.0
Free cash flow17035436.734.114790.7-147181-44.4258-92.3-21.1
Buybacks20211610510645.443.520.210.110.110.10.00.0
Dividends paid24.824.423.923.723.323.323.023.022.822.822.822.8
Shares outstanding122m120m119m118m117m116m115m115m114m114m114m114m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000074303-23-000176: the filing on EDGAR. All of Olin Corp.'s filings: EDGAR company page.

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