Olin (OLN) Q1 FY2024 earnings: revenue $1.6 billion, down 11.3% on the year

Olin Corp. (OLN) reported revenue of $1.6 billion for Q1 FY2024, the quarter ended 31 March 2024, down 11.3% on the same quarter a year earlier. Net income was $49 million, down 68.9% on the year, and diluted earnings per share $0.40. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$1.6 billiondown 11.3%

Net income$49 milliondown 68.9%

Diluted EPS$0.40

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,635	1,615	n/a	n/a
Cost of revenue	1,428	1,431	n/a	n/a
Gross profit	207	184	n/a	n/a
Gross margin	12.7%	11.4%	n/a
Selling, general and administrative	102	103	n/a	n/a
Operating income	97.3	99.0	n/a	n/a
Operating margin	5.9%	6.1%	n/a
Interest expense	44.6	47.2	n/a	n/a
Pre-tax income	60.3	59.9	n/a	n/a
Income tax	12.5	11.1	n/a	n/a
Effective tax rate	20.7%	18.5%	n/a
Net income	48.6	52.5	n/a	n/a
Net margin	3.0%	3.3%	n/a
Diluted EPS	$0.40	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	81.0	417	n/a	n/a
Capital expenditure	44.3	63.0	n/a	n/a
Free cash flow	36.7	354	n/a	n/a
Free cash flow margin	2.2%	21.9%	n/a
Cash from investing	-74.7	-147	n/a	n/a
Cash from financing	-25.3	-258	n/a	n/a
Depreciation and amortisation	130	128	n/a	n/a
Share-based compensation	4.4	5.4	n/a	n/a
Buybacks	105	116	n/a	n/a
Dividends paid	23.9	24.4	n/a	n/a
Diluted shares, weighted	122m	129m	n/a	n/a
Shares outstanding at period end	119m	120m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,172	2,232	n/a	n/a
Non-controlling interest	35.1	35.9	n/a	n/a
Debt	2,766	2,670	n/a	n/a
Operating lease liabilities	274	283	n/a	n/a
Other liabilities	2,364	2,492	n/a	n/a
Total liabilities and equity	7,611	7,713	n/a	n/a
Fixed assets	2,452	2,520	n/a	n/a
Goodwill	1,423	1,424	n/a	n/a
Intangible assets	236	246	n/a	n/a
Investments	n/a	0.0	n/a	n/a
Cash and equivalents	151	170	n/a	n/a
Inventory	824	859	n/a	n/a
Other assets	2,526	2,495	n/a	n/a
Total assets	7,611	7,713	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,671	1,615	1,635	1,644	1,590	1,671	1,644	1,758	1,713	1,665	1,583	1,742
Cost of revenue	1,402	1,431	1,428	1,406	1,455	1,513	1,496	1,620	1,530	1,634	1,507	1,572
Gross profit	269	184	207	238	134	158	149	138	183	31.3	75.8	170
Gross margin	16%	11%	13%	14%	8%	9%	9%	8%	11%	2%	5%	10%
SG&A	90.9	103	102	94.6	112	100	101	95.2	98.1	169	145	103
Operating income	166	99.0	97.3	136	15.5	47.3	43.7	35.3	82.8	-156	-78.3	46.5
Operating margin	10%	6%	6%	8%	1%	3%	3%	2%	5%	-9%	-5%	3%
Interest expense	46.2	47.2	44.6	46.6	48.4	44.9	48.5	45.6	46.8	46.2	43.2	44.3
Pre-tax income	127	59.9	60.3	96.6	-25.2	10.0	2.1	-6.8	41.5	-198	-118	3.8
Tax rate	18%	19%	21%	25%	n/a	-1%	43%	n/a	-5%	n/a	n/a	450%
Net income	104	52.5	48.6	74.2	-24.9	10.7	1.4	-1.3	42.8	-144	-83.0	-13.3
Net margin	6%	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 flow	215	417	81.0	90.6	190	142	-86.0	212	26.7	321	-48.6	7.9
Capital expenditure	44.2	63.0	44.3	56.5	43.3	51.0	61.4	31.0	71.1	62.8	43.7	29.0
Free cash flow	170	354	36.7	34.1	147	90.7	-147	181	-44.4	258	-92.3	-21.1
Buybacks	202	116	105	106	45.4	43.5	20.2	10.1	10.1	10.1	0.0	0.0
Dividends paid	24.8	24.4	23.9	23.7	23.3	23.3	23.0	23.0	22.8	22.8	22.8	22.8
Shares outstanding	122m	120m	119m	118m	117m	116m	115m	115m	114m	114m	114m	114m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 31 March 2024, filed 26 April 2024, accession 0000074303-24-000105: the filing on EDGAR. All of Olin Corp.'s filings: EDGAR company page.

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