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People & Business :: Earnings/Finance
Olin reports weak quarter for chlor-alkali segment
8:55 AM MDT | July 26, 2013 | Clay Boswell
Olin Corp. (Clayton, MO) on 25 June reported second quarter 2013 net income of $43.7 million, down 8% from the second quarter of 2012. Reported earnings were 54 cts/share, down 8% YOY but 2 cts above analyst estimates as compiled by Thomson Reuters. Sales increased 28% year-over-year (YOY) to $652.2 million. Income for the chlor-alkali segment fell 33% yoy to $50 million owing to lower hydrochloric acid prices, higher costs associated with maintenance outages and start-ups, and higher electricity costs resulting from increased natural gas prices. Earnings from hydrochloric acid sales declined $6 million from the year-ago quarter....
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