Olin Corporation (NYSE:OLN) Q4 2023 Earnings Call Transcript January 26, 2024

Olin Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Aleksey Yefremov - KeyBanc Capital Markets:

Steve Byrne - Bank of America:

Chris Perrella - UBS:

Frank Mitsch - Fermium Research:

Kevin McCarthy - Vertical Research Partners: David Begleiter - Deutsche Bank

Mike Leithead - Barclays:

Mike Sison - Wells Fargo:

Jeff Zekauskas - JPMorgan: Vincent Anderson - Stifel

Matthew Blair - TPH:

Vincent Andrews - Morgan Stanley: John Roberts - Mizuho

Roger Spitz - Bank of America:

Operator: Good morning, and welcome to Olin Corporation's Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Steve Keenan, Olin's Director of Investor Relations. Please go ahead.

Steve Keenan: Thank you, Andria. Good morning, everyone, and thank you for joining us today. Before we begin, let me remind you that this discussion, along with the associated slides and the question-and-answer session that follows, will include statements regarding estimates or expectations of future performance. Please note that these are forward-looking statements and that actual results could differ materially from those projected. Some of the factors that could cause actual results to differ from our projections are described without limitations in the Risk Factors section of our most recent Form 10-K, and in yesterday's fourth quarter's earnings press release. A copy of today's transcription slides will be available on our website in the Investors section under Past Events.

Our earnings press release and other financial data and information are available under Press Releases. With me this morning are Scott Sutton, Olin's CEO; and Todd Slater, Olin's CFO. I'll now turn the call over to Scott Sutton to make some brief remarks, after which, we will be happy to take your questions.

Scott Sutton: Thanks Steve, and good morning to all. In the fourth quarter, the Olin team delivered the four items that were promised, which were $210 million of adjusted EBITDA overcoming a negative $100 million EBITDA impact from our purposeful value accelerator initiative. Stopping the decline of ECU values as a result of our value accelerator initiative, completing the remaining purchase of 10% of our outstanding equity in 2023, and setting the company up for a 2024 that is better than 2023. We start that set up by making the first quarter of the New Year better than the fourth quarter of the past year. We are also very pleased that outside of the minor purchase price for the White Flyer acquisition, Olin's net debt at the end of 2023 was essentially the same as the net debt at the beginning of 2023.