Olin Corporation (NYSE:OLN) Q2 2023 Earnings Conference Call July 28, 2023 9:00 AM ET

Company Participants

Steve Keenan – Director-Investor Relations

Scott Sutton – Chief Executive Officer

Todd Slater – Chief Financial Officer

Conference Call Participants

Hassan Ahmed – Alembic Capital

Steve Byrne – Bank of America

Mike Sison – Wells Fargo

Kevin McCarthy – Vertical Research Partners

Michael Leithead – Barclays

Jeff Zekauskas – JPMorgan

Duffy Fischer – Goldman Sachs

Arun Viswanathan – RBC Capital Markets

Vincent Andrews – Morgan Stanley

Aleksey Yefremov – KeyBanc Capital Markets

Matthew Blair – TPH

Frank Mitsch – Fermium Research

Josh Spector – UBS

John Roberts – Credit Suisse

Operator

Good morning, and welcome to Olin Corporation's Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Following today's brief opening comments, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I now will turn the conference over to Steve Keenan, Olin's Director of Investor Relations. Please go ahead, Steve.

Steve Keenan

Thank you, Keith. 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, 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 second quarter earnings press release. A copy of today's transcript and slides will be available on our website under 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'll be happy to take your questions.

Scott Sutton

Thanks, Steve, and good morning, everybody. Global market conditions continue to be quite poor. Additionally, our performance in the second quarter was not up to expectations, partially due to the previously announced Freeport vinyl chloride monomer plant operating issues, but also due to excessive Asian Epoxy resin exports and our associated Epoxy asset right sizing activities. These factors will result in a lower trough expectation for 2023 adjusted EBITDA. The bright spot in the second quarter was our purchase of 2.5% of our outstanding shares while simultaneously reducing net debt compared to the first quarter. Since January 1, 2022, we have purchased 21% of our outstanding shares.