Olin Corporation (NYSE:OLN) Q1 2023 Results Conference Call April 28, 2023 9:00 AM ET
Company Participants
Steve Keenan - Director, IR
Scott Sutton - CEO
Todd Slater - CFO
Conference Call Participants
Kevin McCarthy - Vertical Research Partners
Steve Byrne - Bank of America
Hassan Ahmed - Alembic Global
Jeff Zekauskas - JPMorgan
Mark Sison - Wells Fargo
Mike Leithead - Barclays
Arun Viswanathan - RBC Capital Markets
Josh Spector - UBS
Aleksey Yefremov - KeyBanc Capital Markets
Matthew Blair - Tudor Pickering
John Roberts - Credit Suisse
Angel Castillo - Morgan Stanley
Operator
Good morning, and welcome to Olin Corporation's First Quarter 2023 Earnings Conference Call. All participants will be in a 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.
Steve Keenan
Thank you, Jason. 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 first quarter earnings press release. A copy of today's transcript and 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
All right. Thank you, Steve, and good morning, everybody. The Olin team is deeply engaged in doing what we said we would do, which is to establish a new 12-month trough EBITDA level that is significantly higher than previous peaks and additionally supports a higher equity valuation. We are halfway through that demonstration after back-to-back quarters where our EBITDA delivery was $442 million in the fourth quarter and $434 million in the first quarter.
Market conditions are quite poor, and the forward outlook of those conditions is for more of the same. But Olin is busy adjusting our market participation across the ECU to support product values fixing our prior shortfall of not recession-proofing the Epoxy business while simultaneously growing Epoxy systems and correcting commercial ammunition channel loads and landing new military business in Winchester.