Olin Corporation (NYSE:OLN) Q3 2023 Earnings Conference Call October 27, 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

Aleksey Yefremov - KeyBanc Capital Markets

Kevin McCarthy - Vertical Research Partners

Jeff Zekauskas - JPMorgan

Josh Spector - UBS

Hassan Ahmed - Alembic Capital

Arun Viswanathan - RBC Capital Markets

Mike Sison - Wells Fargo

Matthew Blair - TPH

Steve Byrne - Bank of America

Vincent Andrews - Morgan Stanley

Frank Mitsch - Fermium Research Company

Roger Spitz - Bank of America

Operator

Good morning and welcome to Olin Corporation's Third 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.

Steve Keenan

Thank you, Jason. Good morning everyone and thank you for joining us today. Before we begin, let me remind you 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 third quarter 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 third quarter, the Olin team delivered what we promised, which was $315 million of adjusted EBITDA, no sequential reduction in chlorine pricing, and prioritization on share repurchases.

Additionally, we complemented those confirmed deliveries with the acquisition of the White Flyer Clay Targets Business at forecasted returns substantially better than share repurchase returns.

Looking forward, Olin's strategy continues to be championed by our teammates and our Board of Directors. As such, in the fourth quarter, and potentially beyond the fourth quarter, we are taking a dramatic, but necessary step to change the direction of declining ECU values.