Olin Corp. (OLN) announced that its third quarter net income was $39.4 million, or $0.50 per share, compared to $37.7 million, or $0.49 per share in the third quarter of 2008. Sales in the third quarter were $397.0 million, compared to $502.9 million in the third quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share on revenues of $333.07 million for the quarter. Analysts' estimates typically exclude special items.
Fourth quarter earnings are forecast to be in the $0.15 per share range, which includes an expected $35 million of additional recoveries from third parties for environmental costs incurred and expensed in prior periods. Analysts expect the company to report breakeven per share for the fourth-quarter.
Fourth quarter 2009 Chlor Alkali earnings are expected to be similar to the third quarter of 2009 as higher ECU netbacks are expected to offset seasonally weaker demand.
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