Olin Corp. (OLN) reported its fourth quarter net income of $21.8 million or $0.28 per share, compared to $47.2 million or $0.61 per share in the same period last year.
The company's current quarter earnings included $37.0 million of pretax recoveries of environmental costs incurred and expensed in prior periods and a $1.2 million pretax gain associated with the sale of a former manufacturing facility.
Sales for the quarter declined to $350.9 million from $434.2 million in the corresponding period last year.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share for the quarter, on revenues of $329.60 million. Analysts' estimates typically exclude special items.
For the first quarter of 2010, the company anticipates earnings to be $0.10 per share. Analysts expect earnings of $0.06 per share for the first quarter.
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