Olin’s earnings dip 43 percent for fourth-quarter
Clayton-based Olin Corp. reported a 43 percent decline in its fourth-quarter profit, citing a loss related to the sale of its metals division.
Olin, which makes industrial chemicals and ammunition, reported a profit of $15.3 million, or 20 cents a share, for the quarter that ended Dec. 31. A year ago, the company reported a profit of $26.8 million, or 37 cents a share.
The quarter’s results include a $14.3 million loss in income related to the sale of its metals business to a subsidiary of Global Brass and Copper Holdings Inc. That sale closed in November.
Profit per share excluding one-time charges was 40 cents, which beat Wall Street expectations of 36 cents per share, according to analysts surveyed by Thomson Financial.
Sales for the quarter totaled $404.8 million, a 64 percent jump compared with the same quarter a year ago.
For the year, Olin reported a $9.2 million loss, or a 12 cent loss per share, compared to a $149.7 million profit in fiscal 2006, which brought a $2.06 profit per share.
Sales for the year were $1.28 billion, up 23 percent from sales of $1.04 billion a year ago.
