Olin Stock Drops 6% Following Revised Outlook
<p><a href='https://financialmodelingprep.com/financial-summary/OLN'>Olin (NYSE:OLN)</a> shares dropped around 6% intra-day today as the company revised its second-quarter outlook. The chemical products manufacturer lowered its adjusted EBITDA range to $350-360 million due to various factors, including a prolonged maintenance turnaround at its vinyl chloride monomer plant in Freeport, Texas. </p>
<p>This extension resulted in increased costs and reduced profits. Additionally, Olin plans to cease operations at its Gumi, South Korea facility and reduce capacity at its Freeport, Texas facility, along with downsizing sales and support staff in Asia. These actions are expected to incur approximately $12 million in restructuring charges for the second quarter.</p>
NYSE:OLN