OLN - Earnings call 4 2023 | Olin Corporation

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Operator

Good morning, and welcome to Olin Corporation's Fourth Quarter 2023 Earnings Conference Call. [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 Keenan

Thank you, Andrea. thank joining and today. everyone, morning, you us for Good

will that me along the Before that estimates these follows, that Please let projected. statements results future you expectations question-and-answer statements this of or that are and we begin, those note slides could remind differ discussion, performance. from regarding associated with session and forward-looking include actual the materially

Risk differ Factors factors earnings that of yesterday's limitations could from to our the results without in projections of recent Some in press most actual the section our and Form described are cause release. XX-K quarter fourth

A Investors will be section copy available the Events. and Past in website of today's under transcript on slides our

financial and press Our and earnings other data are available information release under Releases. Press

are Olin's Sutton, Todd to be call Scott and take some to the turn we'll questions. morning CFO. now to remarks, CEO; Slater, Scott over Sutton happy your brief make Olin's me With which, I'll after this

Scott Sutton

and delivered the better completing is initiative; decline past the year. Thanks, quarter than and were of Steve, all. outstanding a of equity XXXX. the the of setting the the of start the in first adjusted purposeful promised, EBITDA accelerator from fourth values value that better XX% value EBITDA, than We our setup XXXX; a the stopping for X a the negative $XXX as purchase our that the remaining Olin of making by XXXX quarter our initiative; accelerator new which million company impact overcoming ECU year that In of were quarter, fourth million items $XXX of good result morning to team up

net the acquisition, the net outside end pleased minor XXXX. of very was purchase debt essentially Olin's price also as White for at the the at of same XXXX of are beginning the the that Flyer debt We

pipeline through lifting earnings very last people well value creation could this my has of a to equation value equation be opens a team leadership higher fulfillment, on and our and level unique commerce. Olin future, huge. novel a that This of of and practicing everyone wanted is contemporary in leadership Olin call, flow Olin idea cash absolute delivering Olin earnings a The power to basis long I there. to positive a Since remind very will runway unique take a value

Andrea, can proceed questions. So And we opening my that concludes now remarks. to

Operator

And Instructions] question first from of Capital our Viswanathan RBC [Operator comes Markets. Arun

Arun Viswanathan

Great.

ask So I guess wanted guidance. to first I the just on

is looks in expecting like your QX looks growth guidance bit it below where were you we like you're How a So proceeding? do that 'XX. little It some see expecting.

So I implementing you're that initiative. the accelerator know value

So growth maybe you walk of of you 'XX you move . can the the of through us through some quarters as expect kind just

Scott Sutton

if the internationally. And growth, I mean are And Yes, doubling yes. of Happy that. to you business. the we're some X that middle I really both forecasting I'll mean track, we and start right is our just just right? walk businesses, through military profit do domestically on and with Winchester. in

is And that, full shortage we propellant of demand commercial the across of Flyer industry high. that. going And a and have that of for side stays top of a the In the be on take year, rather there's White business, to positioned year. of this acquisition on that, to advantage Winchester top well

the about good really feel profit in we growth So Winchester.

more growth. is But much anticipating did necessarily the a story. whole a self-help work applicable restructuring demand Look, in that year. We're clearly, Epoxy, not we it's for

Asia products as clean to well. on working. up focus we on the as in and Our have We of coming illegal don't inventory XXXX, as did work is we're going much systems from to flow

around future. really business, you you has the about out remind super the fundamentals in value which get you the turning of the and now. CAPV, look running that's So the we're as initiative it's just biggest there, Arun, to I'll ECU, all But

success. Slide some #X gives we're that a have indications having some that We

on I less global top there's would say of volume today. that, even entering trade flows

Some that customers been are have down. restarting assets

expect we than that QX larger expect So than to business, be QX better and to QX, we QX be as even in well.

Arun Viswanathan

if I the And could ask, is then update just new a any CEO? there for search on

Scott Sutton

shareholders, Arun, a Yes. and have me. Yes, really better sure. our because, an men than lot who I women for that update have for Look, our And really I this really mean, value that. Olin shareholders that sorry and I'm they don't those deserve from on built look,

can of members of out any Board is, out I'm knowledge, That by being any best What offer to not process. I say the to the of extended I'm is there only. my process our candidate. independent But yet XXX% run aware

Operator

from comes of The Global. Ahmed Hassan question next Alembic

Hassan Ahmed

particularly to just I sort wanted after, go your back gives potentially of the in and regards inflection the is February initiative. a to of like? specific the of about the it to start value XXXX. sort a were thereon you very you'll macro, positive confidence being with in Question, market the timeline that till way What mean accelerator limiting keeping the housing participation you mind talking sort that

Scott Sutton

of kind that's sure. right Slide make #X, time of We've Yes, referring sure think seen about Yes. to around. substantially mean and gets that the success. the already, we again, right? back I turned indicators this Look, I'm to

increases that make trade has need having in just that. projection, we the it's projection, before public now. indices, even effective their Certainly, still projection But caustic though some of price significantly. bit -- our lifted we the and X our sure materializes. for a export January not to are that's do EDC Already business, pricing But

second real why bit look, And make derivatives we that the quarter. this third And sure momentum and of derivatives. more we're deliver a just a bit first mean, and that behind it a is to we're momentum. going game into extending So ink I that's

Hassan Ahmed

of it. alluding to QX. were of the XXXX. in sort more if you're to of point, use sort just XXXX get as billion EBITDA did bit guidance you in specific And I of sort million $XXX wanted just to gave. QX you $X.X in north a starting And I Got mean in quantitatively that a EBITDA about

million, that, an annualize right? right? you're $XXX call to $X.X get north of at I you to EBITDA, incremental, in and So million it, need $XXX billion, And

So mean from. the in penalty. a -- of trying value million of I know where to just of being, sort you comes worth initiative I'm sort to really slides I a presented, that increment referred understand it, that the call quarter that $XXX guys you the enhancement

margin you in well? So looking of initiative, primarily as to from the market sort are Or stopping most coming there? some February of sort from and is that it EBITDA both of you that guys partake help for

Scott Sutton

mean, give the on a won't I fact you'll hopefully, I a Yes, little sure. mean, being we Yes. bit X. that us Epoxy Winchester repeat and

question, for your So I get sure.

a the that around little XX% million math fourth of think We and XX% also the would penalty. rate behind bit sort quarter, this. from even took in our about was I to roughly down operating $XXX

to might that's coming where of X you might to million online rates the -- So sort that XX% for an from as penalty that, creep change equation $XXX imagine match can quarter slowly for customers those very back XX%. to up rates you see

much they'll operating there leverage of XXXX. or attention, paying maybe in our even understand very It on billion math take hundred couple doesn't exactly. things is a million the get $X million or as to everyone add $XXX better If

Operator

comes The Aleksey Capital Markets. Yefremov of KeyBanc from next question

Aleksey Yefremov

X discuss about Were contracts maybe Can January outlook talked Scott, customers or mostly those for them? spot? what soda monthly or caustic price few is you caustic the increases. And next quarterly your you months?

Scott Sutton

of that. would I look, say of Yes. it's I Yes. all some mean, Yes,

a X, number January mean, put that. we though success we early, work have some even understand a customers, fact, of lot of happened I than earlier In it's of there. while please do across that that to still And

a index. the still And fourth the that business caustic tied a relative decline. third heavily that quarter And quarter trade in trade is to showed to a is index

to change pricing quarters. in prior So between the by those is the X quarter difference first our going

So way have materialize still last to this to by going in to the that quarter we bigger quarterly see we you're a start hurdle. in results. That's call, second why our really in said earnings get

Aleksey Yefremov

for there's mean, view decline the of well? consultant's a your the level for as outlook of and next quarters side, the on outlook confidence the in What year. And chlorine is I few

Scott Sutton

I weaker fourth quarter the what I side pricing say chlorine Olin's But the up. is average Well, relative that and goes yes. Yes, ECU. chlorine will chlorine still to of the quarter the absolutely are derivatives sides in first mean, the

Some been expired of the we've that able some that is because to pricing contracts of renegotiate at end in year. the

way of nature. our the only is initiative. higher-priced this of out spot the out actually of more was to some business market we value to pull because And that of it pull in Some because ran accelerator was

of terms doesn't pricing least on chlorine contract either. our Nothing is business a that at worse without that getting in But continues go down pricing. base change,

Operator

next The Byrne of comes of from question America. Bank Steve

Steve Byrne

PVC this maybe year? negotiate a of the demand. was Is that in in to a downstream agreement Dow opportunity I prolonged you of post Scott, the partnering another about curious challenge representing bit end for trough a

Scott Sutton

that's And I capability in to we with excess already that, have we no matter XXXX, Yes. of do change quite knows our Freeport we'll get with accretive us, look, at coming relationship back it's extended think lot what of there. I for what some, in our course, the mean, sure, everyone it do. But right? for to and decide in do Dow a hands,

available. comes So that

pipeline to amount we say would that's customer. And one that that, in all have I tremendous of in ends well. addition XXXX VCM a a of through going as to

operator. able So a up with to PVC we're to getting different close match being

spend a So world-scale facility, on world-scale the of ability to business that of PVC instead in integrated completely billion get someone to a plant. in spending $X has XX%

down you're mean in okay. the think some now slowed was faster, I just the a I bit has So of right world but wish those the situation We timing is it activities. right.

Steve Byrne

on on to transition? And uncertainty are in staying or -- about new Scott, opposed you CEO, then that longer there staying the the depending this just seat given this

Scott Sutton

I'm No, not.

Operator

The Joshua Spector from comes question of UBS. next

Christopher Perrella

Question repurchases XXXX? for saw on What's follow-up. I the Perrella Chris for share slowed repurchases share on the for the the Josh. in quarter. outlook fourth that It's

Todd Slater

in the repurchase was with We Todd. consistent what We quarter the guidance we outstanding consistent Yes. We that year. had question. a achieved. Chris, but provided. XX% with this and committed the to buyer a the that fourth Thanks through approximately our relatively were of less is for steady in shares little we XXXX, bought

us expect XXXX, towards should share levered to free As repurchases. you primarily at look for flow cash cash that deploy you our

Our towards our Olin deploy shares. strong, cash balance enable flow to continue our to investment-grade sheet and repurchasing cash

Christopher Perrella

All then follow-up. and right, a

thought kind And and alkali take in for be off brake chlor the initiative, I in just given accelerator $XXX raise coming how you the much, you starting rates the up should -- back plan, curious, as not lifts? operating puts of like it's bit that through earnings a there'd that just seems there, EBITDA business. walk be As and it penalty with penalty value the current faster. the you step-up I'm a larger and takes March million Can

Scott Sutton

I Yes. good I really initiative the observation. X it's I mind. mean, one, first we're X/X look, in mean Chris, that continuing keep to things run quarter. would just mean, to up I of number for a

to it pricing I of print quarter determined a already the fourth that's on that, talked top goes also But quarter, to drop. known is that quarter back third whereby that we about, be by that the the and first the and caustic pricing phenomenon between difference

to have that we overcome as So well.

Christopher Perrella

right. All

going the a through. So just it's lag pricing contract in

Scott Sutton

Exactly. Exactly, yes.

You said me. than it better

Operator

Mitsch of question from Research. Frank next comes The Fermium

Frank Mitsch

rates. ramp the back high in are through your to for And quarter. fourth the the Obviously, does of what your of the that is parlay now operating part on reaching chart, XX% a quarter? that expectations stand metric own that here January? initiative in Where Interesting

Scott Sutton

assets We Olin can those still free utilization. it's selling, flow do we take Yes, there think all volumes of can just have I our you're Yes, even I interesting that, go of those it care might about I the right. you strength our parties. run we're cash quarter. we very levered positive for we mean from yes. of items third in And out XX% were tell can the that and that buying XX% at mean, fourth

[indiscernible] mean doing the a the I that for we're running So still initiative. observation because or lot would of thanks say that look, I observation. on of mean, that, we're still the I that

may our lower We're It to at something incrementally see I other parties think little and a bit, of you XX% some. percentage that. settle rates might period through time. as slowly back a a purchase from do probably of the year, be very of all long unlikely over than volumes we that decline will lift at

Frank Mitsch

it slow you Okay. better standing were Great. actually here How rather region, as your terms the Great. assess and embedded demand underlying market overall? underlying things that of 'XX had think And then And about in you last demand what time the as forth. by What in so is than 'XX are indicated you is expectations? January? being

Scott Sutton

I Well, military bed. of just one demand in that look, in yes. a Yes, increase to Winchester, sort there's mean, to put

We demand any right? haven't Even planned self-help Epoxy, very a chlor alkali, increase type in work. demand That's on recovery. in of limited

say restarting. customers light large just of will at larger down Two the way. homebuilders little is at fact, in better in least and restarting. where are the I doesn't that weeks, wrong But been here have There's that a start many Customers that for the say, offtakes go year. our maybe bit have of some sentiment confidence, I'd they're

Frank. lot a in not just there's So strength our in built outlook, of demand

Frank Mitsch

of is Thanks much. looking Olin, And Very this if we being your helpful. next adventure. the as speak time part to forward so I'm last Okay. you

Scott Sutton

Yes. Thanks, Frank.

Operator

McCarthy The Partners. from next Kevin Vertical comes Research of question

Kevin McCarthy

thoughts cycle. as quarter? in If the look Slide shape Scott, you appears welcome though eroded do in your I'd at Epoxy How XQ. updated trend it your think XQ of prices versus on the first that I will X, the

And and purchasing get managers X increased lead then next about disruptions reading so Epoxy? to thoughts hear and for relative to want friction up those of How in the to and or in the Europe. do We're and you forth. Sea, longer shaping also seem interested Red to trade on see times I'm tensions quarter routes epoxies kind ahead of your

Scott Sutton

in some you price I looked a fact, it's really washtub increase. months, Yes, over the mean, announced what's getting at good we're sure. happened if been question. And And Kevin, last few price Yes. more Look, we've of increase. bottom.

It declined really further. hasn't

are Believe publications say is that fact, even absolutely a In this we me, this bottom. the trade now bottom. saying that a is

And particularly to is that the disruptions in Europe. impact, have for an trade starting routes,

momentum for again lot start So there's lifting of of through prices a the Epoxy.

slow, be though. It's to going

I do that curve. what really, up a there, something it but seeing you'll really to fast up little the of wouldn't that take of end I change think sort bit. us prop and slope is washtub going we're expect

Kevin McCarthy

into to Okay. prices How of PVC curious in downstream That's higher, before much on kind headroom is run helpful. that And you We've then those resin. notwithstanding PVC there so seen speak? weakness percolate EDC. ceiling,

Scott Sutton

focuses the when a is I the at pricing initiatives gap is Well, you've one look, EDC left substantial really had not seen of is we of closing gap. one low. that's PVC to there's this good, successful were Yes. to we've and mean, that particularly and export close And But even still had lift. PVC And we've the try that gap. never

it there's So PVC. to room to still there relative move some more

Kevin McCarthy

that's that on Well, call, do with look keeping less than to touch. been is the forward in Scott, last to it if helpful. in all years, X company able And you've congrats Great. and the

Scott Sutton

this lot. a though. me, thanks this employee team really No, Yes. It's not and It's group.

thanks. So

Operator

Deutsche Bank. Begleiter next The comes from of David question

David Begleiter

the year? it Scott, EBITDA the just XXXX? what's And us expected last on you Alliance, Water how on in update Blue can performed contribution

Scott Sutton

contribution. appear And first I right? for which contributor of Yes. I that don't wild won't of mean, sort was for it actually a our lot financials. wasn't expectation, probably indirectly of intend in of year. forecast There's Blue Water. purposes EBITDA the the does contributor It's clearly, positive We give to a profit. be But look, direct a I the XXXX, in a mean, it

business, in levels work of value Water. Olin part our with and we're the the there. discussion XX% and of that I we associated mean is that X being had ton to parlay Blue is now, value the But overall just doing product of our

business. contributor not major it this be the likely direct it's of of improve the will rest relative to So size our a to but going year,

David Begleiter

again given amount what's just Very mid-cycle Epoxy, the marketplace the earnings, oversupply the back And to path of good. in on today?

Scott Sutton

multiyear depends it and guess I at you I'll just that. a Well, path it say that on in is But business. what call maybe -- mid-cycle leave it's

Operator

question next Barclays. The Mike from comes Leithead of

Michael Leithead

on Winchester. question First

year. earnings of how to likely us your Could overall military sales You've this improvement relative obviously about the Scott, this is talked a this first remind in mix you call, big business? lot kind just

order do Second, election at see normally Or that all volumes? year. that is you commercial an sales commercial change patterns? Does it impacting

Scott Sutton

business side about as the the Yes, now of become terms big that of and side in as commercial business. that has military rough

In than actually it for XXXX, of fact, history. in commercial time was the bigger third business the quarter in the first

it. good think but a of of the sizing think to question, that's commercial way Todd? as a It's was Yes. I So of as not it's What it the of the from sort is and business, the half roughly second part sales half perspective. quite profitable

Todd Slater

election. Presidential

Scott Sutton

Yes, and mean, things together coming challenge yes. X I there things ammunition. other marketplace, propellant Oh, whole in the that a Yes. uncertainty out thank on mentioned on with that are run along industry. to kind this to cause of supply Yes, you. are I likely Those the

Michael Leithead

it. Got

customers And not or Should willing wanted in asking increased. are an expand have at? Slide interpret but the to you're the apart second where Okay. bullets chlorine can that, sell for maybe has economic said coming to to one I then you more comments Or or you slide you you upon merchant customer question, that X, parse a bit? that product requests think of we for I deck, the price that at

Scott Sutton

Yes.

initiative, way we we even caused when that did same that quality pull is to going a more for that market market. we're participate ask not think because some in volume. pulled not may that just the customers, that, I we from the running back back interpret the some to have After to come poor our customers some from, we're

turn we that very Again, and have some a it's by And of though at do kind these business. additional an that to we can it's indication on some taking have action. just very, the impact amount only indication that back incremental assets, an opportunity an of

Operator

Mike comes of question Fargo. Wells next from The Sison

Michael Sison

and to do there great you Scott, several to in or between it's need point, do with last to over been you the do CAVs demand I that? XX% better of to if guess years. maybe that, get better. to get operating your Or question. to to -- clarify, at demand quarter you $X.X get guidance working the guess, your rates And I you mean, some XX% is need would billion beyond, is I follow-up the just second and

Scott Sutton

remember, And spoke Yes. Well, do need back to I going that as to don't expect CAPV we to you levels better. are incrementally mean, know better do we get that and to I Epoxy of. the Winchester well.

anything that for adding numbers that, our think rates, when our a VCM another to that gets for not quarter, I below $XXX back us able there the take to combination look, unit have we maybe spoke you with the you from of, million penalty example. don't whole in run being fact

you the I don't those when we we to need By things there. X in think XXs. to XXXX, together, So think need be put I get

Michael Sison

just moving Got are to right. what They of able you heading XQ? from your have it. consultants And ECU be looking operating But margins down you up? prompt rates be would rates not know into have the kind might your then I curious, they -- to what -- you sequentially. operating necessarily I and prevent what what mean would not -- raise

Scott Sutton

this But then weren't we're we product Yes. pricing. having having success Well, of if values, product the our we direction initiative. keep success changing would moving running

Operator

of comes next JPMorgan. from Jeff Zekauskas The question

Jeffrey Zekauskas

wish renew? in to a the can that you Did that they large didn't of XXXX. contract spoke in customer that Earlier end indicate call,

Scott Sutton

say that's lift the expiration would opportunity. contract, and in value that a with What currently dispute is significant of we're very natural a I

by see that to have just we'll goes So XXXX. where

Jeffrey Zekauskas

making to side your caustic to caustic in can in are or secondly, you compare larger a difference the general conditions side chlorine Okay. chlorine demand why? of just the the and And then the to production, curtailment you And chain? chain

Scott Sutton

Jeff, right mean I derivative weaker chlorine side for is Well, yes. the and Yes, chlorine now, us.

stronger will our But you the demand set on participation likely, that of that according the be generally so profile we weaker and because the shorting side, side than having up end more. really an impact. bigger to So impact part we're more

Operator

The Vincent Stifel. comes from Anderson of next question

Vincent Anderson

up is value still chain So it but fair and looks different few probably maybe Epoxy China planning years. you a next down amount the over have like of a capacity view, the

some So least, to trade demand me, we protections recovery. be amount at see that even of if would appear it did might necessary

fleshing guess So Epoxy? to I question, portfolio focus trade out the as the still considering is derivative in you resin And balance operating your of are into turn leverage how base sort a your that cases a to important on renewed on assets?

Scott Sutton

right? yes. likely to sure. effectively, of Yes, coming stopped. doing we're look, no, this you And And absolutely the illegal the flows that, into is be some I Yes, I this both continue. U.S. for mean, more and it's mean, Europe trade considering to has product reasons that said, than

absolutely going we're to So that. pursue

up, operating our think a to bit. terms systems getting resin. of base rates portfolio we're capacity across our in I we've leverage on-the-ground using get back reduced And quite our some

I your think second was the of question. that part

Vincent Anderson

seen their bit caustic If up in the ask about Yes, they're or still coming but early curious shed anything on battery on ash, we're ramping of other box markets, one whether production. it's using our because just sodium from you've maybe a light the can Chinese it you helpful. on a this, change but a black end. soda It side that's if too could was. was and meaningful I very capacity reading of one, maybe any I'm sodium-ion

Scott Sutton

across And I chlor say portfolio. I Yes, the is But battery item, specific our ramp-up battery that probably largest probably alkali can't of growth much item yes. production an right? we what help of is have recycling that and the can on

There's an in those a those applications. well. hydrochloric in also as acid many caustic for for demand There's demand more of additional

So the years this item business. next it's growth in over premier XX probably the

Operator

The of next question from Matthew comes Blair TPH.

Matthew Blair

quarter. this the caustic shows the side X of again as Slide So holding strong ECU

you wide. widening And is the gap past, narrowing? is you're about when gap it that Could you that the market is Or pretty what talk out? you I in it now? think like in said seeing

Scott Sutton

clarification. things. little Look, a gap me X give missed I the what between

Matthew Blair

side. the side and caustic ECU and which is chlorine is the The weak the gap which strong in between and

Scott Sutton

Yes.

of there appreciate -- a Olin is the Yes, caustic ECU supply-demand first of the profile does other. act better side the versus of one sorry. we on chlorine do And the difference when because can in that. ECU mean, on just side the Sorry, versus the all, I because

only they're and for the have is when on. that Olin hardest act challenge equal. The bad, we both profile That's really to are

being the stronger. So set and being way is up down. but That's one one earnings is we don't And we're now. have why is weak a that's that problem stronger, Caustic general chlorine overlaying just weakness. our are with weak,

Matthew Blair

then And interesting, it. you that mentioned in about it was talked I and Winchester general, Got thought military is big the spot opportunity. bright a being

little seeing the military mentioned that are fourth starting you that think a I in in global demand quarter-over-quarter, quarter, to was QX? given slides this Is down instability. actually period What rebound? bit the even of

Scott Sutton

And only and lot into really understand application comment. are delivery-related. it's pattern-related just issue, military your order those they're sequential very deliveries I large, was very That a A the Yes. discrete. and of and

substantial So just and lifts year-on-year-on-year, year-on-year-on-year. there's that's order would pattern issue. an compare I Again, only

Operator

of comes question Andrews Morgan from Vincent Stanley. next The

Vincent Andrews

year. that cash increase also the and this be that my mentioned into I last you the taxes, On supposed -- think affirmed recollection was year, is those case

definitive $XX So defer that Or is XXXX? increase, there I think it's some further those? is chance is this year, million, to that for

Todd Slater

during the middle the I that year. don't say Vincent. would to very And is for of believe I out this roughly expect and million wish be paid Thanks be will there $XX that I optimistic the we a that, sound could question, chance and case, will defer.

Vincent Andrews

the opportunities. third cash Okay. X there alliance sort one that the uses And Is same flow, towards rough suggest Slide being year and max or a for on you that primary a of and could amount could amount? then JV go also those this the

Todd Slater

point, the We small. we do more a thank that -- this At venture be this They do joint during a very that would will on would little paid be for have hydrogen Vincent, year. be question you that. they bit have

is relative those So to of any numbers. cash number that small a flow

Operator

comes Roberts of from Mizuho. John The next question

John Roberts

wishes Best well, as Scott.

epoxies? BPA is going acetone the quarter. the normal there? I think with for market spiked coproduct there weak Or just prices else Is during something dynamics the on that

Scott Sutton

mean, that's I Yes. principally, it.

sort You're production mean caustic. little in phenol-acetone I that the bit phenol-acetone of chlorine, our world and of ECU scheme. right. we some like marketing coproduction, a models our transferred run we into And

And acetone. of so of value you've seen get that us some out take and advantage

John Roberts

article risk And think high-profile the New York any production? Lake do there had for capacity at commercial a you during political being excess the quarter. to Times to then are City, use able The pretty

Scott Sutton

I those there that all. is. any I think play successful. in and I at go sort to there's the look, be is the always the mean of say Amendment I of that, what U.S., try to mean, that's risk what will to there's very backdoor Constitution things not Second of kind No. don't this after And are likely

ammunition, below I'd there's books. this road there. the And unsuccessful an some go after exercise, fact the to that coming back follow there's country shooting just gun on might XX,XXX probably in an Still is laws probably just participant sport that country, the largest okay? sport in the

Operator

Spitz The Bank next Roger of question from of America. comes

Roger Spitz

assuming asbestos be full finicky. electrolyzers? costs up? guess idling can rates. mainly I'm electrolyzers rates Will you XX% membranes operating your there Or to of perhaps you restart just diaphragm your move you've operating are your the I trains or idled to some material get be as

Scott Sutton

turn very easy to of and and systems cost. go membrane Yes, interesting down membrane incremental system, there's of down. are systems yes. asbestos on diaphragm Thanks question. very those kinds other an We easy diaphragms off. for is just you to relative the to fact, can diaphragms to smaller rather that's or for up the no advantage relative up move point and a quickly. in the No, That's And pretty

Roger Spitz

how have Democrats Got versus it. And fact in you secondly, of historically, the ammunition sales, a commercial have ammunition Winchester administration have any Republicans. view currently the are How to sales when EBITDA the we Democratic is administration? -- -- that have been higher attributed do much

Scott Sutton

like that the And in me really. at fact many, months Well, participants doing say it's this more been or million maybe NICS row even not it's and background XX checks attributed number, trend driven the maybe the And a to have new say that's sport XX can't the a million that I will how I more. shooting guns country. lot above in would in tell just how I there's would continues. many more someone sport. but X month, month, that a I least remember XX, participation every forget

Operator

like are I turn there conference closing further over questions, concludes question-and-answer for to this As Scott back session. comments. the no would to Sutton our

Scott Sutton

just Thank would much thanks I for very today. to everybody say attending Well, you.

Operator

Thank attending for today's you presentation.

disconnect. may You now

Olin (OLN) 26 Jan 242023 Q4 Earnings call transcript