, a chemical and metal products company, said its first-quarter earnings fell 9.4%, affected by restructuring costs and a one-time gain last year.
The Clayton, Mo.-based company earned $33.7 million, or 47 cents a share, in the quarter, compared with $37.2 million, or 52 cents a share, a year ago. The year-ago period earnings included $8.2 million of pretax gains associated with real estate dispositions. Analysts polled by Thomson First Call were expecting earnings of 46 cents a share in the most recent quarter.
First-quarter revenue rose 29.3% to $725.1 million, helped by higher product prices in all the three segments, as against analysts' expectation of $610 million.
The company expects to earn 40 cents a share in the second quarter as against analysts' estimate of 49 cents a share.
Olin recorded a $15.7 million pretax charge associated with the metals restructuring program.
Chlor Alkali product sales increased 20.9% to $173.7 million, aided by higher chlorine and caustic prices. Revenue from metals were $461.4 million, an increase of 38.2%, helped by higher metal prices and higher volumes.
Sales from Winchester segment rose 8% to $90.0 million as higher commercial sales and higher selling prices more than offset lower levels of law enforcement and industrial sales.
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