Olin Corp. Revises Down Q3 Adj. EBITDA Guidance; Stock Down In Pre-market

(RTTNews) - Olin Corporation (OLN), a maker of chemical products, said on Tuesday that it slashed adjusted EBITDA forecast for the third quarter, citing deterioration in demand.

For the next-quarter, the company now expects its adjusted EBITDA to be in the range of $530 million - $550 million. Earlier, the company had expected it to be a 15 percent decline of from the second-quarter adjusted EBITDA of $727 million.

Scott Sutton, chief executive officer said, "We have seen global economic conditions worsen faster than expected with an accelerated deterioration in both European and North American demand particularly in epoxy and vinyls intermediates, which has been aggravated by increased Chinese exports precipitated by continuing weak Chinese domestic demand."

OLN is trading down by 4.77 percent at $45.50 per share in pre-market on the New York Stock Exchange.