Olin Q1 Profit Down, Shares Tank 9%

(RTTNews) - Olin Corp. (OLN), a maker of chlor alkali products, Monday reported a sharp decline in profit for the first quarter, reflecting lower sales especially at the Chlor Alkali products segment. Both earnings and revenues for the quarter missed Wall Street estimates. The company's slipped 9 percent in extended trading.

Olin's first-quarter profit dropped to $13.1 million or $0.17 per share from $29.5 million or $0.37 per share last year.

Sales for the quarter dropped to $518.0 million from $577.4 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.25 per share on revenues of $557.94 million for the quarter. Analysts' estimates typically exclude one-time items.