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Non-Tech : Olin - My favorite Company -- Ignore unavailable to you. Want to Upgrade?

To: Fuzzy who wrote (107)	4/29/2008 7:34:07 AM
From: Fuzzy	Respond to of 169

UPDATE 1-Olin first-quarter earnings rise 61 pct Mon Apr 28, 2008 8:00pm EDT Email \| Print \| Share\| Reprints \| Single Page\| Recommend (0) [-] Text [+] powered by Sphere Market News Futures dip post-Buffett, indexes at key levels Shell, BP profits jump on record oil price HBOS, Deutsche write down more as banks bleed More Business & Investing News... Featured Broker sponsored link $0 stock trades. 10 free per month. (Adds revenue, outlook) LOS ANGELES, April 28 (Reuters) - Chemicals and ammunition maker Olin Corp (OLN.N: Quote, Profile, Research) said on Monday its first-quarter earnings rose, despite major outages in the quarter that forced the company to declare a month long force majeure on caustic soda production. Net income in the period was $37.3 million, or 50 cents a share, compared with a year-ago profit of $23.1 million, or 31 cents a share, which was also hurt by production outages. Sales rose to $399.1 million from $255.5 million, which the company attributed to its third-quarter 2007 acquisition of chlor-alkali products maker Pioneer Cos. Wall Street analysts, on average, had expected a profit of 50 cents a share on revenue of $362.8 million, according to Reuters Estimates. Olin said it expects to post a second-quarter profit of 45 cents to 50 cents a share. Analysts have projected second-quarter earnings of 48 cents a share. In February, Olin declared a system-wide force majeure for caustic soda, a key ingredient used to make soap, paper and other products, citing technical and equipment issues, along with weather-related plant shutdowns. It lifted the force majeure a month later. A force majeure is a clause included in contracts to remove liability for natural and unavoidable catastrophes that restrict participants from fulfilling obligations. Caustic soda is typically produced in conjunction with chlorine. Chlorine is widely used to manufacture polyvinyl chloride (PVC) and the slump in the U.S. housing market has hurt demand for PVC, which is used in electric wires and pipes.