MOSCOW (MRC) -- Olin Corporation announced financial results for the fourth quarter ended December 31, 2022, said the company.
Fourth quarter 2022 reported net income was USD196.6 million, or USD1.43 per diluted share, which compares to fourth quarter 2021 reported net income of USD306.6 million, or USD1.89 per diluted share. Fourth quarter 2022 adjusted EBITDA of USD441.8 million excludes depreciation and amortization expense of USD148.5 million and restructuring charges and other items of USD10.0 million.
Fourth quarter 2021 adjusted EBITDA was USD686.7 million. Sales in the fourth quarter 2022 were USD1,977.0 million compared to USD2,430.4 million in the fourth quarter 2021. Full year 2022 reported net income was USD1,326.9 million, or USD8.94 per diluted share, which compares to full year 2021 reported net income of USD1,296.7 million, or USD7.96 per diluted share.
Scott Sutton, Chairman, President, and Chief Executive Officer, said, "In 2022, we repurchased approximately 16% of our outstanding shares from available cash flow, while also reducing our net debt level. With our confidence in our ability to generate meaningful earnings and cash flow even in recessionary economic conditions, we expect to continue our capital allocation strategy, while committing to maintain an investment-grade balance sheet and achieve investment-grade credit ratings. Our 2022 performance continued to demonstrate how our winning model adapted in real-time to emphasize 'value first' versus a volume maximization approach. Despite the recessionary global economic conditions that developed during 2022, we generated over USD1.3 billion of net income and over USD2.4 billion of adjusted EBITDA.
We remind, Olin Corp. (Clayton, Mo.) and Mitsui & Co., Ltd. (Tokyo) announced that the Blue Water Alliance JV, LLP has received all necessary regulatory approvals and it is beginning operations. Announced in March 2022, Blue Water Alliance (BWA) is a joint venture of Olin and Mitsui. BWA brings together Mitsui’s industry-leading global logistics, long-established supplier and customer relationships, and breadth of product portfolio with Olin’s scale, North American export capability, extensive global terminal network, and production flexibility across the electrochemical unit (ECU) portfolio.
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.