Chemicals and ammunition maker Olin Corp. said late Monday its first-quarter profit jumped 61 percent, aided by the recent purchase of rival Pioneer Cos. and pricing improvements.
For the quarter that ended March 31, Olin earned $37.3 million, or 50 cents per share, compared with $23.1 million, or 31 cents per share, in the year-ago quarter.
The company's sales rose year over year to $399.1 million from $255.5 million.
Analysts polled by Thomson Financial expected, on average, earnings of 50 cents per share on $345.4 million in revenue.
Olin said its chlor alkali products revenue rose $133 million, or 86 percent, to $288.3 million, helped by the company's acquisition of Pioneer in the third quarter of 2007 and a 16 percent increase in chlorine and caustic soda prices.
Olin's chlor alkali products segment manufactures chlorine, caustic soda, bleach products and a variety of other chemicals.
Winchester revenue increased $10.6 million, or about 11 percent, to $110.8 million. Olin cited increased selling prices and sales volumes for the rise.
The company also noted that weather-related unplanned outages at its chlor alkali facilities resulted in a $2 million increase in operating costs.
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