Olin Corporation reported financial results for the first quarter of 2025, showing net income of $1.4 million, or $0.01 per diluted share, compared to $48.6 million, or $0.40 per diluted share, in the same quarter of 2024. The company's adjusted EBITDA for the first quarter of 2025 was $185.6 million, down from $242.1 million in the first quarter of the previous year. Sales for the first quarter of 2025 were $1.644 billion, showing a slight increase from $1.635 billion in the first quarter of 2024. The decrease in net income was attributed to lower commercial ammunition shipments and pricing coupled with higher raw material costs, although these were partially offset by higher military shipments and military project revenue. Winchester's first quarter 2025 results included depreciation and amortization expenses of $9.5 million, up from $7.9 million in the first quarter of 2024. Olin ended the quarter with a cash balance of $174 million and net debt of approximately $2.9 billion, resulting in a net debt to adjusted EBITDA ratio of 3.5 times. The company remains committed to its value-first commercial approach and disciplined capital allocation strategy to drive long-term shareholder value.