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6. Olin Corporation (NYSE:OLN)

Number of Hedge Fund Holders: 33

Olin Corporation (NYSE:OLN) is a manufacturer and distributor of chemical products and a leading US manufacturer of ammunition. Through its Winchester ammunition brand, the company produces and distributes sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

In the third quarter of 2024, the company reported sales of $1.58 billion, down from $1.67 billion in the same quarter last year. Olin Corporation (NYSE:OLN) faced challenges due to Hurricane Beryl, which impacted operations and is expected to result in a total loss of approximately $135 million for 2024. Despite these setbacks, Olin Corporation’s (NYSE:OLN) Winchester segment showed resilience, with sales rising to $432.8 million, up from $380.2 million in Q3 2023. This growth was driven by increased military sales and the acquisition of White Flyer in Q4 2023, which enhances the company’s position in recreational shooting sports. Notably, Winchester’s Q3 2024 military shipments and project revenue increased 35% sequentially.

In the Q3 2024 earnings call, Olin Corporation’s (NYSE:OLN) management shared that construction has begun on the Army’s Lake City Next Generation Squad Weapon ammunition facility. This fully funded project by the US Army is expected to enhance Winchester’s revenue from the Lake City operations and increase the company’s involvement in global defense initiatives. The new facility will support the production of advanced ammunition, aligning with the Army’s modernization efforts and solidifying Winchester’s position in the defense sector.