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UPDATE 1-Olin first quarter earnings rise

Mon Apr 27, 2009 7:01pm EDT

Stocks

   

* Q1 EPS 60 cents vs. 50 cents

* Sales up slightly to $400.6 mln

* Projects Q2 EPS below analyst estimates

NEW YORK, April 27 (Reuters) - Chemicals and ammunition maker Olin Corp (OLN.N) reported higher first-quarter profit on Monday, boosted by strong demand for its Winchester line of ammunition products.

Net income was $46.7 million, or 60 cents per share, compared with $37.3 million, or 50 cents per share, a year earlier.

Sales rose to $400.6 million from $399.1 million in the year-ago period.

Analysts on average were expecting earnings of 62 cents a share, before special items, on revenue of $447.5 million, according to Reuters Estimates.

For the second quarter, the company expects earnings to be between 30 cents and 40 cents a share, while analysts were forecasting 47 cents a share.

Shares of the company, which have traded in a range of $8.97 to $30.37 in the last 52 weeks, closed down 4 cents at $14.37 on the New York Stock Exchange.



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