Olin Corporation (NYSE: OLN) stock rose over 1.7% in the pre-market session of Feb 5th, 2019. The company had reported the adjusted revenue growth of 35.9 percent to $1.64 billion in the fourth quarter of FY 18, beating the analysts’ estimates for revenue of $1.71 billion. Moreover, for the fourth quarter 2018, Chlor Alkali Products and Vinyls sales were $980.8 million compared to $917.6 million in the fourth quarter 2017. The rise in sales in the fourth quarter compared to the prior year was primarily due to increased chlorine, ethylene dichloride, and other chlorine-derivatives pricing partially offset by lower volumes. Epoxy sales for the fourth quarter 2018 were $508.7 million compared to $536.9 million in the fourth quarter 2017.
The cash balance at December 31, 2018 was $178.8 million. During 2018, the company had repaid approximately $376 million of debt outstanding using available cash. Olin had no required debt repayments in 2018. Working capital had risen $71.6 million in 2018 compared to a decrease of $9.8 million in 2017. The year-over-year working capital increase was primarily due to improved selling prices and higher raw material costs.
However, LN in the fourth quarter of FY 18 has reported the adjusted earnings per share of 32 cents. The fourth quarter 2017 Epoxy segment earnings were affected by $9.0 million of additional costs, and unabsorbed fixed manufacturing costs associated with Hurricane Harvey. Winchester sales for the fourth quarter 2018 were $145.5 million compared to $165.4 million in the fourth quarter 2017. The decrease in sales was primarily due to lower shipments to commercial customers. Fourth quarter 2018 Winchester t earnings were $4.3 million compared to $11.1 million in the fourth quarter 2017. The decrease in Winchester earnings was primarily due to lower commercial ammunition volumes, a less favorable product mix, lower selling prices, and higher commodity and other material costs, partially offset by lower operating costs.
During 2018, approximately 2.1 million shares of common stock were repurchased by the company at a cost of $50.0 million, which includes 1.6 million shares purchased in the fourth quarter 2018 at an average price of approximately $21 per share. OLN has declared a dividend of $0.20 on each share of Olin common stock. The dividend is payable on March 11, 2019, to shareholders of record at the close of business on February 11, 2019.