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Axiall Reports Second-Quarter 2013 Results

Stocks in this article: AXLL

Axiall Corporation (NYSE: AXLL) today announced financial results for the quarter ended June 30, 2013.

Axiall reported net sales of $1.3 billion for the second quarter of 2013, compared to net sales of $867.7 million for the second quarter of 2012. The company reported Net income attributable to Axiall of $72.8 million, or $1.03 per diluted share, for the second quarter of 2013, compared to Net income attributable to Axiall of $13.6 million, or $0.39 per diluted share, for the second quarter of 2012. The company reported Adjusted Net Income of $84.0 million, and Adjusted Earnings per Share of $1.19, for the second quarter of 2013, compared to Adjusted Net Income of $17.7 million, and Adjusted Earnings per Share of $0.51, for the second quarter of 2012. The company reported Adjusted EBITDA of $197.9 million for the second quarter of 2013, compared to Adjusted EBITDA of $54.3 million for the same quarter in the prior year.

The financial results announced today include the results of the combined company since the January 28, 2013, merger.

    Three Months Ended June 30,       Six Months Ended June 30,

(In millions, except per share data)

2013     2012 2013     2012
Net income attributable to Axiall $ 72.8 $ 13.6 $ 69.3 $ 48.9
Pretax charges (benefits):
Fair value of inventory – purchase accounting 3.2 - 13.4 -
Merger related and other, net 3.5 6.6 15.5 11.6
Costs to attain Merger synergies 11.3 - 12.0 -
Gain on sale of assets - - - (17.4 )
Gain on acquisition of controlling interests - - (23.5 ) -
Loss on redemption and other debt costs   -   -   78.5     -  
Total pretax charge (benefit) 18.0 6.6 95.9 (5.8 )
Provision for (benefit from) taxes related to these items   6.8   2.5   36.1     (2.2 )
After tax effect of above items   11.2   4.1   59.8     (3.6 )
Adjusted Net Income $ 84.0 $ 17.7 $ 129.1   $ 45.3  
Diluted earnings per share attributable to Axiall $ 1.03 $ 0.39 $ 1.06 $ 1.40
Adjusted earnings per share $ 1.19 $ 0.51 $ 1.98 $ 1.30
Adjusted EBITDA $ 197.9 $ 54.3 $ 331.3 $ 129.8

“We are pleased to complete the first full quarter as Axiall. We have made significant progress integrating the organizations and building on our complementary assets while maintaining a steady focus on safety and execution,” said Paul Carrico, president and chief executive officer. “We are on track to achieve our synergy targets of a $60 million run rate by year end 2013 and $115 million run rate by the end of 2014.”

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