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 $54.3 million for the same quarter in the prior year.
The financial results announced today include the results of the combined company since the January 28, 2013, merger.
|Three Months Ended June 30,||Six Months Ended June 30,|
(In millions, except per share data)
|Net income attributable to Axiall||$||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|
“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.”