Axiall Corporation (NYSE: AXLL) today announced financial results for the quarter ended September 30, 2013.
Axiall reported net sales of $1.2 billion for the third quarter of 2013, compared to net sales of $813.5 million for the third quarter of 2012. The company reported Net income attributable to Axiall of $39.0 million, or $0.55 per diluted share, for the third quarter of 2013, compared to Net income attributable to Axiall of $39.3 million, or $1.12 per diluted share, for the third quarter of 2012. The company reported Adjusted Net Income of $68.3 million and Adjusted Earnings per Share of $0.97 for the third quarter of 2013, compared to Adjusted Net Income of $47.5 million, and Adjusted Earnings per Share of $1.37, for the third quarter of 2012. The company reported Adjusted EBITDA of $175.0 million for the third quarter of 2013, compared to Adjusted EBITDA of $106.7 million for the same quarter in the prior year.
Adjusted Net Income Reconciliation
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
(In millions, except per share data)
|Net income attributable to Axiall||$||39.0||$||39.3||$||108.3||$||88.2|
|Pretax charges (benefits):|
|Fair value of inventory – purchase accounting||-||-||13.4||-|
|Merger related and other, net||11.4||14.8||24.3||27.2|
|Costs to attain Merger synergies||6.4||-||18.4||-|
Long-lived asset impairment charges (recoveries), net
|Gain on sale of assets||-||(1.9||)||-||(19.3||)|
|Gain on acquisition of controlling interests||-||-||(23.5||)||-|
|Loss on redemption and other debt costs||-||-||78.5||-|
|Total pretax charge||43.6||12.9||139.5||7.1|
|Provision for taxes related to these items||14.3||4.7||50.3||2.5|
|After tax effect of above items||29.3||8.2||89.2||4.6|
|Adjusted Net Income||$||68.3||$||47.5||$||197.5||$||92.8|
|Diluted earnings per share attributable to Axiall||$||0.55||$||1.12||$||1.62||$||2.53|
|Adjusted Earnings Per Share||$||0.97||$||1.37||$||2.95||$||2.65|
“In our chemicals business, the energy advantage continued to support strong export demand and, as previously identified, the merged organization is focused on leveraging the combined assets to achieve synergy objectives and take advantage of our diverse portfolio – particularly serving the merchant chlorine, derivatives and vinyls markets,” said Paul Carrico, president and chief executive officer. “With these efforts, we achieved a significant milestone by surpassing our year-one synergy target of a $60 million run rate after just three quarters. We now are focused on leveraging this flexibility and our strong operating rates to create synergies in excess of our year-end 2014 target of $115 million.