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Axiall Reports 4th Quarter And 2013 Results

Axiall Corporation (NYSE: AXLL) today announced financial results for the fourth quarter and year ended December 31, 2013.

The company reported net sales of $4.7 billion for the full year 2013, compared to net sales of $3.3 billion reported for the full year 2012. The company reported Net income attributable to Axiall of $165.3 million, or $2.44 per diluted share, for 2013, compared to Net income attributable to Axiall of $120.5 million, or $3.45 per diluted share, for 2012. The company reported Adjusted Net Income of $266.1 million and Adjusted Earnings per Share of $3.93 for 2013, compared to Adjusted Net Income of $138.2 million and Adjusted Earnings per Share of $3.95 for 2012. The company reported Adjusted EBITDA of $672.0 million for 2013, compared to Adjusted EBITDA of $334.9 million for the prior year.

“2013 was a transformational year for Axiall. We closed the merger with PPG’s chemicals business in January and immediately focused on integrating the two organizations and leveraging the combined assets,” said Paul Carrico, president and chief executive officer. “We exceeded our year-one synergy target, launched a number of innovative new products, and operated our plants at higher than industry rates for much of the year. These are all indications of a smooth and successful integration. We now are focused on leveraging our diverse end-market portfolio and access to cost-advantaged U.S. shale gas resources. One of our key strategic objectives is to gain access to cost-based ethylene, and we were pleased to announce in early February our partnership with Lotte Chemical to develop a world-scale ethane cracker fed by U.S. shale gas.”

Axiall reported net sales of $1.1 billion for the fourth quarter of 2013, compared to net sales of $784.7 million for the fourth quarter of 2012. The company reported Net income attributable to Axiall of $57.0 million, or $0.81 per diluted share, for the fourth quarter of 2013, compared to Net income attributable to Axiall of $32.3 million, or $0.92 per diluted share, for the fourth quarter of 2012. The company reported Adjusted Net Income of $62.3 million and Adjusted Earnings per Share of $0.88 for the fourth quarter of 2013, compared to Adjusted Net Income of $44.2 million, and Adjusted Earnings per Share of $1.26, for the fourth quarter of 2012. The company reported Adjusted EBITDA of $165.7 million for the fourth quarter of 2013, compared to Adjusted EBITDA of $98.3 million for the same quarter in the prior year.

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