This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Axiall Reports 1st Quarter Results

Stocks in this article: AXLL

Axiall Corporation (NYSE: AXLL) today announced financial results for the quarter ended March 31, 2014.

The company reported net sales of $993.7 million for the first quarter of 2014, compared to net sales of $1.1 billion reported for the first quarter of 2013. The company reported a Net loss attributable to Axiall of $11.6 million, or $0.17 loss per diluted share, for the first quarter of 2014, compared to Net loss attributable to Axiall of $3.5 million, or $0.06 loss per diluted share, for the first quarter of 2013. The company reported an Adjusted Net Loss of $5.3 million and Adjusted Loss per Share of $0.08 for the first quarter of 2014, compared to Adjusted Net Income of $45.1 million and Adjusted Earnings per Share of $0.75 for the first quarter of 2013. The company reported Adjusted EBITDA of $67.6 million for the first quarter of 2014, compared to Adjusted EBITDA of $133.4 million for the first quarter of the prior year.

“Our first quarter results were challenged by the unusually cold weather and the outage at our PHH VCM facility,” said Paul Carrico, president and chief executive officer. “As we move into the second quarter, we expect the typical building products business seasonality and warmer weather to lead to improvement in demand, pricing and costs in our businesses. We have restarted the PHH VCM facility and expect to reach full operating rates later this quarter. Additionally, we remain focused on meeting our run rate synergy target of $140 million by the end of this year.”

   
Three Months Ended
March 31,
(In millions, except per share data) 2014 2013
Net loss attributable to Axiall $ (11.6 ) $ (3.5 )
Pretax charges (benefits):
Fair value of inventory – purchase accounting - 10.2
Merger-related and other, net 4.5 9.4
Costs to attain Merger-related synergies 4.6 0.7
Long-lived asset impairment charges, net 0.6 2.6
Gain on acquisition of controlling interests - (23.5 )
Loss on redemption and other debt costs   -     78.5  
Total pretax charges 9.7 77.9
Provision for taxes related to these items   3.4     29.3  
After tax effect of above items   6.3     48.6  
Adjusted Net Income (Loss) $ (5.3 ) $ 45.1  
 
Diluted loss per share attributable to Axiall $ (0.17 ) $ (0.06 )
 
Adjusted Earnings (Loss) Per Share $ (0.08 ) $ 0.75
 
Adjusted EBITDA $ 67.6 $ 133.4
 

Chlorovinyls

In the Chlorovinyls segment, first quarter 2014 net sales were $682.2 million compared to $614.5 million during the first quarter of 2013. The increase in net sales was primarily driven by inclusion of 3 months of sales results from the PPG chemicals business we acquired in January 2013 in the first quarter of 2014 compared to 2 months in the first quarter of 2013, partially offset by lower vinyls operating rates and vinyls sales volumes attributable to the outage at the company’s PHH VCM manufacturing facility as well as operating and logistical impacts of severe weather during the period. The segment posted Adjusted EBITDA of $76.2 million in the first quarter of 2014, compared to Adjusted EBITDA of $134.2 million for the same quarter in the prior year. The $58.0 million decrease in Adjusted EBITDA was primarily due to higher natural gas and maintenance costs, lower electrochemical unit (ECU) values, and the lower operating rates primarily driven by the outage at our PHH VCM manufacturing facility and the impact of severe weather on operating rates and logistics.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs