Revenue growth was driven by the acquisitions of Spartech and Glasforms, as well as organic growth in Specialty and Distribution.
- Revenue increases 43% to $1.0 billion, driven by organic growth and the acquisitions of Spartech and Glasforms
- Adjusted earnings per share increases 29% to $0.36; earnings per share from continuing operations of $0.24
- Reaches milestone achievement with 16 consecutive quarters of double-digit adjusted earnings per share growth
Adjusted earnings per share grew 29% to $0.36 from $0.28 in the prior year quarter, bringing year-to-date adjusted EPS to 28% above 2012. Earnings per share from continuing operations totaled $0.24 in the third quarter of 2013 compared to $0.22 in the third quarter of 2012.
During the third quarter, special items totaling $0.11 were higher than special items of $0.06 in the third quarter of 2012 due to restructuring costs associated with the North American asset realignment announced in July of 2013.
"I am pleased to announce our strong third quarter results and our 16th consecutive quarter of double-digit adjusted earnings per share expansion. Four consecutive years of substantial growth has resulted from excellence in executing our four-pillar strategy," said Stephen D. Newlin, Chairman, President, and Chief Executive Officer.
Mr. Newlin added, "Specialization, globalization and commercial and operational excellence are woven into the culture of our organic businesses and are quickly being adopted by the recently acquired Spartech and Glasforms.
"Our Specialty Platform has been the cornerstone of our transformation, and this quarter was no different, as specialty growth drove our strong results. With 64% of our segment operating income from our Specialty Platform, our mix of earnings has never been stronger."
Speaking about the Spartech acquisition, Robert M. Patterson, Executive Vice President and Chief Operating Officer said, "When we announced our acquisition of Spartech we assumed we would deliver $65 million of synergies or profit expansion by the end of year three following the deal. We have seen excellent progress in accelerating our integration efforts, and year to date, we have delivered $0.06 of EPS accretion from Spartech." Patterson added, "We now expect to deliver the full $65 million in synergies and $0.50 of EPS accretion in calendar year 2015."
"We ended the quarter with $323 million of cash and over $630 million of liquidity," said Richard J. Diemer, Jr., Senior Vice President and Chief Financial Officer. "With this liquidity, we expect to continue to deploy cash by investing in research and development, commercial resources, realigning the Spartech assets and selective M&A. We also expect to continue to return cash to shareholders via dividends and share repurchases."
During the quarter, the Company repurchased 877,000 common shares under its existing share repurchase program, bringing the total to 3.85 million shares repurchased for the year, at an average price of $24.89. Additionally, the Company repurchased $44.7 million (par value) of debt on the open market during the past quarter, principally consisting of its 2020 senior notes.
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