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Sales slip at Axiall in Q2 from outage at PHH VCM facility
08
Aug '14
Axiall Corporation, a leading integrated chemicals producer reported lower net sales of $1,236.9 million for the second quarter of 2014 against $1,272.8 million in the comparable quarter of 2013, mainly due to lower ECU values and the unplanned outage at its PHH VCM facility.

However, attributable net income plunged to $27.2 million, or $0.38 diluted earnings per share in the quarter under review from $72.8 million, or $1.03 diluted earnings per share reported in second quarter of 2013.

Adjusted net income too slipped massively to $33.5 million and adjusted earnings per share were $0.48 compared to adjusted net income of $84.0 million and adjusted earnings per share of $1.19 in the second quarter of 2013.

It reported adjusted EBITDA of $128.1 million in second quarter of 2014 against adjusted EBITDA of $197.9 million for the prior year second quarter.

In the chlorovinyls segment, second-quarter 2014 net sales were $777.9 million compared to $801.8 million during the second quarter of 2013. It said, the 3 percent decrease was principally due to substantially lower ECU pricing and lower sales volumes due to the PHH VCM facility outage.

The PHH VCM facility returned to full service at the end of June 2014.

The segment posted adjusted EBITDA of $121.6 million in the second quarter of 2014, compared to adjusted EBITDA of $177.6 million for the same quarter in the prior year.

In the aromatics segment, net sales decreased to $215.2 million for the second quarter of 2014 from $226.5 million for the second quarter of 2013. During the second quarter of 2014, the segment recorded adjusted EBITDA of negative $7.0 million, compared to adjusted EBITDA of $4.6 million during the same quarter in 2013.

Axiall said the decrease in sales and adjusted EBITDA were primarily due to lower export sales volumes of phenol driven by significant new phenol capacity additions in Asia during 2013, which also resulted in lower domestic cumene sales volume.

“Our second-quarter results were primarily impacted by lower ECU values and the unplanned outage at our PHH VCM facility,” President and CEO Paul Carrico said.

“In our Building Products segment, we experienced a normal seasonal increase in sales volumes but continued to see weaker Canadian sales and the impact of a weaker Canadian dollar during the period. Additionally, our Aromatics results are lower than the second quarter of 2013 due to lower operating rates and lower margins.”

Fibre2fashion News Desk - India

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