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Westlake’s Earnings Rise Despite Loss in Vinyls Segment
10:55 AM MST | February 19, 2008 | Nancy Seewald
Westlake Chemical reported net income of $18.8 million, up 30% over the same period last year. Excluding an $8 million tax benefit, earnings were 17 cts/share, falling short of analysts’ consensus of 33 cts/share as reported by First Call (Boston). Sales rose 62%, to $850.6 million, on higher polyethylene (PE) sales volumes and higher selling prices. Westlake’s olefins segment reported income from operations of $25.6 million, compared to a loss of $2.6 million in the year-ago period. The improvement was driven by higher PE margins and selling prices...
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