Westlake's Earnings Slip on Lower Volumes and Selling Prices

Westlake Chemical’s second-quarter net income was $16.9 million, down 64% from the year-ago period, on sales down 48%, to $574.9 million. Westlake cites lower selling prices for all major products, as well as lower sales volumes for all major products except caustic soda and styrene. Income from operations fell 51%, to $36.2 million, on reduced demand for polyethylene (PE) and vinyls downstream products, as well as “significantly lower selling prices,” partially offset by lower feedstock and energy costs. “Gas-based ethylene producers...

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