Westlake’s Earnings Rise on Higher PE Volumes, but Vinyls Unit Posts a Loss

Westlake Chemical reported fourth-quarter 2007 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 estimates of 33 cts/share as reported by First Call (Boston). Sales rose 62%, to $850.6 million, on higher polyethylene (PE) sales volumes, partially offset by higher feedstock costs. Higher selling prices also boosted fourth-quarter sales. Chao: Economic concerns remain. Westlake’s olefins segment reported income from operations of...

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