Westlake's Earnings Rise on Lower Tax Rate, Costs

Westlake Chemical reported a third-quarter net income of $29.8 million (45 cts/share), up 9% from the year-ago period, on a lower effective income tax rate. Sales were down 41%, to $632.6 million, on substantially lower sales prices for all major products. Income from operations rose 0.4%, to $49 million, on operating margins that benefited from significantly lower energy and feedstock costs in the third quarter of 2009, which was mostly offset by lower sales prices.  Westlake’s olefins segment posted income from operations of $61.7 million, up...

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