IHS Chemical Week

Westlake earnings soar on shale advantage

12:27 PM MST | February 19, 2013

Westlake Chemical reports fourth-quarter net income of $95.3 million, or $1.42/diluted share, up 260% and 255%, respectively, from the same year-ago quarter. Net sales for the quarter totaled $801.0 million, down 6.8% year-on-year (YOY) on lower volumes for feedstocks, polyethylene, and styrene. Higher prices for styrene and higher volumes for building products provided some offset. The results easily beat the consensus analyst estimate of $1.23/share. Fourth-quarter income from operations totaled $156.2 million, up 207% YOY. Westlake attributes the strong result...

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