IHS Chemical Week

People & Business :: Earnings/Finance

Westlake profits nearly double on ethane advantage

9:49 AM MST | November 7, 2013 | Rebecca Coons

Westlake Chemical reports third-quarter net income of $170.3 million, 95.8% higher year-over-year (YOY), as the company’s olefins segment benefited from significantly lower feedstock costs and capacity expansions. Diluted earnings increased 95.4% YOY, to $2.54/share, and were 14.4% higher than a consensus of analysts’ estimates compiled by Thomson Reuters (New York). Net sales were up 22.3% YOY, to $1.0 billion. Westlake cites higher sales volumes for styrene and caustic soda, higher sales prices for most of its major products, and the addition of...

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