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Westlake net income rises 26% on strong olefins, recovery in vinyls

7:05 AM MDT | July 30, 2013 | Robert Westervelt

Westlake Chemical reports record net income of $145.8 million, up 26% year-on-year (YOY), on continued strength in its olefins segment and a recovery in vinyls. Net sales were 939 million, up 2.7% YOY. Reported diluted earnings were $2.17/share, up 26% from the year-ago quarter and 12% above analyst estimates as reported by Thomson Reuters. "We are pleased to report record quarterly earnings largely driven by lower-cost natural gas–based ethylene production resulting from North American shale gas and oil production,” says Westlake president and...

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