More Firms Post Mixed Results

Chemical companies reported mixed fourth-quarter results last week. Westlake posted net income of $14.4 million, down from $73.6 million in the year-ago period. Revenues decreased 18%, to $523.9 million. Westlake attributes the earnings decline to lower selling prices, reduced sales volumes, and the impact of an unscheduled shutdown at its 1.2-billion lbs/year ethylene unit at Lake Charles, LA. Falling energy prices and reduced ethylene operating rates, due to ethylene plants going back online after several planned and unplanned outages during 2006, put downward...

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