Westlake net income drops 39% YOY on prices

摘要

Westlake Chemical Corp. says net income for the fourth quarter totaled $110.0 million, down 39.4% year-over-year (YOY). Net sales for the quarter totaled $986.8 million, down 13.1% YOY. Both resulted mainly from lower sales prices, partially offset by higher volume. Adjusted earnings of 84 cts/share missed the mean analyst estimate of 99 cts/share as compiled by Thomson Reuters (New York). The olefins segment reported income from operations of $138.7 million, down 43.0% YOY as lower sales prices cut into olefins integrated product margins, says the company. Several polyethylene turnarounds also contributed. The effects were partially offset by lower costs for feedstock and energy, and higher sales volumes for polyethylene and styrene.