Westlake Chemical Q1 Profit Drops - Quick Facts

(RTTNews) - Westlake Chemical Corp. (WLK) Monday said its first-quarter net income was $146.3 million, or $1.10 per share, compared to $158.0 million, or $1.18 per share in the prior year.

On average, 10 analysts polled by Thomson Reuters expected earnings of $1.20 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales rose to $1.104 billion from $1.028 billion last year, mainly attributable to sales contributed by Vinnolit, the company's specialty PVC resin business, which it acquired in July 2014. Analysts expected revenues of $1.13 billion.

Albert Chao, President and Chief Executive Officer, said, "In spite of the lower product prices resulting from a 55% drop in crude oil prices from their 2014 peak, we are pleased with our first quarter results."