Westlake Chemical Q2 Results Rise, But Miss Estimates - Quick Facts

(RTTNews) - Westlake Chemical Corp. (WLK) reported Tuesday that its second-quarter net income was $169.44 million or $1.26 per share, compared to prior year's net income of $145.82 million or $1.09 per share.

On average, six analysts polled by Thomson Reuters expected earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.

The profit was benefited primarily from improved olefins integrated product margins, as higher sales prices more than offset the increase in feedstock and energy costs, and higher olefins sales volumes.

Net sales for the second quarter of 2014 increased to $998.58 million from last year's $939.05 million. Analysts expected sales of $1.06 billion.

The sales growth was mainly attributable to higher sales prices for most of the firm's major Olefins products and higher sales volumes for polyethylene, styrene and caustic soda. These were partially offset by lower sales volumes for PVC resin and ethylene co-products.

Earnings before interest expense, income taxes, depreciation and amortization or EBITDA was $319.9 million, compared to $275.3 million in 2013.