Home / Knowledge / News / Textiles / Net income up 9.4% at Westlake Chemical in Q3
Net income up 9.4% at Westlake Chemical in Q3
05
Nov '15
Net income went up 9.41 per cent year over year at Westlake Chemical Corporation (NYSE: WLK) in the three months ended September 30, 2015.

Net income for the third quarter of 2015 stood at $183.6 million or $1.39 per diluted share, a rise of 9.41 per cent over the same period of prior year.

“Net income for the third quarter of 2015 was impacted by a lower effective tax rate and several plant outages as a result of maintenance turnaround activity,” the company explained.

The lower effective tax rate was primarily due to several discrete tax items and other adjustments, which collectively lowered the third quarter 2015 effective tax rate to 24.2 per cent.

“We estimate the 2015 annual effective tax rate on ordinary income will be approximately 33.5 per cent,” it added.

In a press release, Westlake said net sales fell to $1,188.0 million in the reporting quarter as against $1,253.2 million in the third quarter of last year.

Net sales dipped mainly due to lower sales prices for all its major products, partially offset by higher sales volumes for most of its major products and sales contributed by its specialty PVC resin business.

Income from operations was $254.0 million for the third quarter of 2015 as compared to $306.8 million for the third quarter of 2014.

“The decrease in income from operations was mainly attributable to lower integrated product margins, primarily as a result of lower sales prices in the third quarter of 2015,” Westlake observed.

Other reasons include lower production rates, unabsorbed fixed manufacturing costs and other costs related to several maintenance turnarounds, partially offset by lower feedstock and energy costs.

EBITDA of $317.9 million for the third quarter of 2015 drove down $40.1 million as against $358.0 million in the third quarter of 2014.

Net cash provided by operating activities amounted to $841.3 million in the first nine months of 2015.

Capital expenditures for the first nine months of 2015 were $329.2 million and as of September 30, 2015, it had cash and marketable securities of $1,247.7 million and long-term debt of $764.1 million.

"The third quarter saw continued volatility in crude oil prices, which were more than 50 per cent lower than their 2014 peak levels, as well as uncertainty regarding the pace of global economic recovery,” CEO Albert Chao said.

“In spite of these conditions, we delivered strong results for the quarter as we continued to benefit from solid demand for our products and from low-cost natural gas-based feedstocks,” Chao noted. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search