Home / Knowledge / News / Textiles / Westlake Chemical third quarter earnings up 8%
Westlake Chemical third quarter earnings up 8%
04
Nov '11
Westlake Chemical Corporation reported net income for the three months ended September 30, 2011 of $67.9 million, or $1.01 per diluted share, on sales of $968.4 million. This represents an increase in net income of $5.2 million from the quarter ended September 30, 2010 net income of $62.7 million, or $0.95 per diluted share, on sales of $779.7 million.

Sales for the third quarter of 2011 increased $188.7 million compared to the third quarter of 2010 driven primarily by higher sales prices for all of the Company's major products, partially offset by lower building products sales volume.

Income from operations was $117.3 million for the third quarter of 2011 as compared to $107.3 million for the third quarter of 2010. Income from operations benefited primarily from higher PVC resin, PVC pipe and caustic margins, which was partially offset by lower olefins integrated product margins.

Third quarter 2011 earnings of $67.9 million, or $1.01 per diluted share, on sales of $968.4 million were lower than the earnings of $81.0 million, or $1.21 per diluted share, on sales of $925.0 million, reported by the Company in the second quarter of 2011.

Third quarter 2011 income from operations of $117.3 million decreased $21.1 million compared to income from operations in the second quarter of 2011 of $138.4 million. The decrease in income from operations was primarily due to lower olefins integrated product margins resulting from lower sales prices for polyethylene and higher feedstock costs, partially offset by improved Vinyls segment earnings.

Albert Chao, President and Chief Executive Officer, said, "As we celebrate Westlake's 25th anniversary, we are pleased to report year to date earnings have already exceeded the highest full-year earnings in the Company's history.

Vinyls margins have improved over last year as a result of higher prices for PVC resin and PVC pipe and improved export demand for PVC resin. Our natural gas-based ethylene production continues to have a cost advantage over naphtha-based feedstock, which has benefited both our Vinyls and Olefins segments.

We believe the benefits of North American shale gas production will keep North American natural gas-based ethylene producers globally competitive for many years to come."

Net income for the nine months ended September 30, 2011 was $232.5 million, or $3.48 per diluted share, on net sales of $2,760.7 million. This represents an increase in net income of $95.2 million, or $1.41 per diluted share, from the nine months ended September 30, 2010 net income of $137.3 million, or $2.07 per diluted share.

Net sales for the first nine months of 2011 increased $384.3 million compared to the first nine months of 2010 net sales of $2,376.4 million mainly due to higher sales prices for all our major products and higher sales volume for PVC resin, partially offset by lower building products sales volume.

Income from operations was $396.3 million for the nine months ended September 30, 2011 as compared to $241.3 million for the nine months ended September 30, 2010. Income from operations for the nine months ended September 30, 2011 benefited primarily from improved olefins integrated product margins, higher PVC resin and PVC pipe sales prices, higher PVC resin sales volume and improved caustic margins compared to the prior year period, partially offset by higher feedstock costs.


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Abhishek Pachauri

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

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Lynda Kelly
Suominen Corporation

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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