Westlake Chemical third quarter earnings up 8%

04 Nov '11

4 min read

The nine months ended September 30, 2011 were negatively impacted by the lost production, lost sales and higher operating costs associated with four separate events: an unscheduled outage at one of our ethylene units in Lake Charles, Louisiana, the turnaround of our Calvert City, Kentucky facility, a fire at a third party storage facility in Mont Belvieu, Texas and the closure of our Springfield, Kentucky PVC pipe production facility. The nine months ended September 30, 2010 were negatively impacted by an unscheduled outage at one of our ethylene units in Lake Charles caused by freezing temperatures.

EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $151.6 million for the third quarter of 2011 increased $11.4 million compared to $140.2 million in the third quarter of 2010. EBITDA for the third quarter of 2011 decreased $21.2 million compared to EBITDA of $172.8 million in the second quarter of 2011.

Net cash provided by operating activities was $244.4 million in the first nine months of 2011. Capital expenditures for the first nine months of 2011 were $111.8 million. At September 30, 2011, we had cash balances of $875.7 million including $116.7 million of restricted cash, and our long-term debt was $764.5 million. The restricted cash is designated for qualifying amounts spent for certain capital additions in Louisiana.

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