Westlake Q4'13 net income jumps 79.43%

21 Feb '14

2 min read

Westlake Chemical Corporation reported net income for the three months ended December 31, 2013 of $171.0 million, or $2.54 per diluted share, compared to net income of $95.3 million, or $1.42 per diluted share, reported for the fourth quarter of 2012.

Net sales for the three months ended December 31, 2013 of $951.6 million increased $150.6 million compared to net sales of $801.0 million in the same period of 2012, primarily due to higher sales prices for polyethylene, styrene and PVC resin and higher sales volumes for most of our major products.

Highlights:

- Record quarterly net income of $171.0 million in the fourth quarter, or $2.54 per diluted share

- Record annual net income of $610.4 million, or $9.09 per diluted share

- Generated cash flow from operations of $752.7 million in 2013

Income from operations was $257.6 million for the fourth quarter of 2013 compared to $156.2 million for the fourth quarter of 2012. The increase in income from operations in the fourth quarter of 2013 was primarily a result of higher polyethylene and PVC resin sales prices as well as lower ethane costs, which were partially offset by higher propane costs as compared to the same period in 2012.

Net income for the fourth quarter of 2013 of $171.0 million, or $2.54 per diluted share, increased $0.7 million from the $170.3 million net income,or $2.54 per diluted share, reported for the third quarter of 2013.

Net sales in the fourth quarter of 2013 of $951.6 million decreased $52.6 million from net sales of $1,004.2 million in the third quarter of 2013, primarily as a result of lower sales volumes for polyethylene, PVC resin and building products, partially offset by higher polyethylene sales prices and higher ethylene sales volumes.

Fourth quarter 2013 income from operations was $257.6 million as compared to $266.6 million reported for the third quarter of 2013, a decrease of $9.0 million. The decrease in operating income in the fourth quarter of 2013 as compared to the third quarter was primarily the result of lower integrated vinyls margins resulting from higher propane costs, which were partially offset by higher polyethylene sales prices.

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Westlake Chemical

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