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Q2 EPS at Westlake Chemical drops steeply by 44.8%
02
Aug '16
Earnings per share at Westlake Chemical Corporation in the three months ended June 30, 2016, dropped steeply by 44.8 per cent year over year to $0.85 per diluted share.

The US based specialty chemicals producer reported net income of $111.1 million in the second quarter of 2016 as against net income of $205.1 million in the prior year's second quarter.

Net income was impacted by pre-tax unabsorbed fixed manufacturing costs and other costs associated with the planned turnaround and expansion of the Lake Charles Petro 1 ethylene unit.

Reasons also included an unplanned outage at the Calvert City, Kentucky facility and unplanned outages at other chemical facilities totaling approximately $65.7 million, or $0.33 per diluted share.

For the second quarter of 2016, net sales also were down at $1,086.1 million as against net sales of $1,185.0 million in the corresponding quarter of the previous year.

“Net sales declined $98.9 million, mainly due to lower sales prices for all of our major products and lower sales volumes for polyethylene, ethylene and ethylene co-products,” the company explained. (AR)

Fibre2fashion News Desk - India

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