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Q2 sales surge 18.6% at Westlake Chemical
06 Aug '15
3 min read
Sales for the second quarter ended June 30, 2015 at Westlake Chemical Corporation surged 18.66 per cent over the same period of previous year.
In a press release, Westlake said its sales for the three months to June 30, 2015 rose 18.66 per cent to $1,185 million from $998.6 million in the second quarter of 2014.
Westlake attributed the hike in second quarter of 2015 sales to revenues contributed by Vinnolit, its specialty PVC resin business, which it acquired in July 2014.
“The sales growth also came from higher sales volumes for most of its major products, partially offset by lower sales prices for all its major products,” it informed.
Income from operations was higher at $295.4 million for the second quarter of 2015 as compared to $266.8 million for the same quarter of last year.
Income from operations for the reporting quarter benefited from improved vinyls integrated product margins as a result of lower feedstock costs.
It also benefited from increased production at its Calvert City, Kentucky facility following the completion of the ethylene expansion project and higher production rates at its Geismar chlor-alkali plant.
“However, this benefit was partially offset by lower olefins integrated product margins as a result of lower sales prices in the second quarter of 2015 as compared to the prior-year period,” Westlake observed.
The US based petrochemicals producer reported record net income for the second quarter of 2015 of $205.1 million, or $1.54 per diluted share.
As against this in the prior year second quarter it posted net income of $169.4 million, or $1.26 per diluted share.
“Net income for the second quarter of 2015 included a net pre-tax gain of $15.5 million related to a gain from the acquisition of a controlling interest in Suzhou Huasu Plastics Co., Ltd., a Chinese PVC JV,” it added.
The pre-tax gain also included an impairment loss related to an equity investment and since the gain from the acquisition was non-taxable, it resulted in a lower tax rate at 31.9 per cent.
"We are pleased to report record second quarter results which benefited from our investments over the past several years to further expand our ethylene and chlorine product integration,” CEO said Albert Chao said.
“The benefits also accrued from our acquisitions of Vinnolit and North American Specialty Pipe which broaden our market reach into specialty PVC resin and pipe,” Chao too added.
“We continue to benefit from our access to natural-gas based feedstock, positioning us as a low-cost producer, and from strong demand for our end-products," he also observed. (AR)
In a press release, Westlake said its sales for the three months to June 30, 2015 rose 18.66 per cent to $1,185 million from $998.6 million in the second quarter of 2014.
Westlake attributed the hike in second quarter of 2015 sales to revenues contributed by Vinnolit, its specialty PVC resin business, which it acquired in July 2014.
“The sales growth also came from higher sales volumes for most of its major products, partially offset by lower sales prices for all its major products,” it informed.
Income from operations was higher at $295.4 million for the second quarter of 2015 as compared to $266.8 million for the same quarter of last year.
Income from operations for the reporting quarter benefited from improved vinyls integrated product margins as a result of lower feedstock costs.
It also benefited from increased production at its Calvert City, Kentucky facility following the completion of the ethylene expansion project and higher production rates at its Geismar chlor-alkali plant.
“However, this benefit was partially offset by lower olefins integrated product margins as a result of lower sales prices in the second quarter of 2015 as compared to the prior-year period,” Westlake observed.
The US based petrochemicals producer reported record net income for the second quarter of 2015 of $205.1 million, or $1.54 per diluted share.
As against this in the prior year second quarter it posted net income of $169.4 million, or $1.26 per diluted share.
“Net income for the second quarter of 2015 included a net pre-tax gain of $15.5 million related to a gain from the acquisition of a controlling interest in Suzhou Huasu Plastics Co., Ltd., a Chinese PVC JV,” it added.
The pre-tax gain also included an impairment loss related to an equity investment and since the gain from the acquisition was non-taxable, it resulted in a lower tax rate at 31.9 per cent.
"We are pleased to report record second quarter results which benefited from our investments over the past several years to further expand our ethylene and chlorine product integration,” CEO said Albert Chao said.
“The benefits also accrued from our acquisitions of Vinnolit and North American Specialty Pipe which broaden our market reach into specialty PVC resin and pipe,” Chao too added.
“We continue to benefit from our access to natural-gas based feedstock, positioning us as a low-cost producer, and from strong demand for our end-products," he also observed. (AR)
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