Home / Knowledge / News / Textiles / Driven by Vinnolit, Q3 revenues surge 24.8% at Westlake
Driven by Vinnolit, Q3 revenues surge 24.8% at Westlake
07
Nov '14
Driven by sales from Vinnolit, which it acquired in July 2014 and higher sales prices, revenue at Westlake Chemical surged 24.8% year-on-year in the third quarter ending September 30, 2014.

Third-quarter of 2014 turnover climbed to $1,253.2 million, up $249 million or 24.8% from $1004.2 million, in the corresponding quarter of 2013 at Westlake.

According to Westlake, among many reasons, it is mainly attributable to sales contributed by Vinnolit, which it acquired in July 2014.

Sales also grew from higher sales prices for its major olefins products and PVC resin and higher sales volumes of PVC resin, caustic soda and ethylene, which were however partially offset by lower sales volumes for styrene and ethylene co-products.

Net income in the reporting quarter fell $2.5 million to reach $167.8 million or $1.25 per diluted share, compared with $170.3 million, or $1.27 per diluted share in the third quarter of 2013.

Westlake said, third quarter of 2014, net income was impacted by formation of Westlake Chemical Partners, Vinnolit acquisition-related costs of $21.6 million and several unplanned outages.

Unplanned outages in the quarter at its Calvert City, Kentucky and Geismar, Louisiana facilities resulted in maintenance and other costs of $7.1 million after tax and also loss of sales and margins.

Income from operations improved to a record $306.8 million for the third quarter of 2014 versus $266.6 million from a year ago quarter.

“Income from operations for the third quarter of 2014 benefited primarily from improved olefins and vinyls integrated product margins,” the NYSE-listed chemicals producer explained.

Third quarter of 2014 EBITDA at $358.0 million increased by $51.0 million compared to $307.0 million in the third quarter of 2013.

Net cash provided by operating activities reached $776.1 million in the first nine months of 2014 and capital expenditures in the same period totalled $311.2 million.

During the quarter under review, Westlake raised $286.1 million from the initial public offering of WLKP, and paid $611.1 million, net of cash acquired, for the acquisition of Vinnolit.

As of September 30, 2014, Westlake had cash of $813.5 million and its long-term debt stood at $764.0 million.

CEO Albert Chao said, "Our results were supported by strong performance in our Olefins segment and by record operating income in our Vinyls segment.”

“The improved profitability in Vinyls segment, demonstrates the benefit of recent investments to improve the cost position of our Vinyls assets and feedstock conversion of our Calvert City ethylene unit from propane to ethane feedstock,” he added. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 12th Jun 2021

G20 GDP returns to pre-pandemic level in Q1 2021: OECD

Gross domestic product (GDP) of the Group of 20 (G20) area returned...

Pic: Stock for you / Shutterstock.com

Apparel/Garments | On 12th Jun 2021

Prime Content| Japan's clothing imports fall 13.2% in 2020-21

Japan’s imports of clothing and accessories declined by 13.2 per cent ...

Pic: Shutterstock

Textiles | On 12th Jun 2021

Setting right targets for issues key to building biodiversity strategy

Setting the right targets for issues in play in locations, i.e.,...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

Strike a balance between handmade in India and 'Make in India'

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Ritu Oberoi,

Ritu Oberoi

Mumbai-based Forsarees is a socially driven business enterprise, working...

Shivaani Jain,

Shivaani Jain

Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...

Emmi Berlin,

Emmi Berlin

With the support of the first investors - Finland's Technical Research...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search