Home / Knowledge / News / Textiles / Westlake Chemical net income drops in Q1

Westlake Chemical net income drops in Q1

01
May '08
Westlake Chemical Corporation reported net income of $5.4 million, or $0.08 per diluted share, for the first quarter of 2008. This represents a decrease from the first quarter of 2007 net income of $19.7 million, or $0.30 per diluted share. Sales for the first quarter of 2008 were $915.1 million and income from operations for the first quarter of 2008 was $13.9 million. This compares with net sales of $718.8 million and income from operations of $32.7 million in the first quarter 2007.

The increase in sales is primarily the result of higher selling prices for all of the major olefins and vinyls products. Income from operations, however, decreased in the first quarter as compared to the first quarter of 2007 due to lower margins resulting from significantly higher feedstock costs.

Industry prices for ethane increased over 70% while industry prices for propane increased over 50% in the first quarter of 2008 as compared to the first quarter of 2007. Natural gas and electricity costs also increased significantly year over year. The Vinyls segment was further impacted by the continued weakness in the construction markets and seasonal slowdowns in the first quarter of 2008.

In addition to these reductions, the first quarter was negatively impacted by a turnaround at the styrene plant in Lake Charles, Louisiana and the closure of the Pawling, New York window and door component manufacturing facility. The styrene plant was down for 45 days during the quarter and underwent a major maintenance turnaround and revamp project designed to increase energy efficiency and minimally increase capacity.


Interviews View All

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

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

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

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


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On

Follow Fibre2Fashion On


Advanced Search