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Westlake Chemical posts record Q3 net sales of $2.3 bn

Nov '18
Westlake Chemical posts record Q3 net sales of $2.3 bn
Westlake Chemical has reported net income of $308 million for Q3 2018 ending September 30, 2018, on record net sales of $2,255 million. The increase in income as compared to the prior-year period was primarily a result of higher sales prices for caustic soda, higher sales volumes for caustic soda, PVC resin, polyethylene and lower purchased ethylene costs.

Income from operations for the Olefins segment decreased by $4 million to $162 million in Q3 2018 from $166 million in Q3 2017. This decrease was primarily due to lower margins resulting from higher feedstock costs, partially offset by higher sales volumes for polyethylene and higher styrene sales prices compared to the prior-year period.

Income from operations for the Vinyls segment increased by $37 million to $251 million in Q3 2018 from $214 million in Q3 2017. This increase was mainly attributable to higher sales prices and volumes for caustic soda, higher sales volumes for PVC resin and lower purchased ethylene costs.

“We are very pleased with the results for the third quarter as we achieved a new record in quarterly EBITDA. We continue to experience strong global demand for our products in both the Olefins and Vinyls segments and are investing in a number of initiatives around the world which we expect will allow us to continue our growth in earnings and cash flows,” said Albert Chao, president and chief executive officer.

“We are excited about the recently announced acquisition of NAKAN that we expect to close by early 2019. We believe they are an excellent strategic fit with an expansive portfolio of products and global footprint that we will be able to leverage with our current operations and drive value for our shareholders. We look forward to welcoming the NAKAN employees to Westlake,” Chao added. (PC)

Fibre2Fashion News Desk – India

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