Westlake Chemical 4Q Earnings Top Views
Friday February 18, 10:23 am ET
Westlake Chemical 4th-Quarter Earnings Climb to $47.3 Million, Surpassing Wall Street Estimates
HOUSTON (AP) -- Westlake Chemical Corp. said Friday that earnings grew more than fourfold in the fourth quarter, easily surpassing Wall Street estimates, as selling prices and PVC pipe sales increased.
The petrochemicals and polymer company earned $47.3 million, or 73 cents per share, up from $10.6 million, or 21 cents per share, a year ago. Results for the latest quarter include a benefit of $2.1 million, or 3 cents per share.
Sales rose 54 percent to $563.1 million from $365.9 million on increased selling prices that outpaced higher feedstock and energy costs, along with increased PVC pipe sales from its August Bristolpipe Corp. acquisition.
Analysts polled by Thomson First Call expected earnings of 65 cents per share on sales of $564.6 million.
The company posted full-year earnings of $120.7 million, or $2.18 per share, on $1.99 billion in sales. Results include an after tax charge for early retirement of debt of $10 million, or 18 cents per share. Analysts forecast a profit of $2.20 per share on sales of $1.97 billion.
Westlake Chemical shares rose $1.63, or nearly 5 percent, to $35.81 in morning trading on the New York Stock Exchange.
Source: Associated Press
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