Westlake Chemical Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of Fiscal 2015
Feb 24 15
Westlake Chemical Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. The company reported net income attributable to company for the three months ended December 31, 2014 of $183.3 million, or $1.37 per diluted share, compared to net income attributable to company of $171 million, or $1.27 per diluted share, reported for the fourth quarter of 2013. Net income in the fourth quarter of 2014 was negatively impacted by $4.4 million, or $0.03 per diluted share, as a result of an impairment of an equity investment. Net sales of $1,135.9 million in the quarter increased $184.3 million compared to net sales of $951.6 million in the same period of 2013, primarily due to sales attributable to the acquisition of Vinnolit Holdings GmbH, company's new specialty PVC resin business, in the third quarter of 2014, partially offset by lower styrene and ethylene co-products sales volumes. Income from operations was $302.4 million compared to $257.6 million for the fourth quarter of 2013. Income before income taxes was $286.1 million against $258.1 million reported last year. EBITDA of $355.3 million for the fourth quarter of 2014 increased $52.6 million compared to $302.7 million in the fourth quarter of 2013. Net cash provided by operating activities was $256.25 million against $205.2 million reported last year. The improvement in earnings year-over-year was driven by the company’s expanded ethylene capacity and lower feedstock cost, resulting from the conversion of the company’s Calvert City ethylene plant from propane to ethane. Income from operations compared to the third quarter was primarily the result of lower sales prices for most of the company’s major products and the impact of a planned maintenance turnaround at its Gendorf, Germany site in the fourth quarter.
For the year ended December 31, 2014, net income attributable to company was a record $678.5 million, or $5.07 per diluted share, on net sales of $4,415.4 million. This represents an increase in net income of $68.1 million, or $0.52 per diluted share, from 2013 net income attributable to company of $610.4 million, or $4.55 per diluted share, on net sales of $3,759.5 million. Net income for the year was negatively impacted by Westlake Partners initial public offering costs and Vinnolit acquisition costs aggregating approximately $26.0 million, after tax, and the non-recurring state tax items which increased the 2014 tax provision by $14.8 million. Net sales for the year increased $655.9 million primarily due to sales contributed by Vinnolit and North American Specialty Products (NASP) PVC pipe business, which was acquired in July 2014 and May 2013, respectively. Income from operations was $1,124.0 million as compared to $953.5 million for 2013, an increase of $170.5 million. Income before income taxes was $1,083.9 million against $942.2 million reported last year. Net cash provided by operating activities was $1,032.4 million in 2014 against $752.7 million reported last year. Capital expenditures for 2014 were $431.1 million against $679.2 million reported last year. EBITDA was $1,329.8 million against $1,118.1 million reported last year.
The company provided earnings guidance for the full year of fiscal 2015. The company expects interest expense to be in the range of $36 million to $40 million, and an effective tax rate of approximately 35%. 2015 capital spending has been adjusted down and expected to be in the range of $400 million to $450 million.
Westlake Chemical Sets Lake Charles Cracker Expansion for First Half of 2016
Feb 24 15
Westlake Chemical's Petro 1 cracker expansion in Lake Charles, Louisiana, is set for completion in the first half of 2016. The expansion of the company's Petro 1 unit will add 250 million lb/year (113,000 tonnes/year) of ethylene capacity. The expansion would bring capacity of the Petro 1 unit to 1.5 billion lb/year.
Westlake Chemical Corporation Declares Quarterly Dividend Payable on March 19, 2015
Feb 23 15
The Board of Directors of Westlake Chemical Corporation declared quarterly dividend of $0.1650 per share. The dividend will be payable on March 19, 2015, to stockholders of record on March 5, 2015.
Westlake Chemical Corp. Presents at 5th Annual Alembic Global Advisors Chemical Conference, Feb-25-2015
Feb 23 15
Westlake Chemical Corp. Presents at 5th Annual Alembic Global Advisors Chemical Conference, Feb-25-2015 . Venue: Deer Valley, Utah, United States.
Westlake Chemical Corp. to Report Q4, 2014 Results on Feb 24, 2015
Feb 10 15
Westlake Chemical Corp. announced that they will report Q4, 2014 results at 11:00 AM, US Eastern Standard Time on Feb 24, 2015