From Yahoo Finance · · 1m
Westlake Turns Losses Into Profit
Westlake's second quarter profit reverses two straight losses with strong pricing gains.
In brief
Westlake's second quarter profit reverses two straight losses with strong pricing gains. Westlake Corporation reported $260 million net income after two consecutive quarterly losses, driven by a 14% price increase in its chemicals segment. Originally reported by Yahoo Finance.
Westlake's Q2 Results
Westlake reported $260 million net income, reversing two straight quarterly losses.
Chemicals Segment Profit
Performance and Essential Materials swung from $318 million loss to $185 million profit.
Pricing Boost
Average sales prices rose 14% year over year in the chemicals segment.
Housing Segment Weakness
Housing segment saw 3% price decline despite 6% sales volume increase.
Debt Reduction
Westlake reduced debt by $500 million and returned $99 million to shareholders.
Market Uncertainty
Short interest sits at 17.44% of the float with hedge funds adding shares.
What's Next
Pricing gains must persist beyond one quarter for profit to hold.
What to remember
Westlake Corporation reported $260 million net income after two consecutive quarterly losses, driven by a 14% price increase in its chemicals segment.
