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Westlake Chemical Corporation Announces First Quarter Earnings
Wednesday, 05, May 2010


Westlake Chemical Corporation today reported net income for the three months ended March 31, 2010 of $17.6 million, or $0.27 per diluted share, on sales of $778.3 million. This represents an improvement in net income of $23.7 million from the quarter ended March 31, 2009 net loss of $6.1 million, or $0.09 per diluted share, on sales of $488.3 million. Sales for the first quarter of 2010 increased $290.0 million compared to the first quarter of 2009 due primarily to higher sales prices and sales volumes for most major products driven by higher feedstock prices and rising demand.

Income from operations was $34.4 million for the first quarter of 2010 as compared to a loss from operations of $0.9 million for the first quarter of 2009. Income from operations in the first quarter of 2010 as compared to the first quarter of 2009 benefited from improved production rates, a 20.2% increase in sales volume and higher olefins margins. These increases were partially offset by lower caustic margins and an unscheduled outage caused by freezing temperatures at one of the Company's ethylene units in Lake Charles in the first quarter of 2010.


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