Westlake Chemical reports 20% growth in 2012 Q1 sales
Westlake Chemical has reported sales of $1.04bn in the first quarter of 2012, up 20.45% compared with $859.2m in Q1 2011.
According to Westlake, this growth in sales has been primarily driven by higher prices for the company's olefin and PVC resin products, higher sales volumes for PVC resin, building products and caustic, as well as the sale of feedstock.
The company has posted a net income of $87.8m, or $1.31 per diluted share for the three months ended 31 March 2012, compared to a net income of $83.5m, or $1.25 per diluted share, for the corresponding quarter last year.
Westlake Chemical's income from operations was reported to be $145.6m in the first quarter of 2012, as compared to $140.6m in the same quarter of 2011.
Albert Chao, Westlake Chemical president and chief executive officer, said the company's earnings in the first quarter of 2012 benefited from a drop in ethane and energy costs, higher demand for its products and high operating rates.
"Due in large part to shale gas production in North America, our natural gas liquids based ethylene production continues to have a significant cost advantage over naphtha based ethylene production," Chao said.
"We expect that our integration strategy and the continuing development of shale gas production, NGL facilities and pipelines will give our olefins and vinyls businesses a strong competitive advantage for the foreseeable future."