Westlake Chemical Corp. (NYSE:WLK) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Westlake Chemical Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 40.46% to $1.84 in the quarter versus EPS of $1.31 in the year-earlier quarter.
Revenue: Decreased 16.45% to $864.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Westlake Chemical Corp. reported adjusted EPS income of $1.84 per share. By that measure, the company beat the mean analyst estimate of $1.25. It missed the average revenue estimate of $870.1 million.
Quoting Management: Albert Chao, President and Chief Executive Officer, said, “We are pleased to report record earnings in the first quarter of 2013. We continue to benefit from a globally advantaged energy and feedstock position resulting from North American shale gas and oil production. Our integration strategy, which includes additional ethylene, chlor-alkali and PVC resin capacity, and our recently announced specialty pipe acquisition are expected to significantly improve the cost and market position of our Vinyls segment and meaningfully add to the earnings potential of our Company.”
Key Stats (on next page)…