US Westlake Chemical posts record high net income in 2014
The company’s net sales increased $655.9 million to $4.415 billion in 2014 thanks to sales contributed by Vinnolit and their North American Specialty Products (NASP) PVC pipe business while income from operations reached $1.124 billion from $953.5 million in the preceding year owing to improved olefins integrated product margins following higher PE sales prices and the increased ethylene production at their Lake Charles site.
For the olefins segment, Westlake’s income from operations increased to $1.014 billion in 2014 compared with $833.2 million in 2013. The increase was attributed to improved olefins integrated product margins. However, the company’s income from operations decreased to $243.6 million in the last three months ending December from $247.3 million reported in the same period of 2013 due to lower sales volumes.
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