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US Westlake Chemical posts record high net income in 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/02/2015 (16:46)
According to a press release dated February 24 on the company’s website, US Westlake posted record high net income in 2014. The company’s net income reached $678.5 million in 2014 compared with $610.4 million reported in 2013. The company’s fourth quarter net income also increased to $183.3 million from $171.0 million reported in the same period of 2013.

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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