Westlake Chemical Corp. (WLK: Quote) said its net income for the second quarter increased to $115.5 million or $1.72 per share from $81 million or $1.21 per share in the year-ago quarter.
The company noted that net income in the second quarter of 2012 benefited by $8.5 million or $0.13 per share, as a result of a pre-tax gain of $16 million from the sale of Georgia Gulf securities offset by pre-tax expense of $3 million related to the company's proposal to acquire Georgia Gulf Corp., which was terminated.
Net sales for the three-month period declined to $914 million from $925 million in the same quarter a year earlier, mainly hurt by lower sales prices for most of Westlake Chemical's major products and lower sales volume for PVC resin and building products, partially offset by higher olefins and feedstock sales volumes.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share on revenues of $953.05 million for the quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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