Westlake Corp. (WLK) posted a first quarter net loss to Westlake of $40 million compared to net income of $174 million, last year. Loss per common share was $0.31 compared to profit of $1.34. The company said the year-over-year decrease was primarily due to lower sales volume and average sales price along with higher input costs in PEM segment, and lower average sales price and margins in HIP segment. Net sales were $2.85 billion compared to $2.98 billion, previous year.
"Our first quarter earnings were impacted by higher North American feedstock and energy costs, partially due to winter storms early in the quarter, our planned turnaround at our Petro 1 ethylene unit, and unfavorable sales mix changes in our HIP segment," said Jean-Marc Gilson, CEO.
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