Westlake Chemical Corp. (WLK) reported first-quarter net income of $123.3 million, or $1.84 per share, up from $87.8 million, or $1.31 per share in the year ago quarter.
Income from operations was $194.1 million for the first quarter of 2013 as compared to $145.6 million for the first quarter of 2012. Income from operations for the first quarter of 2013 benefited primarily from improved olefins and vinyls integrated product margins predominantly due to lower feedstock and energy costs as compared to the first quarter of 2012.
Net sales for the quarter declined to $864.6 million from the prior year's $1.035 billion, mainly due to lower feedstock, ethylene and ethylene co-product sales volumes and lower sales prices for polyethylene and PVC resin. Ethylene and ethylene co-product sales volumes were lower primarily due to the planned turnaround and expansion of one of our Lake Charles, Louisiana ethylene units, which lasted 74 days.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share on revenues of $870.10 million for the quarter. Analysts' estimates typically exclude special items.
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