Originally published at www.seclive.com
Westlake Chemical Corp. (NYSE:WLK) announced its financial results for the first fiscal quarter of 2014, reporting earnings and revenue that rose from the year-ago quarter. Net sales jumped from $864.6M to $1.0B, with increases in olefins leading the sales increase. The olefins segment posted record quarterly income from operations of $272.3M, from $161.1M last year. The vinyls segment recorded an operating loss of $21.1M, a swing of $39.7M from the $18.6M income made a year ago. The swing to a loss is attributed to many factors, including severe winter weather, lower production, and lost sales. Company earnings were $158.0M and $1.18 per share, an increase from $123.3M and $0.92 per share in the year-ago quarter. President and CEO Albert Chao commented that the company is pleased with its progress, particularly with its earnings performance and business developments.
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