Westlake Chemical Corp (WLK) 10-K Annual Report Wed Feb 24 2016

Westlake Chemical Corporation (NYSE: WLK) today reported net income for the three months ended December 31, 2015 of $111.0 million, or $0.84 per diluted share, compared to net income of $183.3 million, or $1.37 per diluted share, reported for the fourth quarter of 2014. Net sales for the three months ended December 31, 2015 of $986.8 million decreased $149.1 million compared to net sales of $1,135.9 million in the same period of 2014, primarily due to lower sales prices for all of our major products, partially offset by higher sales volumes. Income from operations was $181.1 million in the fourth quarter of 2015 compared to $302.4 million for the fourth quarter of 2014. The decrease in income from operations was primarily the result of lower integrated Olefins and Vinyls margins, largely due to lower selling prices for all of our major products, partially offset by lower feedstock and energy costs and higher sales volumes. Income from operations for the fourth quarter of 2015 was negatively impacted by lower production rates, unabsorbed manufacturing costs and other costs associated with several polyethylene turnarounds.

Fourth quarter 2015 net income of $111.0 million, or $0.84 per diluted share, decreased by $72.6 million from the $183.6 million, or $1.39 per diluted share, reported in the third quarter of 2015. Net sales in the fourth quarter of 2015 of $986.8 million decreased $201.2 million from net sales of $1,188.0 million in the third quarter of 2015, mainly due to lower sales prices and volumes for all of our major products. Fourth quarter 2015 income from operations was $181.1 million as compared to $254.0 million for the third quarter of 2015, a decrease of $72.9 million. The decrease in operating income in the fourth quarter of 2015 as compared to the third quarter of 2015 was primarily the result of lower integrated product margins resulting from lower sales prices for our major products, partially offset by lower feedstock and energy costs. Net income for the third quarter of 2015 benefited from a lower effective tax rate resulting from several discrete items and other adjustments, partially offset by lost production and costs associated with turnaround activity.

For the year ended December 31, 2015, net income was $646.0 million, or $4.86 per diluted share, on net sales of $4,463.3 million. This represents a decrease in net income of $32.5 million, or $0.21 per diluted share, from 2014 net income of $678.5 million, or $5.07 per diluted share, on net sales of $4,415.4 million. Net income for the year ended December 31, 2015 benefited from a net pre-tax gain of $20.4 million, or $0.16 per diluted share, related to the bargain purchase gain from the acquisition of additional interest in our Huasu joint venture, net of related expenses, and a lower effective tax rate, primarily due to several discrete tax items and other adjustments, which collectively lowered the 2015 effective tax rate to 31.0% as compared to the 2015 effective tax rate on ordinary income of 33.6%. Net sales for the year ended December 31, 2015 increased $47.9 million to $4,463.3 million compared to net sales for 2014 of $4,415.4 million, primarily due to a full year of sales contributed by our specialty PVC resin business, Vinnolit, which we acquired on July 31, 2014, and higher sales volumes for most of our major products, partially offset by lower sales prices for all our major products. Income from operations was $959.8 million for the year ended December 31, 2015 as compared to $1,124.0 million for 2014. The decrease in 2015 income from operations as compared to 2014 was mainly attributable to lower olefins integrated product margins, primarily caused by lower sales prices and costs related to several turnarounds in 2015, partially offset by the contribution from Vinnolit for the full year 2015, increased production at our Calvert City, Kentucky facilities following the completion of the feedstock conversion and ethylene expansion project, higher production rates at our Geismar, Louisiana chlor-alkali plant and lower feedstock and

The following information was filed by Westlake Chemical Corp (WLK) on Tuesday, February 23, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Westlake Chemical Corp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Ticker: WLK
CIK: 1262823
Form Type: 10-K Annual Report
Accession Number: 0001262823-16-000030
Submitted to the SEC: Wed Feb 24 2016 3:21:39 PM EST
Accepted by the SEC: Wed Feb 24 2016
Period: Thursday, December 31, 2015
Industry: Industrial Organic Chemicals

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Westlake Chemical Corp (WLK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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