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Westlake Chemical Corp (WLK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Westlake Chemical Corp

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CIK: 1262823 Ticker: WLK

EXHIBIT 99.1
WESTLAKE CHEMICAL CORPORATION

Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington


Westlake Chemical Corporation Reports Second Quarter 2021 Results
•Record quarterly net sales of $2.9 billion
•Record quarterly net income of $522 million, excluding one-time tax benefits in a prior quarter
•Record quarterly EBITDA of $932 million
•Announced pending acquisitions of Boral's North American building products businesses and of LASCO Fittings, Inc., which are expected to close in the second half of 2021
HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Corporation (NYSE: WLK) (the "Company" or "Westlake") today reported record net income, excluding one-time tax benefits, attributable to Westlake for the three months ended June 30, 2021 of $522 million, or $4.04 per diluted share, on record net sales of $2,859 million. Net income in the second quarter of 2021 increased by $507 million from second quarter 2020 net income of $15 million, or $0.11 per share, on net sales of $1,709 million. Income from operations for the second quarter of 2021 was a quarterly record of $720 million, and increased by $684 million from income from operations of $36 million for the second quarter of 2020. The increases in net income and income from operations were primarily driven by significantly higher sales prices and margins for most of our major products and higher sales volumes in our Vinyls Segment. The increase in sales prices for PVC resin were driven by the strong demand in North American residential construction and the repair and remodeling markets which also drove demand in our building and construction materials business. Additionally, polyethylene experienced robust strength from packaging and other consumer markets driving higher prices and margins resulting from the rebound in global economic activity following the onset of the COVID-19 pandemic in the first half of 2020.
Second quarter 2021 net income of $522 million, or $4.04 per share, increased by $280 million from first quarter 2021 net income of $242 million, or $1.87 per share. Income from operations of $720 million for the second quarter of 2021 increased by $374 million from income from operations of $346 million for the first quarter of 2021. The increases in net income and income from operations versus the prior quarter were primarily due to higher sales prices and higher margins for all of our major products including PVC resin, polyethylene, caustic soda and our building and construction materials as well as higher sales volumes for PVC resin as operations rebounded following the impacts of the Winter Storm Uri in the first quarter. The increases in sales prices and volumes for our products contributed to higher margins and strong earnings in our building and construction materials business.
For the first six months of 2021, net income of $764 million, or $5.91 per share, increased by $604 million from the first six months of 2020 net income of $160 million, or $1.24 per share. Income from operations of $1,066 million for the first six months of 2021 increased by $894 million from income from operations of $172 million for the first six months of 2020, which was severely impacted by the onset of the global COVID-19 pandemic. The increases in net income and income from operations were primarily due to the global economic recovery, which has driven strong demand and higher sales prices and margins for most of our major products. These increases were partially offset by the impacts to production and sales volumes as a result of Winter Storm Uri in the first quarter of 2021.
On June 20, 2021, Westlake announced that it had entered into a definitive agreement with Boral Industries Inc., a wholly owned subsidiary of Boral Limited, under which Westlake will acquire Boral's North American building products businesses in roofing; siding, trim and shutters; decorative stone; and windows ("Boral North America"). The combination of these businesses with Westlake's leading building products businesses creates a stronger business with significantly increased scale and complementary product offerings, and enhanced growth prospects throughout the North American building products market.
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The following information was filed by Westlake Chemical Corp (WLK) on Tuesday, August 3, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Westlake Chemical Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity Statement
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) Parenthetical
Consolidated Statements Of Operations (Unaudited)
Accounts Payable (Details)
Accounts Payable (Notes)
Accounts Payable (Tables)
Accounts Receivable (Details)
Accounts Receivable (Notes)
Accounts Receivable (Tables)
Accumulated Other Comprehensive Income (Loss) (Notes)
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Basis Of Financial Statements (Details)
Basis Of Financial Statements (Notes)
Basis Of Financial Statements (Policies)
Commitments And Contingencies (Additional Information) (Detail)
Commitments And Contingencies (Notes)
Earnings And Dividends Per Share (Additional Information) (Details)
Earnings And Dividends Per Share (Notes)
Earnings And Dividends Per Share (Reconciliation Of Denominator For Basic And Diluted Earnings Per Share) (Details)
Earnings And Dividends Per Share (Schedule Of Net Income Attributable To Common Stockholders) (Details)
Earnings And Dividends Per Share (Tables)
Earnings And Dividends Per Share Dividends Per Share (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Summary Of Carrying And Fair Values Of Long Term Debt) (Details)
Fair Value Measurements (Tables)
Financial Instruments (Narrative) (Details)
Financial Instruments (Notes)
Goodwill (Details)
Goodwill (Notes)
Goodwill (Tables)
Income Taxes (Details)
Income Taxes (Notes)
Inventories (Details)
Inventories (Notes)
Inventories (Tables)
Long-Term Debt (Credit Agreement) (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Notes)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Segment Information (Additional Information) (Detail)
Segment Information (Notes)
Segment Information (Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (Details)
Segment Information (Segment Reporting Information) (Details)
Segment Information (Tables)
Segment Information (Total Assets) (Details)
Supplemental Information (Additional Information) (Details)
Supplemental Information (Equity Method Investments) (Details)
Supplemental Information (Notes)
Westlake Chemical Partners Lp (Details)
Westlake Chemical Partners Lp (Notes)
Ticker: WLK
CIK: 1262823
Form Type: 10-Q Quarterly Report
Accession Number: 0001262823-21-000059
Submitted to the SEC: Tue Aug 03 2021 8:55:32 AM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: Industrial Organic Chemicals

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