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Jun 30, 2020
Westlake Q2 2020 Earnings Report
Westlake's net income decreased due to the impacts of COVID-19 and lower oil prices.
Key Takeaways
Westlake Chemical Corporation reported a challenging second quarter of 2020 with a decrease in net income to $15 million, or $0.11 per diluted share, compared to $119 million, or $0.92 per share, in the second quarter of 2019. The decrease was primarily due to the global economic impact from COVID-19 and the significant drop in oil prices, which reduced North American ethylene industry feedstock competitiveness. Reduced demand led to lower global sales prices and volumes for caustic soda and downstream vinyls products.
Net income attributable to Westlake was $15 million, or $0.11 per diluted share.
Net sales were $1,709 million.
Income from operations was $36 million.
Net cash provided by operating activities was $448 million.
Forward Guidance
Westlake is focused on managing working capital, lowering operating costs and reducing capital expenditures to deliver long-term value to shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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