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Jun 30, 2022
Westlake Q2 2022 Earnings Report
Westlake achieved record results due to strong demand, pricing, and the impact of recent acquisitions.
Key Takeaways
Westlake Corporation reported record second quarter 2022 results, including record net sales of $4.5 billion, a 57% increase year-over-year, and record net income of $858 million, a 64% increase year-over-year. The company benefited from solid market conditions, strong demand, and pricing dynamics, as well as the full quarter impact of recent acquisitions.
Record quarterly net sales of $4.5 billion, an increase of 57% vs. second quarter 2021 net sales
Record quarterly net income of $858 million, an increase of 64% vs. second quarter 2021 net income
Record quarterly EBITDA of $1.5 billion, an increase of 56% vs. second quarter 2021 EBITDA
Overall prices increased 32% versus the year-ago period with significant gains in both operating segments.
Westlake
Westlake
Forward Guidance
Westlake believes in the structural strength of the housing, repair and remodeling markets, and the market position for our Performance and Essential Materials remains on a solid footing. While mindful of geopolitical and economic factors which may affect their businesses, they remain confident in the fundamentals of their business and the markets in which they participate.
Positive Outlook
- Belief in the structural strength of the housing market.
- Strong presence in the repair and remodeling market.
- High integration within operations.
- North American producer's structural cost advantage has expanded with higher global energy costs.
- Solid demand for most of their products.
Challenges Ahead
- Continued logistics constraints.
- Higher energy and raw material costs.
- New housing starts might retreat from their recent highs as global interest rates rise.
- Record breaking tailwinds experienced in the Performance and Essential Materials segment may be moderating.
- Geopolitical and economic factors which may affect their businesses.