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Westlake Chemical Q2 profit climbs 5.7% YOY

Westlake Chemical Corp. said its normalized net income for the second quarter came to $1.30 per share, compared with the S&P Capital IQ consensus estimate of $1.21 per share.

EPS rose 6.3% year over year from $1.22.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $173.0 million, an increase of 5.7% from $163.7 million in the prior-year period.

The normalized profit margin fell to 14.8% from 16.4% in the year-earlier period.

Total revenue climbed 18.7% on an annual basis to $1.19 billion from $998.6 million, and total operating expenses climbed 22.2% year over year to $894.1 million from $731.8 million.

Reported net income grew 21.6% year over year to $204.9 million, or $1.54 per share, from $168.5 million, or $1.26 per share.