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Westlake Chemical Q3 profit falls YOY

Westlake Chemical Corp. said its normalized net income for the third quarter amounted to $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.29 per share.

EPS fell 17.3% year over year from $1.36.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $148.4 million, a decline of 18.4% from $181.7 million in the year-earlier period.

The normalized profit margin declined to 12.7% from 14.5% in the year-earlier period.

Total revenue decreased 5.2% on an annual basis to $1.19 billion from $1.25 billion, and total operating expenses totaled $937.4 million, compared with $946.5 million in the year-earlier period.

Reported net income grew 9.8% on an annual basis to $183.6 million, or $1.39 per share, from $167.3 million, or $1.25 per share.