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Westlake Chemical profit beats consensus by 17.6% in Q1

Westlake Chemical Corp. said its first-quarter normalized net income came to 96 cents per share, compared with the S&P Capital IQ consensus estimate of 81 cents per share.

EPS rose 5.7% year over year from 90 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $124.0 million, an increase of 5.0% from $118.1 million in the year-earlier period.

The normalized profit margin fell to 6.4% from 12.1% in the year-earlier period.

Total revenue climbed 99.2% year over year to $1.94 billion from $975.2 million, and total operating expenses climbed 119.8% from the prior-year period to $1.70 billion from $772.9 million.

Reported net income increased 12.0% from the prior-year period to $137.5 million, or $1.06 per share, from $122.8 million, or 94 cents per share.