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Westlake Chemical Q1 profit falls YOY

Westlake Chemical Corp. said its normalized net income for the first quarter amounted to $1.04 per share, compared with the S&P Capital IQ consensus estimate of $1.20 per share.

EPS declined 7.7% year over year from $1.13.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $138.9 million, a decrease of 7.9% from $150.9 million in the year-earlier period.

The normalized profit margin declined to 12.6% from 14.7% in the year-earlier period.

Total revenue rose 7.4% on an annual basis to $1.10 billion from $1.03 billion, and total operating expenses increased 12.1% year over year to $874.3 million from $779.6 million.

Reported net income decreased 7.1% year over year to $146.5 million, or $1.10 per share, from $157.7 million, or $1.18 per share.