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Westlake Chemical Q2 profit climbs 24.1% YOY

Westlake Chemical Corp. said its normalized net income for the second quarter came to $1.08 per share, compared with the S&P Capital IQ consensus estimate of $1.25 per share.

EPS increased 24.3% year over year from 87 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $140.7 million, an increase of 24.1% from $113.4 million in the year-earlier period.

The normalized profit margin fell to 7.1% from 10.4% in the year-earlier period.

Total revenue grew 82.2% year over year to $1.98 billion from $1.09 billion, and total operating expenses rose 89.7% from the prior-year period to $1.70 billion from $898.4 million.

Reported net income increased 37.4% from the prior-year period to $151.9 million, or $1.17 per share, from $110.5 million, or 85 cents per share.