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Westlake Chemical profit misses consensus by 27.9% in Q4

Westlake Chemical Corp. said its fourth-quarter normalized net income was 56 cents per share, compared with the S&P Capital IQ consensus estimate of 78 cents per share.

EPS decreased 26.1% year over year from 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $73.6 million, a decrease of 27.2% from $101.0 million in the prior-year period.

The normalized profit margin declined to 4.2% from 10.2% in the year-earlier period.

Total revenue grew 75.8% on an annual basis to $1.74 billion from $986.8 million, and total operating expenses climbed 92.9% from the prior-year period to $1.57 billion from $813.4 million.

Reported net income fell 8.6% on an annual basis to $99.8 million, or 76 cents per share, from $109.2 million, or 83 cents per share.

For the year, the company's normalized net income totaled $2.81 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.23.

EPS declined from $4.28 in the prior year.

Normalized net income was $365.3 million, a fall from $566.2 million in the prior year.

Full-year total revenue grew on an annual basis to $5.08 billion from $4.46 billion, and total operating expenses increased on an annual basis to $4.39 billion from $3.51 billion.

The company said reported net income fell on an annual basis to $397.7 million, or $3.06 per share, in the full year, from $643.0 million, or $4.86 per share.