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Tax reform boosts Westlake Chemical's Q4'17 profit

Westlake Chemical Corp. reported fourth-quarter 2017 net income attributable to the company of $802 million, which included a one-time, noncash tax benefit of approximately $591 million due to the U.S. tax overhaul. Fourth-quarter 2016 attributable net income amounted to $99 million.

Earnings per share came in at $6.15 in the last quarter of 2017, up from 76 cents in the year-ago period.

The company posted net sales of $2.01 billion in the last quarter of 2017, compared to $1.74 billion in the same period in 2016. Income from operations totaled $365 million, up from $153 million a year ago.

For full year 2017, the company reported net income of $1.30 billion, up from $399 million in 2016. Net sales were $8.04 billion, compared to $5.08 billion in the prior year.