(By Balachander) Westlake Chemical Corp. (NYSE: WLK) reported a quarterly profit that more than tripled as a 22 percent decline in costs of sales offset drop in revenue amid lower feedstock costs.
The Houston, Texas-based maker of vinyls and polymers cited the 7 percent decline in sales to a fall in sales volumes for feedstocks, polyethylene and styrene.
Profit increased due to improved olefins and vinyls integrated margins mainly due to lower feedstock costs, the company said.
Earnings increased to $95.3 million or $1.42 per share for the fourth quarter from $26.4 million or $0.40 per share in the year-ago period.
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Sales were $801 million.
Wall Street analysts, on average, expected earnings of $1.00 per share on sales drop of 3.10 percent.
For the full year, Westlake Chemical earned $5.75 per share on net sales of $3.57 billion.
WLK shares ended Friday's regular trading session at $91.83. The stock has been trading in the 52-week range between $48.13 and $94.06.