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Westlake Chemical’s 1Q net income up 12.3%, Calvert City expansion complete
HOUSTON, May 2, 2017 (PCW) – Westlake Chemical on Tuesday reported first-quarter net income of nearly $138.2 million, up 12.3% from the $123.1 million seen a year ago, due to higher sales.
The company also said the 100 million lbs/yr expansion at its 450 million lbs/yr Calvert City ethylene unit in Kentucky has been completed.
The olefins segment reported income from operations of $179.8 million in 1Q, up $30.6 million from 1Q 2016m due to higher olefins integrated product margins that were due to higher sales prices and higher polyethylene and ethylene sales volumes.
The vinyls group reported income from operations of $71.4 million in 1Q, up $9.3 million from the year-ago period, due to higher caustic and PVC sales prices and earnings contributed by Axiall. -- Samantha Hartke