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Westlake Chemical’s 2Q net income down 45.8% on outages, Axiall acquisition
HOUSTON, July 28, 2016 (PCW) -– Westlake Chemical on Thursday reported second-quarter net income of about $111 million, down 45.8% from the $205.1 million in the year-ago period.
The drop was due to costs and lost sales associated with the planned turnaround and expansion of the Lake Charles Petro 1 ethylene unit in Louisiana, an unplanned outage at the Calvert City facility in Kentucky, and acquisition-related costs tied to its pending buyout of Axiall.
The company is still in the middle of restarting the Petro 1 unit, Westlake said Thursday.
The Olefins segment reported income from operations of $140.6 million in 2Q, down $80.3 million from 2Q 2015. This was due to lost sales, lower production rates, unabsorbed fixed manufacturing costs and other costs related to the planned turnaround and expansion of the Lake Charles Petro 1 ethylene unit and several unplanned outages in the second quarter of 2016.
The Vinyls segment reported income from operations of $52.2 million in2Q, a decrease of $35.8 million from the $88 million seen in 2Q 2015. This decrease was caused by lost sales, lower production rates, unabsorbed fixed manufacturing costs and other costs associated with the unplanned outage at the Calvert City facility and several other planned maintenance turnarounds completed in 2Q. -- Samantha Hartke