Westlake Chemical Corporation (WLK) has reported 12.23 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $138.19 million, or $1.06 a share in the quarter, compared with $123.13 million, or $0.94 a share for the same period last year. Revenue during the quarter surged 99.20 percent to $1,942.62 million from $975.19 million in the previous year period. Gross margin for the quarter contracted 731 basis points over the previous year period to 18.90 percent. Total expenses were 87.89 percent of quarterly revenues, up from 79.26 percent for the same period last year. That has resulted in a contraction of 863 basis points in operating margin to 12.11 percent.
Operating income for the quarter was $235.30 million, compared with $202.28 million in the previous year period.
"We delivered good results for the first quarter of 2017 as global demand and margins for our major products remain strong," said Albert Chao, President and Chief Executive Officer. "Thanks to the dedication and efforts of our employees, we have made progress on identifying and initiating the investments that are necessary to improve the reliability and operational efficiency of our Axiall assets. We also remain focused on our integration activities and are on track to capture significant synergies in 2017."
Operating cash flow improves
Westlake Chemical Corporation has generated cash of $157.39 million from operating activities during the quarter, up 22.07 percent or $28.46 million, when compared with the last year period. The company has spent $148.02 million cash to meet investing activities during the quarter as against cash outgo of $147.22 million in the last year period.
The company has spent $99.68 million cash to carry out financing activities during the quarter as against cash outgo of $33.12 million in the last year period.
Cash and cash equivalents stood at $372.59 million as on Mar. 31, 2017, down 39.41 percent or $242.38 million from $614.98 million on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
