Westlake Chemical Corporation (WLK) Releases Earnings Results, Misses Expectations By $-0.11 EPS

Westlake Chemical Corporation (WLK) reported quarterly earnings results on Thursday, Jul-28-2016. The company reported $0.85 earnings per share for the quarter, missing the analyst consensus estimate by $-0.11. Analysts had a consensus of $0.96. The company posted revenue of $1086.06 million in the period, compared to analysts expectations of $1060.36 million. The company’s revenue was down -8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 EPS.

Many Wall Street Analysts have commented on Westlake Chemical Corporation. Company shares were Upgraded by SunTrust on Jun 15, 2016 to ” Buy”, Firm has raised the Price Target to $ 52 from a previous price target of $44 .Company shares were Reiterated by Cowen on Jun 13, 2016 to “Outperform”, Firm has raised the Price Target to $ 60 from a previous price target of $53 .Company shares were Reiterated by RBC Capital Mkts on Jun 13, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 52 from a previous price target of $50 .

Westlake Chemical Corporation opened for trading at $45.87 and hit $46.76 on the upside on Thursday, eventually ending the session at $46.65, with a gain of 1.92% or 0.88 points. The heightened volatility saw the trading volume jump to 11,00,085 shares. Company has a market cap of $6,079 M.

In a different news, on Nov 12, 2015, George J Mangieri (VP & Chief Accounting Officer) sold 2,785 shares at $60.20 per share price. According to the SEC, on Aug 13, 2015, Robert T Blakely (director) sold 5,143 shares at $63.00 per share price. On May 27, 2015, Jeffrey L Taylor (Sr VP, Polyethylene) sold 8,143 shares at $70.54 per share price, according to the Form-4 filing with the securities and exchange commission.

Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals vinyls polymers and fabricated building products. The Company’s products include a range of chemicals used in the world which are fundamental to many diverse consumer and industrial markets including flexible and rigid packaging automotive products coatings residential and commercial construction as well as other durable and non-durable goods. The Company operates in two principal operating segments Olefins and Vinyls. The Company is an integrated producer of vinyls with substantial downstream integration into polyvinyl chloride (PVC) building products. The Olefins segment manufactures a range of petrochemical products. The Vinyls segment primarily offers PVC vinyl chloride monomer (VCM) ethylene dichloride (EDC) chlorine caustic soda and through Westlake Chemical OpCo LP ethylene.

Westlake Chemical Corporation

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