Westlake Corp (NYSE:WLK)
$ 128.26 0.51 (0.4%) Market Cap: 16.51 Bil Enterprise Value: 18.87 Bil PE Ratio: 180.65 PB Ratio: 1.55 GF Score: 92/100
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Q3 2024 Westlake Corp Earnings Call Transcript

Nov 05, 2024 / 04:00PM GMT
Release Date Price: $132.55 (+0.81%)

Key Points

Positve
  • Westlake Corp (WLK) reported net sales of $3.1 billion and EBITDA of $580 million for the third quarter of 2024.
  • The company benefited from higher caustic soda and polyethylene prices during the quarter.
  • Westlake Corp (WLK) has a strong balance sheet with $2.9 billion in cash and cash equivalents.
  • The company achieved $35 million in cost savings during the third quarter, contributing to a total of $120 million in savings for the year.
  • Westlake Corp (WLK) continues to develop innovative products, such as pivotal post-consumer recycled polyethylene, to meet customer sustainability needs and drive growth.
Negative
  • The company faced $120 million in financial impact due to extended maintenance outages at two facilities.
  • Westlake Corp (WLK) reported a decrease in EBITDA margin from 23% in the second quarter to 19% in the third quarter, primarily due to maintenance outages.
  • The Performance and Essential Materials segment experienced a decline in EBITDA due to increased operating costs and ethylene feedstock costs.
  • The company accrued $75 million in after-tax expenses related to mothballing two units within its European Epoxy business.
  • Westlake Corp (WLK) faced disruptions in sales volume due to hurricanes, impacting the Housing and Infrastructure Products segment.
Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Westlake Corporation third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today, November 5, 2024. I would now like to turn the call over to today's host, John Zoeller, Westlake's Vice President and Treasurer.

Sir, you may begin.

Johnathan Zoeller
Westlake Corp - Chief Accounting Officer, Vice President

Thank you. Good morning, everyone, and welcome to the Westlake Corporation conference call to discuss our third quarter 2024 results. I am joined today by Albert Chao, our Executive Chairman; Jean-Marc Gilson, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team.

During the call, we will refer to our 2 reporting segments: Performance and Essential Materials, which we refer to as PAM or materials and housing and infrastructure products, which we refer to as hip or products. Today's conference call

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