HOUSTON--(BUSINESS WIRE)-- The Board of Directors of Westlake Corporation (NYSE: WLK) today declared a regular dividend distribution of 50.00 cents per share for the second quarter of 2023, an increase of approximately 40% from the 35.70 cents per share of the first quarter of 2023. This dividend will be payable on September 12, 2023, to stockholders of record on August 25, 2023.
“The significant increase in our dividend reflects the strong cash generative business model as we have continued our growth at Westlake,” said Albert Chao, president and chief executive officer of Westlake. “Our Investments in differentiated and specialty products in our Performance and Essential Material (PEM) segment and leading market positions in downstream building products in our Housing and Infrastructure Products (HIP) segment has enhanced the stability of our earnings profile, while our globally advantaged low-cost position provides strong cash generation throughout the business cycle. Alongside our conservatively positioned, strong investment grade balance sheet this supports a meaningfully higher dividend level while continuing to provide us significant capacity to invest in our business to drive long-term shareholder return.”
This is the 76th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
The statements in this release that are not historical facts, including statements regarding future repurchases of common stock, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the ultimate timing, outcome and results of integrating the operations of recent acquisitions; general economic and business conditions; the cyclical nature of the chemical and building products industries; availability, cost and volatility of raw materials and utilities; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and unrest; uncertainties associated with pandemic infectious diseases; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC in February 2023, and Westlake’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, which were filed with the SEC in May and August 2023, respectively.
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the Company's web site at www.westlake.com.
Ben Ederington, 713-960-9111
Steve Bender, 713-960-9111
Source: Westlake Corporation