Westlake Chemical Corporation Reports Second Quarter 2020 Results
Aug. 6, 2020- Westlake Chemical Corporation (NYSE: WLK) (the "Company" or "Westlake") today reported net income attributable to Westlake for the three months ended June 30, 2020 of $15 million, or $0.11 per diluted share, on net sales of $1,709 million. Net income in the second quarter of 2020 decreased by $104 million compared to second quarter 2019 net income of $119 million, or $0.92 per share, on net sales of $2,144 million. Income from operations of $36 million for the second quarter of 2020 decreased by $158 million from income from operations of $194 million for the second quarter of 2019. The decreases in net income and operating income were primarily due to the global economic impact from COVID-19 and the significant drop in oil prices, which reduced North American ethylene industry feedstock competitiveness. Reduced demand as a result of the pandemic and lower oil prices led to lower global sales prices for our major products and lower sales volumes for caustic soda and