Westlake Chemical Partners Q3 profit rises on higher output, sales volume
WLKP•Westlake Chemical Partners’ third-quarter net income attributable to the partnership rose year over year as sales volume increased, while revenue fell to $261.9 million and missed the $336.3 million analyst estimate. It declared its 49th consecutive quarterly distribution of $0.4714 per unit.
1. Quarterly results
Net income attributable to Westlake Chemical Partners rose year over year in the third quarter, supported by higher production and sales volume and lower maintenance capital expenditures. Revenue declined to $261.9 million, below the sole analyst estimate of $336.3 million. The partnership reported earnings per unit of $0.46 and EBITDA of $128.33 million.
2. Distribution and outlook
The partnership declared a quarterly distribution of $0.4714 per unit, its 49th consecutive quarterly distribution. It expects earnings and cash flows to benefit from its stable ethylene sales agreement with Westlake.
