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Westlake Corporation (NYSE: WLK) is a globally recognized manufacturer and supplier of petrochemicals, plastics, and fabricated products. These products play a crucial role in enhancing the daily lives of people worldwide. From the tires we ride on to the plastic wrap that keeps our food fresh, and from the pipes ensuring clean water to the frames securing our windows, Westlake Corporation's offerings are integral to a multitude of everyday applications.
Headquartered in Houston, Texas, Westlake employs approximately 4,100 people and operates from 16 locations across North America, 7 in Europe, and 1 in China. This extensive network enables the company to efficiently serve a global clientele.
Westlake Corporation's business is divided into two main segments:
- Performance and Essential Materials: This segment provides a wide range of fundamental building blocks for numerous products used in daily life, including olefins, vinyl chemicals, polyethylene, and epoxies. These materials are essential for various industries, from automotive to packaging and construction.
- Housing and Infrastructure Products: This segment focuses on producing finished goods critical to the building products, pipe and fittings, and global compounds businesses. The products in this segment support infrastructure development and housing projects, highlighting Westlake's significant role in these sectors.
Westlake Corporation prides itself on innovation and sustainability. The company has been involved in numerous projects aimed at reducing environmental impact, enhancing product performance, and ensuring safety standards. Recent achievements include advancements in polymer technology and strategic partnerships that expand their market reach and enhance product offerings.
Financially, Westlake Corporation has demonstrated robust performance, reflecting its strategic investments and market positioning. The company's financial health is supported by a strong balance sheet, consistent revenue growth, and effective cost management strategies.
For more detailed information and the latest updates, visit Westlake Corporation's official website.
Westlake (NYSE: WLK) has declared a regular quarterly dividend of $0.525 per share for the third quarter of 2024. The dividend will be paid on December 12, 2024, to stockholders of record as of November 26, 2024. The company has maintained a consistent track record of paying and increasing dividends since its first dividend announcement on November 11, 2004, marking a 20-year history of consecutive dividend payments.
Westlake Royal Building Products (NYSE:WLK) has expanded its partnership with Alexandria Moulding to strengthen its distribution footprint in Canada. Alexandria Moulding will now distribute Versetta Stone®, a mortarless cement-based stone veneer siding panel, at locations in Alexandria, Ontario, Calgary, Alberta, and Moxee, Washington. The expansion builds upon their existing partnership, which includes distribution of Royal® Trim & Mouldings and Celect® Cellular Composite Siding. Versetta Stone offers the appearance of hand-laid stone walls with virtually undetectable joints and easy installation features.
Westlake Chemical Partners LP (NYSE: WLKP) reported strong Q3 2024 results with net income of $18.1 million ($0.51 per unit), up from $13.2 million in Q3 2023. Cash flows from operating activities reached $126.1 million, increasing by $25.2 million year-over-year. MLP distributable cash flow was $17.9 million, up $4.3 million from Q3 2023. The company declared its 41st consecutive quarterly distribution of $0.4714 per unit. The improvement was driven by higher third-party ethylene sales volume and margins, with the company strategically deferring the Petro 1 ethylene unit turnaround to Q1 2025.
Westlake (WLK) reported third quarter 2024 results with net sales of $3.1 billion, net income of $183 million (excluding identified item), and EBITDA of $580 million. The quarter was impacted by extended maintenance outages at ethylene JV and chlorovinyl facilities. Sales declined 3% compared to Q2 2024, with a 4% decrease in volume and 1% increase in average sales price.
The company accrued $75 million in mothball expenses related to two units in European epoxy business. Performance and Essential Materials (PEM) segment reported sales of $2.0 billion, while Housing and Infrastructure Products (HIP) segment recorded sales of $1.1 billion. The company ended the quarter with $2.9 billion in cash and $4.6 billion in total debt.
Westlake Royal Building Products (NYSE:WLK) has announced strategic investments to enhance operations and capacity of Newpoint Concrete Roof Tile in Florida. The initiative includes improvements at two manufacturing facilities: Lake Wales, focusing on streamlining operations and improving product quality, and Okeechobee, concentrating on increasing production capacity. The company is highlighting the Saxony 900 profile tile, known for efficient foam-adhesive application and enhanced wind-uplift protection. The expansion includes improvements to e-commerce, delivery services, and roof-load services to reach more areas in Florida.
Westlake Chemical Partners LP (NYSE:WLKP) has announced its third quarter 2024 distribution of $0.4714 per unit, marking its 41st quarterly distribution since its IPO. The distribution will be paid on November 27, 2024, to unitholders of record as of November 12, 2024. The announcement includes notice that 100% of distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Westlake Epoxy has joined the B4 Consortium in Western North Brabant, Netherlands, as part of an initiative to develop bio-based building blocks for the construction industry. The three-year project involves 11 partners led by TNO, focusing on converting tree and plant residues into sustainable construction materials. Westlake Epoxy will explore replacing fossil fuel-based feedstock with bio-based alternatives for epoxy resin production. The €4.4 million project aims to reduce CO2 emissions in construction by 50% by 2030 and 90% by 2050, targeting the replacement of fossil-based aromatics, which are present in 40% of products including paint, glue, and insulation materials.
Westlake Chemical Partners (NYSE: WLKP) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its earnings before the market opens on Tuesday, November 5, 2024. A conference call is scheduled for 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the results.
To participate in the conference call, interested parties must pre-register at the provided link to receive a unique PIN for access. The call will also be available via webcast, and the earnings release will be accessible on the company's investor relations website.
Westlake (NYSE: WLK) has announced its upcoming third quarter 2024 earnings release and conference call. The company will disclose its financial results before the market opens on Tuesday, November 5, 2024. Following the release, Westlake will host a conference call at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss the earnings report.
To participate in the conference call, interested parties must pre-register through a provided link. Upon registration, participants will receive a unique phone number and PIN for access. The earnings conference call will also be accessible via webcast, and the earnings release will be available on Westlake's investor relations website.
Westlake (NYSE: WLK) announced that its Westlake Global Compounds businesses and operating sites outside the U.S. have been awarded the EcoVadis Silver Medal. This recognition places these sites among the top 15% of companies assessed by EcoVadis globally over the past year.
The award reflects Westlake's commitment to improved environmental sustainability and corporate social responsibility. EcoVadis, the world's largest provider of business sustainability ratings, evaluated Westlake Global Compounds' performance at sites in Mexico, Europe, and Asia. The assessment covered four key areas: environment, labor and human rights, ethics, and sustainable procurement.
Bridget Confait-Smith, associate director at Westlake Global Compounds, stated that this achievement underscores their commitment to environmental stewardship and ethical business practices, motivating them to continue pursuing operational excellence and leadership in sustainability practices.
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