Welcome to our dedicated page for Westlake Corporation news (Ticker: WLK), a resource for investors and traders seeking the latest updates and insights on Westlake Corporation stock.
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 Corporation's manufacturing sites in Canada will be featured on the docu-series EARTH with John Holden on multiple dates in late September and early October 2022. The episode will showcase chlorine production from saltwater, which is essential for creating PVC resin used in pipe manufacturing. This segment highlights Westlake's role in providing durable PVC pipes for safe drinking water delivery across the U.S. and Canada. Innovations like PVC-Oriented (PVC-O) pipes, which use fewer raw materials, are also emphasized.
Westlake Chemical Partners (NYSE: WLKP) has released information regarding the 2021 investor tax reporting, noting that a new Schedule K-3 will be used to report items of international tax relevance. This is particularly important for foreign unitholders and those with U.S. international reporting obligations. The Partnership affirms that all income is effectively connected to a U.S. trade or business. The Schedule K-3 for tax year 2021 is now available online and is recommended for review by unitholders for tax return completion.
The Board of Directors of Westlake Corporation (NYSE: WLK) has authorized a $500 million share repurchase under its existing program, bringing the total available for repurchase to $550 million. As of August 12, 2022, approximately 9.8 million shares were bought at around $600 million. Additionally, a regular dividend of $0.3570 per share has been declared for Q2 2022, a 20% increase from Q1 2022, marking the 72nd consecutive quarterly dividend since its IPO in August 2004.
Westlake Chemical Partners LP (NYSE: WLKP) declared a quarterly distribution of $0.4714 per unit, marking its 32nd consecutive distribution. For Q2 2022, net income was $16.4 million, a decrease of $8.7 million from Q2 2021. Cash flows from operating activities also fell to $120.9 million, down $10.8 million year-over-year. MLP distributable cash flow was $19.6 million, a decrease from $25.5 million in Q2 2021. Despite these declines, the partnership maintains strong production volumes and a stable sales agreement with Westlake, ensuring predictable cash flows and solid returns for unitholders.
Westlake Corporation (NYSE: WLK) reported record second quarter 2022 results, with net sales reaching $4.5 billion, up 57% year-over-year. Net income was $858 million, a 64% increase, while EBITDA stood at $1.5 billion, reflecting a 56% rise. The Performance and Essential Materials segment drove this growth with a 32% increase in overall prices and a 25% volume surge, fueled by strategic acquisitions and strong demand, especially in housing and infrastructure products. Despite higher costs, margins expanded due to effective pricing strategies.
The Board of Directors of Westlake Chemical Partners has declared a quarterly distribution of
Westlake Chemical Partners (NYSE: WLKP) is set to release its second quarter 2022 earnings on August 2, 2022, prior to the market opening. A conference call will be held at 1:00 p.m. Eastern Time to discuss the earnings. Interested participants must pre-register to access the call via phone, with details available on their website. The call will also be accessible via webcast. Westlake Chemical Partners focuses on operating, acquiring, and developing ethylene production facilities, holding a 22.8% interest in Westlake Chemical OpCo LP, which operates three facilities in Kentucky and Louisiana.
Westlake Corporation (NYSE: WLK) will announce its second quarter 2022 earnings on August 2, 2022, before the market opens. A conference call to discuss the earnings will be held at 11:00 a.m. ET, accessible via phone and webcast. Interested parties can dial (800) 715-9871 for domestic calls or (646) 307-1963 for international access. A replay of the call will be available shortly after its conclusion. Westlake is a global manufacturer providing essential materials across various sectors, including construction and healthcare.
FAQ
What is the current stock price of Westlake Corporation (WLK)?
What is the market cap of Westlake Corporation (WLK)?
What does Westlake Corporation do?
Where is Westlake Corporation headquartered?
How many employees does Westlake Corporation have?
What are the main segments of Westlake Corporation?
What products does the Performance and Essential Materials segment offer?
What is included in the Housing and Infrastructure Products segment?
In which regions does Westlake Corporation operate?
What recent achievements has Westlake Corporation made?
How financially stable is Westlake Corporation?