Westlake Corporation - WLK STOCK NEWS

Westlake Chemical Partners (NYSE: WLKP) has released its 2023 investor tax reporting information. The Partnership will report items of international tax relevance on Schedule K-3 for the 2023 tax year. This information is important for certain unitholders, including foreign investors and those with US international reporting obligations. All income is effectively connected with a US trade or business. The Schedule K-3 details are now available online and are necessary for completing tax returns. Unitholders are advised to review this information and consult with their tax advisor.

Westlake Pipe & Fittings, a division of Westlake (NYSE: WLK), announced a significant investment in a new PVCO pipe plant at its Wichita Falls, Texas site. The 190,000 square-foot facility aims to enhance its product portfolio with advanced PVCO pipe manufacturing, first introduced in Canada in 2021. The expansion, leveraging the region's strategic U.S. location, demonstrates Westlake's commitment to growth, innovation, and job creation. The PVCO pipes offer superior strength, durability, and reduced environmental impact. Construction is set to begin by the end of 2024, with support from local government incentives.

Westlake Royal Building Products, a subsidiary of Westlake (NYSE:WLK), has introduced two new colors—Burntwood and Blonde Oak—to its Cedar Renditions aluminum siding line. These new colors provide a stained woodgrain appearance without the maintenance issues. Cedar Renditions offers various benefits such as being virtually maintenance-free, moisture-proof, easy to install, non-flammable, and capable of withstanding winds up to 200 mph. Made from durable and recyclable aluminum, the product is rust-resistant, water-resistant, cold-resistant, and insect-proof. Supported by a 25-year prorated warranty, Cedar Renditions is available through designated distributors in the US and Canada.

Westlake Pipe & Fittings has inaugurated a new distribution center in Lakeland, Florida, significantly bolstering its operational capabilities. The facility, spanning nearly 200,000 square feet with additional outdoor pipe storage, triples the company's storage capacity in the area. This strategic expansion helps consolidate operations from multiple sites, streamlining order fulfillment for customers across various market segments. The Lakeland center is part of a broader expansion plan, marking the fifth distribution center, with three more slated for 2024 and further growth anticipated in 2025.

Westlake (NYSE: WLK) declared a quarterly dividend of $0.50 per share for the first quarter of 2024. The dividend will be payable on June 6, 2024, to stockholders of record on May 21, 2024. This marks the 79th consecutive quarterly dividend since the company's IPO in 2004.

Westlake (NYSE: WLK) will showcase its sustainable solutions at NPE 2024, focusing on essential products for various sectors like healthcare, automotive, and food packaging. The company is committed to sustainability and delivering high-value products that enhance everyday life. Westlake will exhibit products like PVCO pipe, Pivotal™ Polyethylene, Pivotal™ PVC Compounds, and GreenVin™ bio-attributed PVC at the event.

Westlake Water Solutions, a business unit of Westlake (NYSE: WLK), and NSF International are emphasizing the importance of using properly specified chlorine tablets in commercial pools to ensure water safety. They remind health inspectors and pool operators about the risks of improper chlorination due to heavy bather loads, rain, and UV rays. NSF certifies pool products to maintain compliance with standards, and organizations like CDC and American Chemistry Council provide tools for safe chemical application.

Westlake Chemical Partners LP (WLKP) reported net income of $14.8 million for Q1 2024, in-line with Q1 2023. Cash flows decreased to $104.6 million due to working capital changes. MLP distributable cash flow was $16.9 million, down $0.7 million from Q1 2023. Despite lower production and sales volume, net income saw a slight increase from Q4 2023. The quarterly distribution of $0.4714 per unit was declared, marking the 39th consecutive distribution. The partnership remains optimistic for 2024, citing stable demand for ethylene derivative products and favorable margins.

Westlake (NYSE: WLK) reported first quarter 2024 results with record earnings from its HIP segment and a 29% increase in EBITDA. The company achieved net sales of $3.0 billion, net income of $174 million, and EBITDA of $546 million. Hip segment sales volume grew 12% sequentially, while PEM segment sales volume increased by 3%. HIP's EBITDA margin expanded to 25%, and PEM's margin increased to 13% from the previous quarter. The company remains optimistic about future growth in the HIP segment despite macroeconomic challenges affecting the PEM segment.