Westlake Chemical Corp. (WLK, Financial) filed Quarterly Report for the period ended 2012-03-31.
Westlake Chem has a market cap of $4.26 billion; its shares were traded at around $60.69 with a P/E ratio of 16.5 and P/S ratio of 1.2. The dividend yield of Westlake Chem stocks is 0.5%. Westlake Chem had an annual average earning growth of 13.8% over the past 5 years.
Net Sales. Net sales increased by $167.6 million, or 19.3%, to $1,034.9 million in the first quarter of 2012 from $867.3 million in the first quarter of 2011, primarily driven by higher sales prices for our major products and the sale of feedstock. Average sales prices for the first quarter of 2012 increased by 5.5% as compared to the first quarter of 2011. Overall sales volume increased by 13.8% as compared to the first quarter of 2011.
Net Sales. Net sales increased by $127.2 million, or 21.0%, to $732.3 million in the first quarter of 2012 from $605.1 million in the first quarter of 2011, primarily due to higher sales prices for ethylene and ethylene co-products and the sale of feedstock. Average sales prices for the Olefins segment increased by 3.5% in the first quarter of 2012 as compared to the first quarter of 2011. Average sales volumes increased by 17.6% in the first quarter of 2012 as compared to the first quarter of 2011.
Net Sales. Net sales increased by $40.4 million, or 15.4%, to $302.6 million in the first quarter of 2012 from $262.2 million in the first quarter of 2011. This increase was primarily driven by higher sales prices and sales volumes for all major products as compared to the first quarter of 2011. Average sales prices for the Vinyls segment increased by 10.3% in the first quarter of 2012 as compared to the first quarter of 2011. Average sales volumes for the Vinyls segment increased by 5.1% in the first quarter of 2012 as compared to the first quarter of 2011.
As of March 31, 2012, our long-term debt, including current maturities, totaled $764.6 million, consisting of $250.0 million principal amount of 6 5/8% senior notes due 2016 (less the unamortized discount of $0.3 million), $100.0 million of 6 1/2% senior notes due 2029, $250.0 million of 6 3/4% senior notes due 2032, $89.0 million of 6 1/2% senior notes due 2035 (the 2035 GO Zone 6 1/2% Notes), $65.0 million of 6 1/2% senior notes due 2035 (the 2035 IKE Zone 6 1/2% Notes) (collectively, the Senior Notes) and a $10.9 million loan from the proceeds of tax-exempt waste disposal revenue bonds (supported by an $11.3 million letter of credit). The 6 1/2% senior notes due 2029, the 6 3/4% senior notes due 2032, the 2035 GO Zone 6 1/2% Notes and the 2035 IKE Zone 6 1/2% Notes evidence and secure our obligations to the Authority under four loan agreements relating to the issuance of $100.0 million, $250.0 million, $89.0 million and $65.0 million aggregate principal amount of the Authoritys tax-exempt revenue bonds, respectively. As of March 31, 2012, debt outstanding under the tax-exempt waste disposal revenue bonds bore interest at a variable rate. As of March 31, 2012, we were in compliance with all of the covenants with respect to our Senior Notes, our waste disposal revenue bonds and our revolving credit facility.
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Westlake Chem has a market cap of $4.26 billion; its shares were traded at around $60.69 with a P/E ratio of 16.5 and P/S ratio of 1.2. The dividend yield of Westlake Chem stocks is 0.5%. Westlake Chem had an annual average earning growth of 13.8% over the past 5 years.
Highlight of Business Operations:
For the quarter ended March 31, 2012, net income was $87.8 million, or $1.31 per diluted share, on net sales of $1,034.9 million. This represents an increase in net income of $4.3 million, or $0.06 per diluted share, over the quarter ended March 31, 2011 net income of $83.5 million, or $1.25 per diluted share, on net sales of $867.3 million. Net sales for the first quarter of 2012 increased $167.6 million compared to net sales for the first quarter of 2011, driven mainly by higher sales prices for our major products and the sale of feedstock. Income from operations was $145.6 million for the first quarter of 2012 as compared to $140.6 million for the first quarter of 2011. Income from operations benefited primarily from higher vinyls integrated product margins, partially offset by lower olefins integrated product margins. Income from operations in the first quarter of 2011 was negatively impacted as the result of a fire at a third party storage facility in Mont Belvieu, Texas.Net Sales. Net sales increased by $167.6 million, or 19.3%, to $1,034.9 million in the first quarter of 2012 from $867.3 million in the first quarter of 2011, primarily driven by higher sales prices for our major products and the sale of feedstock. Average sales prices for the first quarter of 2012 increased by 5.5% as compared to the first quarter of 2011. Overall sales volume increased by 13.8% as compared to the first quarter of 2011.
Net Sales. Net sales increased by $127.2 million, or 21.0%, to $732.3 million in the first quarter of 2012 from $605.1 million in the first quarter of 2011, primarily due to higher sales prices for ethylene and ethylene co-products and the sale of feedstock. Average sales prices for the Olefins segment increased by 3.5% in the first quarter of 2012 as compared to the first quarter of 2011. Average sales volumes increased by 17.6% in the first quarter of 2012 as compared to the first quarter of 2011.
Net Sales. Net sales increased by $40.4 million, or 15.4%, to $302.6 million in the first quarter of 2012 from $262.2 million in the first quarter of 2011. This increase was primarily driven by higher sales prices and sales volumes for all major products as compared to the first quarter of 2011. Average sales prices for the Vinyls segment increased by 10.3% in the first quarter of 2012 as compared to the first quarter of 2011. Average sales volumes for the Vinyls segment increased by 5.1% in the first quarter of 2012 as compared to the first quarter of 2011.
As of March 31, 2012, our long-term debt, including current maturities, totaled $764.6 million, consisting of $250.0 million principal amount of 6 5/8% senior notes due 2016 (less the unamortized discount of $0.3 million), $100.0 million of 6 1/2% senior notes due 2029, $250.0 million of 6 3/4% senior notes due 2032, $89.0 million of 6 1/2% senior notes due 2035 (the 2035 GO Zone 6 1/2% Notes), $65.0 million of 6 1/2% senior notes due 2035 (the 2035 IKE Zone 6 1/2% Notes) (collectively, the Senior Notes) and a $10.9 million loan from the proceeds of tax-exempt waste disposal revenue bonds (supported by an $11.3 million letter of credit). The 6 1/2% senior notes due 2029, the 6 3/4% senior notes due 2032, the 2035 GO Zone 6 1/2% Notes and the 2035 IKE Zone 6 1/2% Notes evidence and secure our obligations to the Authority under four loan agreements relating to the issuance of $100.0 million, $250.0 million, $89.0 million and $65.0 million aggregate principal amount of the Authoritys tax-exempt revenue bonds, respectively. As of March 31, 2012, debt outstanding under the tax-exempt waste disposal revenue bonds bore interest at a variable rate. As of March 31, 2012, we were in compliance with all of the covenants with respect to our Senior Notes, our waste disposal revenue bonds and our revolving credit facility.
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