Westlake Q3 net income down 34% YoY to $401M; $70M legal charge; macro headwinds

WESTLAKE CORP

2022-Q3 EPS reported $15.54 revenue$12,495,000,000

Net income $401M ($3.10 EPS) vs $607M ($4.69) YoY; includes $70M legal charge ($0.42/share after-tax).
Revenue $3,956M, up 29% YoY but down 12% seq; lower volumes and pricing across most segments.
PEM EBITDA $561M (21% margin), down 41% YoY; HIP EBITDA $254M (20% margin), up 85% YoY.
CEO cites eroding macro, higher energy costs, slowing US residential construction, caustic soda strength.
Free cash flow $629M in Q3; cash $1,778M, total debt $4,819M; strong balance sheet.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WESTLAKE CORP reported third quarter 2022 results: revenue $3,956 million, net income $401 million, EPS $3.10.

Period: third quarter 2022
Revenue: $3,956 million
Net income: $401 million
EPS: $3.10
Result: reported results

Exact text from the filing

Chao. RESULTS Consolidated Results For the three months ended September 30, 2022, the Company reported quarterly net income of $401 million, or $3.10 per share, on net sales of $3,956 million. The year-over-year decrease in net income of $206 million from the third quarter of 2021 was primarily due to lower global sales prices and integrated margins for our

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Source: SEC EDGAR

accession 0001262823-22-000050

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