secwatch.observer — SEC 8-K summary
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Issuer:     WESTLAKE CORP (WLK)
CIK:        0001262823
Form:       8-K
Filed at:   2023-02-21T23:59:59+00:00
Accession:  0001262823-23-000008
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Westlake reports record full-year 2022 sales but Q4 EPS drops 64% YoY to $1.79
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- Full-year 2022 net sales $15.8B (record), net income $2.25B, EBITDA $4.18B; Q4 net sales $3.3B, net income $232M.
- Q4 diluted EPS $1.79 vs $4.98 in Q4 2021 and $3.10 in Q3 2022; driven by lower sales prices, volumes, and elevated energy costs.
- PEM segment Q4 operating income $219M (-73% YoY); HIP segment $68M (-21% YoY) on lower volumes and destocking.
- Free cash flow $538M in Q4, $2.29B for full year; cash $2.23B, debt $4.88B; targeting $55-$105M additional savings in 2023.
- Management cautious on 2023: expects PEM to benefit from cost advantage, HIP to see slowing residential construction but modest R&R growth.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1262823/000126282323000008/0001262823-23-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1262823/000126282323000008/wlk-20230221.htm
  HTML page:      https://secwatch.observer/filing/0001262823-23-000008

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