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Westlake (NYSE:WLK) on Thursday declined as a lot as 8.5% after the chemical maker reported quarterly revenue and income that missed Wall Avenue’s estimates.
The corporate’s web earnings slumped 34% from a yr earlier to $401 million, or $3.10 a share. The consensus estimate was $4.32. Westlake mentioned larger vitality prices, particularly in Europe, squeezed its revenue margin.
“Vital financial headwinds and slowing industrial exercise in Europe had been compounded by lagging progress in Asia and a significant drop in residential development exercise in North America,” Albert Chao, president and CEO of Westlake, mentioned within the earnings announcement. “Mixed, these results led to diminished demand throughout our companies and decrease costs for a lot of of our merchandise.”
Income rose 31% to $3.96 billion, lacking the consensus estimate of $4.02 billion.
EBITDA fell 25% from a yr earlier to $804 million through the quarter.
“Whereas we anticipate to see seasonally softer demand from new house development within the fourth quarter, our enterprise must be buoyed by persevering with restore and transforming exercise and infrastructure spending in areas equivalent to municipal water methods, agricultural irrigation and world transportation,” Chao mentioned within the assertion.
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