Westlake Chemical Co. (WLK) Expected to Post Quarterly Sales of $2.22 Billion
Analysts expect that Westlake Chemical Co. (NYSE:WLK) will announce $2.22 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Westlake Chemical’s earnings, with estimates ranging from $2.17 billion to $2.26 billion. Westlake Chemical posted sales of $2.11 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 5.2%. The business is expected to announce its next quarterly earnings results on Tuesday, November 6th.
On average, analysts expect that Westlake Chemical will report full-year sales of $8.69 billion for the current financial year, with estimates ranging from $8.63 billion to $8.76 billion. For the next financial year, analysts anticipate that the company will post sales of $8.89 billion per share, with estimates ranging from $8.77 billion to $9.00 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Westlake Chemical.
Westlake Chemical (NYSE:WLK) last issued its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $2.22 EPS for the quarter, missing the Zacks’ consensus estimate of $2.52 by ($0.30). The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.19 billion. Westlake Chemical had a net margin of 18.55% and a return on equity of 19.44%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company posted $1.21 EPS.
A number of hedge funds have recently modified their holdings of WLK. Wells Fargo & Company MN grew its position in shares of Westlake Chemical by 21.9% during the 1st quarter. Wells Fargo & Company MN now owns 321,339 shares of the specialty chemicals company’s stock valued at $35,716,000 after acquiring an additional 57,758 shares during the period. Robeco Institutional Asset Management B.V. bought a new position in shares of Westlake Chemical during the 1st quarter valued at approximately $4,007,000. KBC Group NV grew its position in shares of Westlake Chemical by 376.5% during the 1st quarter. KBC Group NV now owns 195,200 shares of the specialty chemicals company’s stock valued at $21,696,000 after acquiring an additional 154,233 shares during the period. Northern Trust Corp grew its position in shares of Westlake Chemical by 1.2% during the 1st quarter. Northern Trust Corp now owns 196,407 shares of the specialty chemicals company’s stock valued at $21,830,000 after acquiring an additional 2,381 shares during the period. Finally, Glen Harbor Capital Management LLC grew its position in shares of Westlake Chemical by 89.9% during the 1st quarter. Glen Harbor Capital Management LLC now owns 31,872 shares of the specialty chemicals company’s stock valued at $3,543,000 after acquiring an additional 15,088 shares during the period. 30.80% of the stock is owned by institutional investors and hedge funds.
WLK traded up $0.21 during trading on Wednesday, reaching $86.16. 907,700 shares of the stock traded hands, compared to its average volume of 825,100. Westlake Chemical has a 12 month low of $79.98 and a 12 month high of $124.29. The stock has a market capitalization of $11.14 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 0.78 and a beta of 1.50. The company has a current ratio of 2.27, a quick ratio of 1.51 and a debt-to-equity ratio of 0.46.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Shareholders of record on Tuesday, August 28th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.16%. This is an increase from Westlake Chemical’s previous quarterly dividend of $0.21. The ex-dividend date was Monday, August 27th. Westlake Chemical’s dividend payout ratio is presently 18.28%.
About Westlake Chemical
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and building products primarily in North America and Europe. It operates through two segments, Olefins and Vinyls. The Olefins segment offers polyethylene, styrene monomers, and various ethylene co-products, as well as sells propylene, crude butadiene, pyrolysis gasoline, and hydrogen products.
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