Welcome to our dedicated page for WESTLAKE news (Ticker: WLK), a resource for investors and traders seeking the latest updates and insights on WESTLAKE stock.
Westlake Corporation reports news around its global materials and building-products operations, organized around Performance and Essential Materials and Housing and Infrastructure Products. Updates commonly cover earnings, segment pricing and volume trends, olefins, vinyl chemicals, polyethylene, epoxies, building products, pipe and fittings, facility actions, product certifications, distribution launches, litigation matters and leadership changes.
The company also appears in updates involving Westlake Royal Building Products, Westlake Epoxy and its relationship with Westlake Chemical Partners LP, a limited partnership formed by Westlake to operate, acquire and develop ethylene production facilities and other qualified assets.
Westlake Chemical Partners (NYSE: WLKP) is set to announce its third quarter 2022 earnings on November 3, 2022, before the market opens. The company will host a conference call at 1:00 p.m. Eastern Time to discuss earnings results. Interested participants must pre-register to access the call. Westlake Chemical Partners specializes in the operation and development of ethylene production facilities, holding a 22.8% interest in Westlake Chemical OpCo LP, which operates three production facilities in Kentucky and Louisiana.
Westlake Royal Building Products has partnered with Habitat for Humanity Grey Bruce to donate materials for the construction of seven homes in Saugeen First Nation, Ontario. This initiative marks the beginning of a commitment to build ten homes annually in the Canadian market. The homes, expected to be completed by December 2022, will provide energy-efficient housing for families, allowing them to return to their community. Westlake Royal donated approximately 140 squares of siding products for this project, emphasizing their commitment to affordable housing.
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Westlake Corporation's manufacturing sites in Canada will be featured on the docu-series EARTH with John Holden on multiple dates in late September and early October 2022. The episode will showcase chlorine production from saltwater, which is essential for creating PVC resin used in pipe manufacturing. This segment highlights Westlake's role in providing durable PVC pipes for safe drinking water delivery across the U.S. and Canada. Innovations like PVC-Oriented (PVC-O) pipes, which use fewer raw materials, are also emphasized.
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Westlake Chemical Partners (NYSE: WLKP) has released information regarding the 2021 investor tax reporting, noting that a new Schedule K-3 will be used to report items of international tax relevance. This is particularly important for foreign unitholders and those with U.S. international reporting obligations. The Partnership affirms that all income is effectively connected to a U.S. trade or business. The Schedule K-3 for tax year 2021 is now available online and is recommended for review by unitholders for tax return completion.
The Board of Directors of Westlake Corporation (NYSE: WLK) has authorized a $500 million share repurchase under its existing program, bringing the total available for repurchase to $550 million. As of August 12, 2022, approximately 9.8 million shares were bought at around $600 million. Additionally, a regular dividend of $0.3570 per share has been declared for Q2 2022, a 20% increase from Q1 2022, marking the 72nd consecutive quarterly dividend since its IPO in August 2004.
Westlake Chemical Partners LP (NYSE: WLKP) declared a quarterly distribution of $0.4714 per unit, marking its 32nd consecutive distribution. For Q2 2022, net income was $16.4 million, a decrease of $8.7 million from Q2 2021. Cash flows from operating activities also fell to $120.9 million, down $10.8 million year-over-year. MLP distributable cash flow was $19.6 million, a decrease from $25.5 million in Q2 2021. Despite these declines, the partnership maintains strong production volumes and a stable sales agreement with Westlake, ensuring predictable cash flows and solid returns for unitholders.
Westlake Corporation (NYSE: WLK) reported record second quarter 2022 results, with net sales reaching $4.5 billion, up 57% year-over-year. Net income was $858 million, a 64% increase, while EBITDA stood at $1.5 billion, reflecting a 56% rise. The Performance and Essential Materials segment drove this growth with a 32% increase in overall prices and a 25% volume surge, fueled by strategic acquisitions and strong demand, especially in housing and infrastructure products. Despite higher costs, margins expanded due to effective pricing strategies.
The Board of Directors of Westlake Chemical Partners has declared a quarterly distribution of $0.4714 per unit, payable on August 25, 2022, to unit holders of record by August 11, 2022. This marks the 32nd quarterly distribution since its IPO. The Partnership, operating and developing ethylene production facilities, holds a 22.8% interest in Westlake Chemical OpCo LP, which owns three processing facilities in Kentucky and Louisiana. Non-U.S. investors are subject to federal income tax withholding on distributions.