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.
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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.
Westlake Corporation (NYSE: WLK) will announce its second quarter 2022 earnings on August 2, 2022, before the market opens. A conference call to discuss the earnings will be held at 11:00 a.m. ET, accessible via phone and webcast. Interested parties can dial (800) 715-9871 for domestic calls or (646) 307-1963 for international access. A replay of the call will be available shortly after its conclusion. Westlake is a global manufacturer providing essential materials across various sectors, including construction and healthcare.
Westlake Chemical Partners (NYSE: WLKP) is set to release its second quarter 2022 earnings on August 2, 2022, prior to the market opening. A conference call will be held at 1:00 p.m. Eastern Time to discuss the earnings. Interested participants must pre-register to access the call via phone, with details available on their website. The call will also be accessible via webcast. Westlake Chemical Partners focuses on operating, acquiring, and developing ethylene production facilities, holding a 22.8% interest in Westlake Chemical OpCo LP, which operates three facilities in Kentucky and Louisiana.
Westlake Royal Building Products has launched Province Slate, a new composite slate roofing tile that offers a traditional slate appearance with modern durability. This 12-inch tile features an 8-inch exposure and is Class A fire-rated and Class 4 impact-rated, suitable for various climates. Made from virgin resins and fire retardants, it ensures low maintenance and comes with a Lifetime Limited Materials Warranty. Available in six popular colors, Province Slate provides a cost-effective solution compared to traditional slate and high-end roofing options.
Westlake Royal Building Products has introduced five new colors for its Royal® Siding and Exterior Portfolio® vinyl siding lines, reflecting contemporary design trends. The colors, inspired by nature, include tones of gray, blue-gray, brown, and green. Marketing VP Steve Booz emphasized the importance of color for designers and homeowners, stating that these additions are expected to be top-sellers. The new options utilize Chromatix™ technology for fade resistance and are available across various siding formats, enhancing the company's product appeal in the competitive market.