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Westlake Chemical 2Q profit rises on higher prices

Date:2011年8月1日 16:56

HOUSTON (AP) -- Westlake Chemical Corp. said Tuesday its second-quarter earnings jumped 42 percent, mostly due to higher prices. Westlake attributed the results to better margins due to higher selling prices and improved sales of PVC resin. These factors were partially offset by higher costs for raw materials. The Houston company reported net income of $81 million, or $1.21 per share, for the three months ended June 30 compared with $56.9 million, or 86 cents per share, in the second quarter of 2010. Revenue rose 13 percent to $925 million from $818.4 million a year ago. Analysts polled by FactSet expected a profit of $1.20 per share on revenue of $919.2 million. Income from operations in the company's core olefins segment rose 19 percent as higher sales outpaced rising costs. Olefins are used to make fiber used in everything from rope to clothing and vehicle interiors

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