Westlake Q1 Report 2024
For the three months ended March 31, 2024, the Company reported quarterly net income of $174 million, or $1.34 per share, on net sales of $3.0 billion. The year-over-year decrease in net income of $220 million was primarily due to lower average sales price and margins in our PEM segment, which were partially offset by lower material costs and higher margins in our HIP segment.
First quarter 2024 net income of $174 million increased by $81 million as compared to the fourth quarter of 2023. The sequential increase in net income compared to the prior quarter was primarily due to higher sales volume, driven by seasonal demand improvement and strong demand for both Housing Products and Infrastructure Products.
EBITDA of $546 million for the first quarter of 2024 decreased by $279 million compared to first quarter 2023 EBITDA of $825 million. First quarter 2024 EBITDA increased by $156 million compared to fourth quarter 2023 EBITDA of $390 million.
Highlights
- Record first quarter Housing and Infrastructure Products (HIP) income from operations of $210 million with a 20% operating income margin
- HIP EBITDA of $264 million rose 29% year-over-year with a record first quarter EBITDA margin of 25%
- PEM sales volume grew 3% sequentially from gradual demand recovery with stable average sales prices