Westlake Chemical Partners Lp · NYSE:WLKP
Westlake Chemical Partners Lp — Q1 2024 Earnings Presentation
16 slides from Westlake Chemical Partners Lp's earnings presentation, May 1, 2024
Slide 1: Earnings Presentation 1Q 2024
Earnings Presentation 1Q 2024 1
Slide 2: First Quarter 2024 Highlights
First Quarter 2024 Highlights 1Q 2024 Financial Results Volume momentum continues along with stabilizing pricing $174M $3.0B $546M Net Income Net Sales EBITDA 87% increase vs. 4Q (1,2) 5% increase vs. 4Q 40% increase vs. 4Q(1,3) $1.34 $3.1B $169M Net Income Per Share Cash and Equivalents Net Cash Pr
Slide 3: Westlake Corporation 1Q 2024
Westlake Corporation 1Q 2024 Solid 8% YoY sales volume growth with contributions from each ($ in millions) 1Q'24 4Q'23 QoQ% 1Q'23 YoY% segment led by Pipe & Fittings and Sales $2,975 $2,826 5% $3,356 (11%) Siding & Trim in HIP and chlorovinyls in PEM Operating Income(1) $ 223 $ 73 205% $536 (58%) EB
Slide 4: Housing and Infrastructure Products (HIP) Segment Performance
Housing and Infrastructure Products (“HIP”) Segment Performance Record first quarter EBITDA and EBITDA margin driven by solid sales ($ in millions) 1Q'24 4Q'23 QoQ% 1Q'23 YoY% volume growth, lower materials costs, improved sales mix, and cost-saving Housing Products Sales $879 $795 11% $818 7% actio
Slide 5: Housing and Infrastructure Products Update
Housing and Infrastructure Products Update 1 Leading positions in key markets enabling HIP to capitalize on resilient North American residential construction and infrastructure activity 2 Longer-term fundamentals for housing strength remain intact due to decade-plus of under- building, increasingly
Slide 6: Leveraging HIP's Leading Positions in Attractive Markets
Leveraging HIP’s Leading Positions in Attractive Markets FLAGSHIP US MARKET GROWTH LONG-TERM DEMAND BRANDS TAM (1) POSITIONS OPPORTUNITIES DRIVERS BRAND #1 Non-Wood Shutters • Vinyl siding has lowest installed cost Royal Building Products VALUE Siding & $10B • Stable Repair & Remodel (R&R) spend • D
Slide 7: Performance and Essential Materials (PEM) Segment Performance
Performance and Essential Materials (“PEM”) Segment Performance Slowly improving macroeconomic ($ in millions) 1Q'24 4Q'23 QoQ% 1Q'23 YoY% conditions driving volume and stabilizing pricing Performance Materials Sales $1,164 $1,107 5% $1,282 (9%) Essential Materials Sales $767 $773 (1%) $1,067 (28%)
Slide 8: Performance and Essential Materials Update
Performance and Essential Materials Update 1 Sales volume improved sequentially driven by an end to customer destocking, seasonal improvement in demand and reduced competition from low-price Asian imports in Europe as a result of shipping disruptions in the Red Sea 2 Our North American feedstock adv
Slide 9: Financial Reconciliations
Financial Reconciliations 9 9
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Three months ended March 31, December 31, 2024 2023 2023 (In millions of dollars, except per share data) Performance and Essential Materials Sales $ 1,931 $ 2,349 $ 1,880 Housing and Infrastructure Products Sales 1,044 1,007 946 Net sales 2,97
Slide 11: Reconciliation of Net Income and Earnings Per Share excl. Identified Items
Reconciliation of Net Income Attributable to Westlake Corporation and Earnings Per Diluted Share to Net Income and Diluted Earnings Per Share excl. Identified Items Three months ended Three months ended March 31, December 31, 2024 2023 2023 (In millions of dollars, except per share data) Net income
Slide 12: Reconciliation of EBITDA excl. Identified Items
Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Income, Income from Operations and Net Cash Provided by Operating Activities Three months ended Three months ended March 31, December 31, 2024 2023 2023 (In millions of dollars) Net cash provided by operating activities $ 169 $ 512 $ 573
Slide 13: Reconciliation of PEM, HIP and Corporate EBITDA to Operating Income
Reconciliation of PEM EBITDA excl. Identified Items, HIP EBITDA and Corporate EBITDA to Operating Income (Loss) Three months Three months ended March 31, ended December 31, 2024 2023 2023 (In millions of dollars) Performance and Essential Materials EBITDA excl. Identified Items $ 253 $ 615 $ 201 Les
Slide 14: Reconciliation of Free Cash Flow to Net Cash from Operating Activities
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Three months ended Three months ended March 31, December 31, 2024 2023 2023 (In millions of dollars) Net cash provided by operating activities $ 169 $ 512 $ 573 Less: Additions to property, plant and equipment 272 267 282
Slide 15: Safe Harbor Language
Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding our cost savings objectives and our ability to maintain synergies, pricing and demand for our products, global macroeconomic conditions, anticipated sales volumes, expectations regarding
Slide 16: Vestlake
Vestlake
Westlake Chemical Partners — Q1 2024 Earnings Presentation on 6ix