Westlake Corporation · NYSE:WLK
Westlake — Westlake Chemical — Q1 2021 Earnings Presentation
14 slides from Westlake's earnings presentation, May 4, 2021
Slide 1: First Quarter 2021 Earnings Presentation
First Quarter 2021 Earnings Presentation May 4, 2021
Slide 2: Commitment to Social Responsibility and Advancing Sustainability
Westlake’s commitment to social responsibility and advancing sustainability is formed by the company’s longstanding core values: Health, Safety & Environmental - The vigilant stewardship of the environment and sustainability are of utmost importance and at the forefront of everything we do. Our
Slide 3: Westlake Chemical First Quarter 2021 Highlights
Westlake Chemical First Quarter 2021 Highlights 3 Business Highlights By quarter end, restored operations to all facilities after severe Winter Storm Uri, which had a significant impact on our business from reduced production and sales and additional maintenance expense Robust global demand and
Slide 4: Westlake Chemical Corporation Financial Highlights
Westlake Chemical Corporation First Quarter 2021 Financial Highlights (1) Reconciliations of EBITDA, Vinyls EBITDA, Olefins EBITDA and Corporate EBITDA to the applicable GAAP measures can be found on pages 8, 9 and 10. First Quarter 2021 vs. Fourth Quarter 2020 + Higher sales prices and margins for
Slide 5: Vinyls Segment Performance
Vinyls Segment Performance 5 First Quarter 2021 vs. Fourth Quarter 2020 + Higher sales prices for PVC resin + Higher sales volumes for most of our major products + Strong earnings in our downstream building products business – Lower caustic soda prices – Higher feedstock costs First Quarter 2021 vs.
Slide 6: Olefins Segment Performance
Olefins Segment Performance 6 First Quarter 2021 vs. Fourth Quarter 2020 + Higher sales prices and margins + Increased sales volumes First Quarter 2021 vs. First Quarter 2020 + Higher sales prices and margins – Lost production, lower sales and higher maintenance expense from winter storm – Higher fe
Slide 7: Financial Reconciliations
EXHIBIT 99.2 Financial Reconciliations
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations 8 Three months ended December 31, Three months ended March 31, 2020 2021 2020 (In millions of dollars, except per share data) Net sales $ 1,965 $ 2,357 $ 1,932 Cost of sales 1,642 1,848 1,649 Gross profit 323 509 283 Selling, general and administrative expenses
Slide 9: Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities
Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities 9 Three months ended December 31, Three months ended March 31, 2020 2021 2020 (In millions of dollars) Net cash provided by operating activities $ 431 $ 265 $ 61 Changes in operating assets a
Slide 10: Reconciliation of Vinyls, Olefins and Corporate EBITDA to Operating Income (Loss)
Reconciliation of Vinyls, Olefins and Corporate EBITDA to Applicable Operating Income (Loss) 10 Three months ended December 31, Three months ended March 31, 2020 2021 2020 (In millions of dollars) Vinyls EBITDA $ 334 $ 367 $ 232 Less: Depreciation and Amortization 159 157 153 Other Income (Expenses)
Slide 11: Quarterly Industry Pricing
EXHIBIT 99.2 Ie Quarterly Industry Pricing !
Slide 12: Industry pricing data notes
1) Industry pricing data was obtained through IHS Markit ("IHS"). We have not independently verified the data. 2) Average Burner Tip contract prices of natural gas over the period. 3) Average Mont Belvieu spot prices of purity ethane over the period. 4) Average Mont Belvieu spot prices of non-TET pr
Slide 13: Safe Harbor Language
Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding PVC, polyethylene, building products and caustic soda pricing and demand, continued recovery in key end markets (such as housing starts), our cost control and efficiency efforts, our abi
Slide 14: Westlake Chemical
Westlake Chemical