Westlake Corporation · NYSE:WLK
Westlake — Westlake Chemical — Q2 2019 Earnings Presentation
9 slides from Westlake's earnings presentation, Aug 6, 2019
Slide 1: Westlake Chemical Corporation Second Quarter 2019 Earnings Presentation
Westlake Chemical Corporation Second Quarter 2019 Earnings Presentation
Slide 2: Business Highlights
Westlake Chemical Corporation Business Highlights . Net income of $129 million for the second quarter of 2019; 57% improvement over the first quarter of 2019 . Started-up our 2.2 billion pound ethylene joint venture with Lotte in the second quarter of 2019 . Issued EUR 700,000,000 of senior unsecure
Slide 3: Second Quarter 2019 Financial Highlights
Westlake Chemical Corporation Second Quarter 2019 Financial Highlights 2Q 1Q 2Q 2019 vs. 2Q 2Q 2019 vs. YTD YTD YTD 2019 vs. ($ in millions) 2019 2019 1Q 2019 2018 2Q 2018 2019 2018 YTD 2018 Sales $2,144 $2,025 6% $2,235 (4%) $4,169 $4,385 (5%) Operating Income $194 $134 45% $404 (52%) $328 $805 (59
Slide 4: Vinyls Segment Performance
Vinyls Segment Performance 2Q 1Q 2Q 2019 vs. 2Q 2Q 2019 vs. YTD YTD YTD 2019 vs. ($ in millions) 2019 2019 1Q 2019 2018 2Q 2018 2019 2018 YTD 2018 Sales $1,667 $1,566 6% $1,753 (5%) $3,233 $3,400 (5%) Operating Income $129 $101 28% $271 (52%) $230 $537 (57%) EBITDA $269 $239 13% $395 (32%) $508 $791
Slide 5: Olefins Segment Performance
Olefins Segment Performance 2Q 1Q 2Q 2019 vs. 2Q 2Q 2019 vs. YTD YTD YTD 2019 vs. ($ in millions) 2019 2019 1Q 2019 2018 2Q 2018 2019 2018 YTD 2018 Sales $477 $459 4% $482 (1%) $936 $985 (5%) Operating Income $82 $37 122% $158 (48%) $119 $321 (63%) EBITDA $119 $74 61% $192 (38%) $193 $391 (51%) Seco
Slide 6: Financial Reconciliations
EXHIBIT 99.2 Westlake Chemical Financial Reconciliations
Slide 7: 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 Three Months Ended March 31, Three Months Ended June 30, Six Months Ended June 30, 2019 2019 2018 2019 2018 (In millions of dollars) Net cash provided by operating activities $ 147 $ 320 $ 32
Slide 8: Reconciliation of Vinyls, Olefins and Corporate EBITDA to Operating Income
Reconciliation of Vinyls, Olefins and Corporate EBITDA to Applicable Operating Income Loss Three months ended March 31, Three months ended June 30, Six months ended June 30, (in $ millions) 2019 2019 2018 2019 2018 Vinyls EBITDA $239 $269 $395 $508 $791 Less: Depreciation and Amortization 134 138 12
Slide 9: Safe Harbor Language
Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding the timing and results of capital projects and demand for our products and capacity additions in the vinyls industry. Actual results may differ materially depending on factors such as ge