Westlake Chemical posted record profits this quarter.
The Houston-based company, which is the world’s third-largest producer of polyvinyl chloride and chlor-alkali, reported a net profit of $211 million. Last year the company reported a $66 million profit in the same quarter. Sales were especially large in its vinyls division, which was responsible for $1.6 billion of the company’s revenues.
Westlake also posted higher-than-expected returns in its olefins segment.
Compared to several other chemical companies in Houston, Westlake suffered minimal damage and downtime from Hurricane Harvey, which also contributed to the company’s strong quarter.
Westlake’s $2.4 billion acquisition of Axiall last year has also paid off.
“We believe the acquisition and continued investments to improve the reliability and operational efficiency of our assets will enable us to be well positioned to fully leverage the improving vinyls market,” the company’s CEO said.
