Westlake Chemical Doubles Profits, Beats Estimates (WLK)

Westlake Chemical Corporation WLK announced on Wednesday morning that it beat consensus Wall Street estimates. Westlake Chemical Corporation reported that its 3rd quarter net income more than doubled to $62.7 million, or 95 cents per share, up from $29.8 million, or 45 cents per share, a year earlier. Revenue climbed to $779.7 million, up from $632.6 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 66 cents per share, on revenue of $779.62 million. President and chief executive officer Albert Chao said, "We are pleased to report improved earnings in the third quarter of 2010 and record income from operations in our Olefins segment. The Olefins segment continues to benefit from strong domestic and export demand for polyethylene, high operating rates and low cost natural gas-based ethylene production. Although continued weakness in the construction industry negatively impacted our Vinyls segment, PVC resin exports have increased as a result of more competitive ethylene and energy cost positions in North America." Westlake Chemical Corporation (WLK) closed the previous trading day at $32.82 per share. Analysts covering the company's stock give it a consensus price target of $29.43 per share. Read more from Benzinga's Company news.