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Westlake Corporation Reports First Quarter 2026 Results

WLK
  • Westlake Corporation reported net sales of $2.652 billion for the three months ended March 31, 2026, representing a decrease from $2.846 billion in the same period in 2025.
  • The company recorded a net loss of $169 million, or $1.31 per diluted share, for the quarter, compared to a net loss of $40 million, or $0.31 per share, in Q1 2025.
  • Reported loss from operations was $172 million, impacted by $85 million in identified items including a $67 million litigation settlement & $18 million in facility shutdown charges.
  • Excluding identified items, the net loss was $100 million, or $0.77 per share, with an EBITDA of $235 million.
  • Housing & Infrastructure Products (HIP) segment sales increased to $993 million, driven by 10% volume growth, while operating income was $56 million.
  • Performance & Essential Materials (PEM) segment sales totaled $1.659 million, with an operating loss of $211 million & EBITDA of $19 million.
  • CEO Jean-Marc Gilson cited margin improvements in the PEM segment due to the Iranian conflict, which raised global feedstock & energy prices.
  • The closure of the Strait of Hormuz in March 2026 led to significant increases in PVC resin & polyethylene sales prices.
  • Westlake expects PEM margins to benefit from a steeper global cost curve through at least the summer of 2026.
  • The company anticipates HIP sales volume support from infrastructure spending & data center demand, despite headwinds from high interest rates & building costs.
  • Net cash used for operating activities was $94 million, while capital expenditures totaled $209 million for the quarter.
  • As of March 31, 2026, the company held $2.5 billion in cash, cash equivalents, & fixed-income investments with total debt of $5.6 billion.
  • Sales volume increased 6% sequentially (excluding closures & acquisitions) & average sales price rose 1% in Q1 2026 compared to Q4 2025.
  • A conference call to discuss the results was scheduled for May 5, 2026, at 11:00 AM Eastern Time.