Westlake reports Q4 adjusted EPS 72c, consensus 90c

Reports Q4 revenue $2.83B, consensus $2.86B. “While global macroeconomic conditions were challenging in 2023, Westlake was able to achieve the second highest annual sales in our history…,” said Albert Chao, CEO. “Thus far in 2024, global macroeconomic conditions are largely unchanged from the fourth quarter of 2023. For the full year of 2024 we expect relatively healthy consumer spending in the U.S., supported by a strong labor market and moderating interest rates, to drive modest growth in HIP segment sales volume. In our PEM segment, we are not expecting further deterioration as we have recently seen some signs of stabilization in both sales prices and volumes in both domestic and export markets for most of our products. Our focus for PEM in 2024 will be on structural cost improvement in Europe; improving the reliability and efficiency of our plants; and further commercializing new product innovations. We believe that these efforts will have us well positioned as global industrial and manufacturing demand improves”.