Delaware | 001-32260 | 76-0346924 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2801 Post Oak Boulevard, Suite 600 Houston, Texas | 77056 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
WESTLAKE CHEMICAL CORPORATION | ||||
Date: | November 6, 2018 | By: | /S/ ALBERT CHAO | |
Albert Chao President and Chief Executive Officer |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In millions of dollars, except per share data) | ||||||||||||||||
Net sales | $ | 2,255 | $ | 2,109 | $ | 6,640 | $ | 6,031 | ||||||||
Cost of sales | 1,716 | 1,613 | 5,007 | 4,766 | ||||||||||||
Gross profit | 539 | 496 | 1,633 | 1,265 | ||||||||||||
Selling, general and administrative expenses | 114 | 98 | 337 | 298 | ||||||||||||
Amortization of intangibles | 24 | 27 | 75 | 82 | ||||||||||||
Transaction and integration-related costs | 5 | 7 | 20 | 23 | ||||||||||||
Income from operations | 396 | 364 | 1,201 | 862 | ||||||||||||
Interest expense | (28 | ) | (40 | ) | (96 | ) | (119 | ) | ||||||||
Other income, net | 23 | 4 | 53 | 13 | ||||||||||||
Income before income taxes | 391 | 328 | 1,158 | 756 | ||||||||||||
Provision for income taxes | 73 | 109 | 255 | 233 | ||||||||||||
Net income | 318 | 219 | 903 | 523 | ||||||||||||
Net income attributable to noncontrolling interests | 10 | 8 | 30 | 21 | ||||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 308 | $ | 211 | $ | 873 | $ | 502 | ||||||||
Earnings per common share attributable to Westlake Chemical Corporation: | ||||||||||||||||
Basic | $ | 2.36 | $ | 1.62 | $ | 6.70 | $ | 3.87 | ||||||||
Diluted | $ | 2.35 | $ | 1.61 | $ | 6.67 | $ | 3.85 |
September 30, 2018 | December 31, 2017 | |||||||
(In millions of dollars) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 788 | $ | 1,531 | ||||
Accounts receivable, net | 1,241 | 1,001 | ||||||
Inventories | 939 | 900 | ||||||
Prepaid expenses and other current assets | 36 | 31 | ||||||
Total current assets | 3,004 | 3,463 | ||||||
Property, plant and equipment, net | 6,519 | 6,412 | ||||||
Other assets, net | 2,198 | 2,201 | ||||||
Total assets | $ | 11,721 | $ | 12,076 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities (accounts payable and accrued liabilities) | $ | 1,301 | $ | 1,257 | ||||
Current portion of long-term debt, net | — | 710 | ||||||
Long-term debt, net | 2,667 | 3,127 | ||||||
Other liabilities | 1,665 | 1,613 | ||||||
Total liabilities | 5,633 | 6,707 | ||||||
Total Westlake Chemical Corporation stockholders' equity | 5,602 | 4,874 | ||||||
Noncontrolling interests | 486 | 495 | ||||||
Total equity | 6,088 | 5,369 | ||||||
Total liabilities and equity | $ | 11,721 | $ | 12,076 |
Nine Months Ended September 30, | ||||||||
2018 | 2017 | |||||||
(In millions of dollars) | ||||||||
Cash flows from operating activities | ||||||||
Net income | $ | 903 | $ | 523 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 473 | 449 | ||||||
Deferred income taxes | 74 | 23 | ||||||
Other balance sheet changes | (295 | ) | (33 | ) | ||||
Net cash provided by operating activities | 1,155 | 962 | ||||||
Cash flows from investing activities | ||||||||
Additions to property, plant and equipment | (507 | ) | (414 | ) | ||||
Additions to investments in unconsolidated subsidiaries | (63 | ) | (47 | ) | ||||
Other, net | 9 | 1 | ||||||
Net cash used for investing activities | (561 | ) | (460 | ) | ||||
Cash flows from financing activities | ||||||||
Dividends paid | (87 | ) | (76 | ) | ||||
Distributions to noncontrolling interests | (37 | ) | (21 | ) | ||||
Proceeds from notes payable and drawdown of revolver | 11 | 231 | ||||||
Net proceeds from issuance of Westlake Chemical Partners LP common units | — | 111 | ||||||
Repayment of term loan | — | (150 | ) | |||||
Repayment of revolver | — | (550 | ) | |||||
Redemption and repayment of notes payable | (1,177 | ) | (7 | ) | ||||
Repurchase of common stock for treasury | (49 | ) | — | |||||
Other | 8 | 2 | ||||||
Net cash used for financing activities | (1,331 | ) | (460 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6 | ) | 22 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (743 | ) | 64 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1,554 | 646 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 811 | $ | 710 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In millions of dollars) | ||||||||||||||||
Net external sales | ||||||||||||||||
Olefins | $ | 541 | $ | 502 | $ | 1,526 | $ | 1,534 | ||||||||
Vinyls | 1,714 | 1,607 | 5,114 | 4,497 | ||||||||||||
$ | 2,255 | $ | 2,109 | $ | 6,640 | $ | 6,031 | |||||||||
Income (loss) from operations | ||||||||||||||||
Olefins | $ | 162 | $ | 166 | $ | 483 | $ | 489 | ||||||||
Vinyls | 251 | 214 | 788 | 425 | ||||||||||||
Corporate and other | (17 | ) | (16 | ) | (70 | ) | (52 | ) | ||||||||
$ | 396 | $ | 364 | $ | 1,201 | $ | 862 | |||||||||
Depreciation and amortization | ||||||||||||||||
Olefins | $ | 35 | $ | 35 | $ | 102 | $ | 111 | ||||||||
Vinyls | 124 | 118 | 362 | 332 | ||||||||||||
Corporate and other | 2 | 1 | 9 | 6 | ||||||||||||
$ | 161 | $ | 154 | $ | 473 | $ | 449 | |||||||||
Other income, net | ||||||||||||||||
Olefins | $ | 1 | $ | — | $ | 4 | $ | 2 | ||||||||
Vinyls | 16 | 1 | 32 | 7 | ||||||||||||
Corporate and other | 6 | 3 | 17 | 4 | ||||||||||||
$ | 23 | $ | 4 | $ | 53 | $ | 13 |
Three Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
(In millions of dollars) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 324 | $ | 606 | $ | 482 | $ | 1,155 | $ | 962 | ||||||||||
Changes in operating assets and liabilities and other | (7 | ) | (259 | ) | (255 | ) | (178 | ) | (416 | ) | ||||||||||
Deferred income taxes | (29 | ) | (29 | ) | (8 | ) | (74 | ) | (23 | ) | ||||||||||
Net income | $ | 288 | $ | 318 | $ | 219 | $ | 903 | $ | 523 | ||||||||||
Add: | ||||||||||||||||||||
Depreciation and amortization | 156 | 161 | 154 | 473 | 449 | |||||||||||||||
Interest expense | 31 | 28 | 40 | 96 | 119 | |||||||||||||||
Provision for income taxes | 93 | 73 | 109 | 255 | 233 | |||||||||||||||
EBITDA | $ | 568 | $ | 580 | $ | 522 | $ | 1,727 | $ | 1,324 |
Third Quarter 2018 vs. Third Quarter 2017 | Third Quarter 2018 vs. Second Quarter 2018 | |||||||||||
Average Sales Price | Volume | Average Sales Price | Volume | |||||||||
Olefins | +1.7 | % | +6.1 | % | -5.6 | % | +17.8 | % | ||||
Vinyls | +5.9 | % | +0.7 | % | -1.6 | % | -0.7 | % | ||||
Company | +4.9 | % | +2.0 | % | -2.4 | % | +3.3 | % |
Quarter Ended | ||||||||||
September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | September 30, 2018 | ||||||
Ethane (cents/lb) | 8.8 | 8.4 | 8.5 | 9.7 | 14.3 | |||||
Propane (cents/lb) | 18.2 | 22.6 | 20.2 | 20.7 | 23.5 | |||||
Ethylene (cents/lb) (2) | 24.7 | 28.4 | 23.6 | 14.8 | 17.3 | |||||
Polyethylene (cents/lb) (3) | 70.7 | 77.5 | 73.7 | 73.7 | 70.0 | |||||
Styrene (cents/lb) (4) | 85.1 | 91.1 | 98.3 | 93.0 | 90.3 | |||||
Caustic soda ($/short ton) (5) | 646.7 | 703.3 | 748.3 | 795.0 | 781.7 | |||||
Chlorine ($/short ton) (6) | 332.5 | 332.5 | 332.5 | 347.5 | 347.5 | |||||
PVC (cents/lb) (7) | 62.5 | 65.2 | 67.2 | 67.5 | 67.5 |
(1) | Industry pricing data was obtained from IHS Markit ("IHS"). We have not independently verified the data. |
(2) | Represents average North American spot prices of ethylene over the period as reported by IHS. |
(3) | Represents average North American net transaction prices of polyethylene low density GP-Film grade over the period as reported by IHS. |
(4) | Represents average North American contract prices of styrene over the period as reported by IHS. |
(5) | Represents average North American United States Gulf Coast undiscounted contract prices of caustic soda over the period as reported by IHS. During the first quarter of 2018, IHS discontinued the previous caustic soda index that we used. For comparability, the average caustic soda for the prior periods presented are based on the current index. |
(6) | Represents average North American contract prices of chlorine (into chemicals) over the period as reported by IHS. |
(7) | Represents average North American contract prices of polyvinyl chloride (PVC) over the period as reported by IHS. |
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