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Westlake (WLK) Q4 FY2021 earnings: revenue $3.5 billion, up 78.5% on the year

Westlake Corp. (WLK) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 78.5% on the same quarter a year earlier. Net income was $644 million, up 469.9% on the year, and diluted earnings per share $4.98. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue
$3.5 billion
+78.5% on the year · +14.8% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
24.9%
9.1% a year earlier
Q1 FY2020Q4 FY2021
Net income
$644 million
+469.9% on the year · +6.1% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$4.98
+472.4% on the year · +6.2% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue3,5073,0551,965+14.8%+78.5%
Cost of revenue2,411n/an/a
Gross profit1,096n/an/a
Gross margin31.3%n/an/a
Selling, general and administrative168n/an/a
Operating income873861178+1.4%+390.4%
Operating margin24.9%28.2%9.1%
Interest expense46.0n/an/a
Pre-tax income845n/an/a
Income tax184n/an/a
Effective tax rate21.8%n/an/a
Net income644607113+6.1%+469.9%
Net margin18.4%n/an/a
Diluted EPS$4.98$4.69$0.87+6.2%+472.4%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow757n/an/a
Capital expenditure244n/an/a
Free cash flow513n/an/a
Free cash flow margin14.6%n/an/a
Cash from investing-2,371n/an/a
Cash from financing-50.0n/an/a
Depreciation and amortisation240203196+18.2%+22.4%
Share-based compensation8.0n/an/a
Buybacks0.0n/an/a
Dividends paid38.0n/an/a
Diluted shares, weighted129m129mn/a-0.1%
Shares outstanding at period end128m128m128m+0.1%+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity7,9557,2986,043+9.0%+31.6%
Non-controlling interest573n/an/a
Debt5,1805,1973,566-0.3%+45.3%
Operating lease liabilities461n/an/a
Other liabilities4,290n/an/a
Total liabilities and equity18,459n/an/a
Fixed assets7,606n/an/a
Goodwill2,024n/an/a
Intangible assets1,083n/an/a
Cash and equivalents1,9083,5711,313-46.6%+45.3%
Receivables1,741n/an/a
Inventory1,407n/an/a
Other assets2,690n/an/a
Total assets18,459n/an/a

Questions

What was Westlake's revenue in Q4 FY2021?

Westlake (WLK) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 78.5% on the same quarter a year earlier.

How much did Westlake earn in Q4 FY2021?

Net income for Q4 FY2021 was $644 million, up 469.9% on the year, and diluted earnings per share $4.98.

When did Westlake report Q4 FY2021 results?

Westlake filed its 10-K for the year that ended with the quarter on 23 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,5074,0564,4833,9563,2993,3563,2513,1152,8262,9753,2073,1172,8432,8462,9532,8382,5332,6523,2712,981
Cost of revenue2,4112,7713,0383,1802,7322,5642,6092,5292,6272,5092,5432,6182,5152,6142,6952,6022,4462,5402,6192,599
Gross profit1,0961,2851,44577656779264258619946666449932823225823687.0112652382
Gross margin31%32%32%20%17%24%20%19%7%16%21%16%12%8%9%8%3%4%20%13%
SG&A168200220215200222213206224209224215226227221228224236253250
Operating income8731,0321,175516327536396349-55222340618066.0-32.0-109-766-671-17236443.0
Operating margin25%25%26%13%10%16%12%11%-20%7%13%6%2%-1%-4%-27%-26%-6%11%1%
Interest expense46.046.044.044.043.042.042.040.041.040.041.039.039.039.040.041.051.056.055.052.0
Pre-tax income8459971,148496305516377365-55823342418596.0-34.0-125-775-663-1903388.0
Tax rate22%23%24%17%19%21%19%19%n/a21%24%35%80%n/an/an/an/an/a20%-125%
Net income644756858401232394297285-4971743131087.0-40.0-142-782-544-1692606.0
Net margin18%19%19%10%7%12%9%9%-18%6%10%3%0%-1%-5%-28%-21%-6%8%0%
Diluted EPS$4.98$5.83$6.60$3.10$1.79$3.05$2.31$2.20-$3.86$1.34$2.40$0.83$0.06-$0.31-$1.11-$6.06-$4.22-$1.31$2.01$0.05
Operating cash flow757700913947835512555696573169237474434-77.0135182225-94.0318395
Capital expenditure244263230318297267240245282272231220285248267239241209207175
Free cash flow513437683629538245315451291-1036.0254149-325-132-57.0-16.0-303111220
Buybacks0.00.031.037.033.022.01.00.00.00.00.00.060.030.00.00.033.00.030.00.0
Dividends paid38.039.038.046.046.047.045.064.065.065.065.067.067.068.068.068.068.068.069.068.0
Shares outstanding128m128m128m128m127m128m128m128m128m129m129m129m128m128m128m128m128m128m128m128m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 23 February 2022: the filing.