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Westlake (WLK) Q3 FY2023 earnings: revenue $3.1 billion, down 21.3% on the year

Westlake Corp. (WLK) reported revenue of $3.1 billion for Q3 FY2023, the quarter ended 30 September 2023, down 21.3% on the same quarter a year earlier. Net income was $285 million, down 28.9% on the year, and diluted earnings per share $2.20. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$3.1 billiondown 21.3%
Net income$285 milliondown 28.9%
Diluted EPS$2.20
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue3,115n/an/an/a
Cost of revenue2,529n/an/an/a
Gross profit586n/an/an/a
Gross margin18.8%n/an/a
Selling, general and administrative206n/an/an/a
Operating income349n/an/an/a
Operating margin11.2%n/an/a
Interest expense40.0n/an/an/a
Pre-tax income365n/an/an/a
Income tax70.0n/an/an/a
Effective tax rate19.2%n/an/a
Net income285n/an/an/a
Net margin9.1%n/an/a
Diluted EPS$2.20n/an/an/a
$ million except per share.
Read moreFree 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow696n/an/an/a
Capital expenditure245n/an/an/a
Free cash flow451n/an/an/a
Free cash flow margin14.5%n/an/a
Cash from investing-251n/an/an/a
Cash from financing-44.0n/an/an/a
Depreciation and amortisation277n/an/an/a
Share-based compensation10.0n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid64.0n/an/an/a
Dividend per share$0.50n/an/an/a
Diluted shares, weighted129mn/an/an/a
Shares outstanding at period end128mn/an/an/a

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

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity10,754n/an/an/a
Non-controlling interest531n/an/an/a
Debt4,873n/an/an/a
Operating lease liabilities542n/an/an/a
Other liabilities4,696n/an/an/a
Total liabilities and equity21,396n/an/an/a
Fixed assets8,570n/an/an/a
Goodwill2,161n/an/an/a
Intangible assets933n/an/an/a
Cash and equivalents3,057n/an/an/a
Receivables1,574n/an/an/a
Inventory1,672n/an/an/a
Other assets3,429n/an/an/a
Total assets21,396n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3,1152,8262,9753,2073,1172,8432,8462,9532,8382,5332,6523,271
Cost of revenue2,5292,6272,5092,5432,6182,5152,6142,6952,6022,4462,5402,619
Gross profit58619946666449932823225823687.0112652
Gross margin19%7%16%21%16%12%8%9%8%3%4%20%
SG&A206224209224215226227221228224236253
Operating income349-55222340618066.0-32.0-109-766-671-172364
Operating margin11%-20%7%13%6%2%-1%-4%-27%-26%-6%11%
Interest expense40.041.040.041.039.039.039.040.041.051.056.055.0
Pre-tax income365-55823342418596.0-34.0-125-775-663-190338
Tax rate19%n/a21%24%35%80%n/an/an/an/an/a20%
Net income285-4971743131087.0-40.0-142-782-544-169260
Net margin9%-18%6%10%3%0%-1%-5%-28%-21%-6%8%
Diluted EPS$2.20-$3.86$1.34$2.40$0.83$0.07-$0.31-$1.11-$6.06-$4.22-$1.31$2.01
Operating cash flow696573169237474434-77.0135182225-94.0318
Capital expenditure245282272231220285248267239241209207
Free cash flow451291-1036.0254149-325-132-57.0-16.0-303111
Buybacks0.00.00.00.00.060.030.00.00.033.00.030.0
Dividends paid64.065.065.065.067.067.068.068.068.068.068.069.0
Shares outstanding128m128m129m129m129m128m128m128m128m128m128m128m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001262823-23-000042: the filing on EDGAR. All of Westlake Corp.'s filings: EDGAR company page.

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