Westlake (WLK) Q1 FY2024 earnings: revenue $3.0 billion, down 11.4% on the year

Westlake Corp. (WLK) reported revenue of $3.0 billion for Q1 FY2024, the quarter ended 31 March 2024, down 11.4% on the same quarter a year earlier. Net income was $174 million, down 55.8% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$3.0 billiondown 11.4%

Net income$174 milliondown 55.8%

Diluted EPS$1.34

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,975	2,826	n/a	n/a
Cost of revenue	2,509	2,627	n/a	n/a
Gross profit	466	199	n/a	n/a
Gross margin	15.7%	7.0%	n/a
Selling, general and administrative	209	224	n/a	n/a
Operating income	223	-552	n/a	n/a
Operating margin	7.5%	-19.5%	n/a
Interest expense	40.0	41.0	n/a	n/a
Pre-tax income	233	-558	n/a	n/a
Income tax	48.0	-71.0	n/a	n/a
Effective tax rate	20.6%	n/a	n/a
Net income	174	-497	n/a	n/a
Net margin	5.8%	-17.6%	n/a
Diluted EPS	$1.34	-$3.86	n/a	n/a

$ million except per share.

Fourth 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	169	573	n/a	n/a
Capital expenditure	272	282	n/a	n/a
Free cash flow	-103	291	n/a	n/a
Free cash flow margin	-3.5%	10.3%	n/a
Cash from investing	-272	-287	n/a	n/a
Cash from financing	-74.0	-70.0	n/a	n/a
Depreciation and amortisation	273	282	n/a	n/a
Share-based compensation	9.0	12.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	65.0	65.0	n/a	n/a
Dividend per share	$0.50	n/a	n/a	n/a
Diluted shares, weighted	129m	128m	n/a	n/a
Shares outstanding at period end	129m	128m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	10,331	10,241	n/a	n/a
Non-controlling interest	522	523	n/a	n/a
Debt	4,890	4,906	n/a	n/a
Operating lease liabilities	622	611	n/a	n/a
Other liabilities	4,595	4,754	n/a	n/a
Total liabilities and equity	20,960	21,035	n/a	n/a
Fixed assets	8,523	8,519	n/a	n/a
Goodwill	2,037	2,041	n/a	n/a
Intangible assets	889	910	n/a	n/a
Cash and equivalents	3,108	3,304	n/a	n/a
Receivables	1,516	1,393	n/a	n/a
Inventory	1,661	1,622	n/a	n/a
Other assets	3,226	3,246	n/a	n/a
Total assets	20,960	21,035	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,115	2,826	2,975	3,207	3,117	2,843	2,846	2,953	2,838	2,533	2,652	3,271
Cost of revenue	2,529	2,627	2,509	2,543	2,618	2,515	2,614	2,695	2,602	2,446	2,540	2,619
Gross profit	586	199	466	664	499	328	232	258	236	87.0	112	652
Gross margin	19%	7%	16%	21%	16%	12%	8%	9%	8%	3%	4%	20%
SG&A	206	224	209	224	215	226	227	221	228	224	236	253
Operating income	349	-552	223	406	180	66.0	-32.0	-109	-766	-671	-172	364
Operating margin	11%	-20%	7%	13%	6%	2%	-1%	-4%	-27%	-26%	-6%	11%
Interest expense	40.0	41.0	40.0	41.0	39.0	39.0	39.0	40.0	41.0	51.0	56.0	55.0
Pre-tax income	365	-558	233	424	185	96.0	-34.0	-125	-775	-663	-190	338
Tax rate	19%	n/a	21%	24%	35%	80%	n/a	n/a	n/a	n/a	n/a	20%
Net income	285	-497	174	313	108	7.0	-40.0	-142	-782	-544	-169	260
Net margin	9%	-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 flow	696	573	169	237	474	434	-77.0	135	182	225	-94.0	318
Capital expenditure	245	282	272	231	220	285	248	267	239	241	209	207
Free cash flow	451	291	-103	6.0	254	149	-325	-132	-57.0	-16.0	-303	111
Buybacks	0.0	0.0	0.0	0.0	0.0	60.0	30.0	0.0	0.0	33.0	0.0	30.0
Dividends paid	64.0	65.0	65.0	65.0	67.0	67.0	68.0	68.0	68.0	68.0	68.0	69.0
Shares outstanding	128m	128m	129m	129m	129m	128m	128m	128m	128m	128m	128m	128m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 31 March 2024, filed 2 May 2024, accession 0001262823-24-000025: the filing on EDGAR. All of Westlake Corp.'s filings: EDGAR company page.

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