Westlake falls after posting Q4 loss on impairment charges

Westlake

20/02/2024 15:12

** Shares of chemical firm Westlake  WLK.N  down 4% at
$138.20
    ** Company reports Q4 net loss of $497 mln, or $3.86 per
share, compared with profit of $232 mln, or $1.79 per share, a
year earlier
    ** Earnings impacted by a non-cash impairment charge of $475
mln related to base epoxy resin assets in the Netherlands -
company
    ** Earnings also impacted by goodwill associated with its
epoxy business as well as the previously disclosed $150 mln
($115 mln after-tax) charge
    ** Company reports Q4 adj. profit of 72 cents per share vs
analysts' est. of 90 cents per share - LSEG data
    ** Quarterly revenue down 14.3% at $2.83 bln, missing
analysts' est. of $2.86 bln
    ** Shares had risen 36.5% in 2023

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))