Second quarter 2007 net income increased $18.2 million, or $0.28 per diluted share, from the $19.7 million net income, or $0.30 per diluted share, reported in the first quarter of 2007. Second quarter income from operations increased $29.6 million from the $32.7 million reported in the first quarter of 2007, while net sales increased by $63.9 million from the $718.8 million reported in the first quarter of 2007.
The increase in net sales and income from operations was primarily due to higher selling prices and higher sales volumes for polyethylene and PVC resin, which was partially offset by higher feedstock costs and the negative impact from the turnaround in the ethylene unit in Lake Charles, Louisiana.
For the six months ended June 30, 2007, net income was $57.6 million, or $0.88 per diluted share, compared to $118.5 million net income, or $1.82 per diluted share for the six months ended June 30, 2006, which included an after- tax charge of $16.3 million, or $0.25 per diluted share, related to debt retirement costs incurred in the first quarter of 2006.
Net sales increased $213.5 million, or 16.6%, to $1,501.5 million for the six months ended June 30, 2007 from the $1,288.0 million reported in the six months ended June 30, 2006. Income from operations was $94.9 million for the six months ended June 30, 2007 as compared to $217.7 million for the six months ended June 30, 2006.
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Westlake Chemical Corporation
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