Westlake Corporation [NYSE: WLK] announced on Friday that its Board of Directors had declared a regular dividend distribution of 50 cents per share for the third quarter of 2023. The dividend will be payable on December 6, 2023, to stockholders of record on November 21, 2023.
The distribution is the 77th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004. Year-to-date, Westlake is up nearly 20%, outperforming the S&P 500 by more than five points. Shares opened down Monday morning by 0.24% and, at press time, were trading at $121.69 per share.
Westlake reported $3.12 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 21.3%. EPS of $2.20 for the same period compares to $3.10 a year ago.
The reported revenue represents a surprise of -6.45% over the Zacks Consensus Estimate of $3.33 billion, according to Zacks Equity Research. With the consensus EPS estimate being $1.92, the EPS surprise was +14.58%. Here is how Westlake performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net external sales — Performance and Essential Materials: $1.97 billion versus the five-analyst average estimate of $2.16 billion. The reported number represents a year-over-year change of -27.3%.
- Net external sales — Housing and Infrastructure Products: $1.14 billion versus the five-analyst average estimate of $1.16 billion; the reported number represents a year-over-year change of -8.1%.
- Net external sales — Performance and Essential Materials: Performance materials $1.13 billion versus the three-analyst average estimate of $1.17 billion. Essential materials: $844 million compared to the $965.84 million average estimate based on three analysts.
- Net external sales — Housing and Infrastructure Products: Housing products: $963 million versus the two-analyst average estimate of $998.91 million. Infrastructure products: $181 million versus $205.67 million estimated by two analysts on average.
- Housing and Infrastructure Products: $327 million compared to the $224.43 million average estimate based on three analysts.
- Performance and Essential Materials: $339 million versus $448.77 million estimated by three analysts on average.
For more information, visit westlake.com.