Westlake Corp. announced fourth-quarter and record full-year 2022 results. For the full year of 2022, Westlake reported net sales of $15.8 billion, net income of $2.2 billion, and EBITDA of $4.2 billion. These results were reportedly driven by a strong macroeconomic environment in the first half of 2022. Economic conditions deteriorated mid-year leading to a reduction in demand from a downturn in global industrial and North American housing activity, which continued throughout the fourth quarter of 2022.
In the fourth quarter of 2022, Westlake achieved net sales of $3.3 billion, net income of $232 million, and EBITDA of $619 million. Earnings per share were $1.79 compared to $4.98 in the prior-year period, and $3.10 in the prior quarter, reflecting generally lower sales prices, unfavorable sales mix changes, elevated energy costs, and lower volumes in certain product categories. While global feedstock and energy costs receded from their recent peaks, they remained elevated and continued to pressure margins. Meanwhile, on a positive note, global markets for caustic soda remained tight with higher sales prices supporting earnings in the United States and improving profitability in Europe.