Westlake Chemical Partners LP reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance compared to the same periods in 2023. For the third quarter of 2024, total net sales amounted to $276.995 million, a decrease of 13.9% from $321.664 million in Q3 2023. This decline was attributed to a reduction in average sales prices, despite a slight increase in sales volume. The company’s gross profit for the quarter increased to $116.943 million, up from $92.981 million, resulting in a gross profit margin of 42.2%, compared to 28.9% in the prior year.
Net income for Q3 2024 reached $104.1 million, a significant increase from $80.853 million in Q3 2023. Net income attributable to Westlake Chemical Partners LP was $18.136 million, compared to $13.206 million in the same quarter of the previous year. The net income per limited partner unit rose to $0.51 from $0.37. For the nine months ended September 30, 2024, net income totaled $281.772 million, compared to $247.569 million in the same period of 2023, with net sales decreasing to $845.836 million from $893.518 million.
The Partnership's operating cash flow for the first nine months of 2024 was $352.532 million, slightly up from $344.328 million in 2023. MLP distributable cash flow for Q3 2024 was $17.879 million, an increase from $13.620 million in Q3 2023, while for the nine months, it rose to $51.906 million from $46.156 million.
Total assets as of September 30, 2024, were $1.295 billion, a decrease from $1.317 billion at the end of 2023. Total equity also declined to $837.814 million from $856.250 million. The Partnership's cash and cash equivalents increased to $60.208 million from $58.619 million at the end of 2023.
Strategically, Westlake Chemical Partners continues to operate under a long-term Ethylene Sales Agreement with Westlake, which includes a minimum purchase commitment of 95% of OpCo's budgeted ethylene production. The company has also maintained its focus on managing operating expenses, which include feedstock costs and maintenance capital expenditures. The next planned maintenance turnaround at the Petro 1 ethylene unit is scheduled for Q1 2025.
The Partnership's financial position remains stable, with compliance to all covenants under its revolving credit facilities. The weighted average interest rate on long-term debt was reported at 7.2% as of September 30, 2024.
About Westlake Chemical Partners LP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.