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BASIC INDUSTRIES: Westlake (WLK Baa2/BBB+/BBB): 2Q24 Results

BASIC INDUSTRIES

 

Small credit positive overall, FCF lagging strong EBITDA for now.

  • Revenue was in-line with consensus, slightly lower YoY. Construction posted strong growth. Performance materials suffered from lower pricing, despite volume growth with macro softness weighing on industrial activity. Prices did uptake QoQ with the destocking cycle seen as finished but hopes of a V shaped recovery are muted. 
  • Adj. EBITDA beat by 13%, with margins 2.5% ahead of expectations. Raw materials, cost savings and pricing all contributed.
  • FCF was lower than expected at $6mn (consensus $217mn). Capex was a minor factor, most likely WC driven with the release only citing “other balance sheet charges”. We had a similar picture at 1Q.
  • Focus seems to now be on performance materials profitability having recently announced mothballing at 2 European sites.
  • Webcast 16.00 BST https://edge.media-server.com/mmc/p/j9tcjmaf/
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