May 01, 2024 10:56 GMT
Westlake (Baa2/BBB): 1Q24 Results
BASIC INDUSTRIES
Equity will be cheered by EPS. Negative FCF takes the gloss off it for credit somewhat
• Revenue beat by 1% while EBITDA beat by 12% with a nice uptick in margins.
• FCF came in low at -$103mn (c. $28mn), looks to be working capital changes.
• Notes strong demand in housing end markets (HIP), while performance materials (PEM) is weaker globally. It expects growth in HIP to persist, with PEM stable.
• Call 4pm London: https://edge.media-server.com/mmc/p/b4szy7np/
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