HOUSTON (AP) — Shares of Westlake Chemical Corp. jumped Thursday, after the company said its second-quarter net income jumped 42 percent, boosted by a tax benefit.
The Houston-based chemical company earned $115.5 million, or $1.72 per share, for the three months ended June 30, up from $81 million, or $1.21 per share, a year ago.
The recent quarter's results included a one-time tax benefit of $8.5 million, or 13 cents per share, which was partially offset by $3 million in costs related to the company's attempted to acquire Georgia Gulf Corp.
Revenue edged down to $914 million from $925 million in the year-ago period. The company attributed the drop to lower sales prices for most of its major products and lower sales volumes of PVC resin and building products.
Analysts, on average, expected earnings of $1.40 per share on revenue of $959.1 million, according to a FactSet poll.
Westlake shares rose $4.72, or 7.9 percent, to $64.16 after peaking at $64.75 earlier in the day. Over the past 52 weeks, the company's shares have traded between $31.26 and $66.92.