Westlake Chemical Corporation saw lower profits in the fourth quarter of 2019, hurt by reduced global sales prices for its major products.
The chemical maker posted a profit of $72 million down around 41% from $123 million it earned in the prior-year quarter.
Decrease in profit was attributed to lower global sales prices for key products due to trade uncertainties and a slower global economic growth.
Sales in the Olefins segment fell around 19% year over year to $398 million in the reported quarter. Operating income in the segment tumbled roughly 46% to $49 million. The decline was mainly due to reduced sales prices for major products resulting from higher olefins production and greater impacts from turnaround activity.
The Vinyls segment generated sales of $1.5 billion, down around 1% year over year. Operating income in the segment was $68 million, down around 46% year over year. The decline was caused by reduced sales prices for caustic soda and PVC (polyvinyl chloride) resin.
Revenues for full-year 2019 were $8.12 billion, down around 6% year over year.
Westlake Chemical said that it remains focused on optimizing its operations and lowering its cost position.