/
We are a Delaware limited partnership formed by Westlake in March 2014 to operate, acquire and develop ethylene production facilities and related assets. On August 4, 2014, we completed our initial public offering (the "IPO") of 12,937,500 common units representing limited partner interests.
27.39% operating margin is above average.
Revenue growth slowed to 2.7%, essentially flat. Margins also contracted 7.0pp. This is a business that needs a catalyst.
Free cash flow declined 54% versus the prior year, cash generation momentum has weakened. Operating margin contracted 7.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.23B
▲ +2.7% YoY
Net Income (TTM)
$21M
▼ -21.9% YoY
Op. Margin
29.12%
▼ -7.0pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$276M
▼ -53.8% YoY
Op. Cash Flow (TTM)
$345M
▼ -42.2% YoY
Net Debt
-$44M
Net Cash Position
Cash & Equiv.
$44M
5Y CAGR: +3.8%
5Y CAGR: -9.7%
Continue Research