UPDATE: Westlake Chemical Posts Higher Q4 Profit

Westlake Chemical

reported a surge in its fourth-quarter profit. Westlake's quarterly profit rose to $95.3 million, or $1.42 per share, from $26.4 million, or $0.40 per share, in the year-ago period. Its revenue declined 6.8% to $801 million. However, analysts were expecting earnings of $1.22 per share on revenue of $829.5 million. Its gross margin rose to 23.8% from 9%. Westlake shares closed at $91.83 on Friday.