UPDATE: Westlake Chemical Posts Upbeat Q1 Earnings

Westlake Chemical

reported a 40% rise in its first-quarter earnings. Westlake's quarterly profit surged to $123.3 million, or $1.84 per share, from $87.8 million, or $1.31 per share, in the year-ago period. Its revenue declined 16% to $864.6 million. However, analysts were expecting earnings of $1.25 per share on revenue of $870 million. Its gross margin widened to 26.3% from 16.7%, Westlake shares closed at $82.45 on Friday.