2024-05-01 15:58:09 ET
Westlake Corporation (WLK)
Q1 2024 Results Conference Call
May 01, 2024 11:00 AM ET
Company Participants
John Zoeller - Vice President and Treasurer
Albert Chao - President, CEO & Director
Steve Bender - Executive VP & CFO
Jeff Holy - VP & Chief Accounting Officer
Conference Call Participants
Patrick Cunnigham - Citibank
Frank Mitsch - Fermium Research
Vincent Andrews - Morgan Stanley
Aleksay Yefremov - KeyBanc
Hassan Ahmed - Alembic Global Advisors
Kevin McCarthy - Vertical Research Partners
Michael Sison - Wells Fargo
Josh Spector - UBS
Salvator Tiano - Bank of America Securities Inc
Matthew Blair - TPH
Arun Viswanathan - RBC Capital Markets
David Begleiter - Deutsche Bank
Presentation
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Westlake Corporation First Quarter 2024 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. [Operator Instructions] As a reminder, ladies and gentlemen, this conference is being recorded today, May 1, 2024.
I would now like to turn the call over to today's host, John Zoeller, Westlake's Vice President and Treasurer. Sir, you may begin.
John Zoeller
Thank you. Good morning, everyone, and welcome to the Westlake Corporation conference call to discuss our first quarter 2024 results. I am joined today by Albert Chao, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team. During the call, we will refer to our 2 reporting segments: Performance and essential materials, which we refer to as PAM or materials and housing and infrastructure products, which we refer to as HIP or products.
Today's conference call will begin with Albert, who will open with a few comments regarding Westlake's performance. Steve will then discuss our financial and operating results after which Albert will add a few concluding comments, and we will open the call up to questions.
As a reminder, during the fourth quarter of 2023, we recorded a noncash impairment charge of $475 million related to the company's epoxy business as well as a $150 million charge to fully resolve certain liability claims. We refer to these to charges as the identified items in our earnings release and on this conference call.
References to income from operations, EBITDA, net income and earnings per share on this call exclude the financial impact of the identified items. As such, comments made on this call will be in regard to our underlying business results using non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to GAAP financial measures is provided in our earnings release, which is available in the Investor Relations section of our website.
Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations and thus are subject to risks or uncertainties....
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Westlake Corporation (WLK) Q1 2024 Earnings Call Transcript