Westlake Corp Stock Drops 9% Over Net Loss In Q1

(RTTNews) - Stock of Westlake Corp. (WLK) is moving down about 9 percent during Friday's morning trading following the company's announcement of first-quarter results, reporting a net loss of $40 million compared to net income of $174 million last year.

Currently, Westlake's stock is trading at $83.45, down 9.55 percent or $8.81, over the previous close of $92.27 on the New York Stock Exchange. The stock has traded between $78.81 and $161.31 in the last one year on an average volume of 775,864 shares.

The company said the year-over-year decrease was primarily due to lower sales volume and average sales price along with higher input costs in PEM segment, and lower average sales price and margins in HIP segment.