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Westlake Announces Increase in Quarterly Dividend
WPCIA Washington August 17, 2023
The Board of Directors of Westlake Corporation announced a regular dividend distribution of 50.00 cents per share for the second quarter of 2023, an increase of approximately 40% from the 35.70 cents per share of the first quarter of 2023. This dividend will be payable on September 12, 2023, to stockholders of record on August 25, 2023.
“The significant increase in our dividend reflects the strong cash generative business model as we have continued our growth at Westlake,” said Albert Chao, President and Chief Executive Officer of Westlake. “Our Investments in differentiated and specialty products in our Performance and Essential Material (PEM) segment and leading market positions in downstream building products in our Housing and Infrastructure Products (HIP) segment has enhanced the stability of our earnings profile, while our globally advantaged low-cost position provides strong cash generation throughout the business cycle. Alongside our conservatively positioned, strong investment grade balance sheet this supports a meaningfully higher dividend level while continuing to provide us significant capacity to invest in our business to drive long-term shareholder return.”
This is the 76th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
KEYWORDS: financial reportsquarterly dividend
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