MOSCOW (MRC) -- Westlake Chemical Corporation has reported record quarterly net income of USD170.3 million, or USD2.54 per diluted share, on net sales of USD1,004.2 million for the quarter ended September 30, 2013, reported the company in its press release.
This represents an increase in net income of USD83.3 million, or USD1.24 per diluted share, compared to the quarter ended September 30, 2012 net income of USD87.0 million, or USD1.30 per diluted share, on net sales of USD821.2 million. Q3 net sales mainly increased because of higher sales volumes for styrene and caustic, higher sales prices for most of our major products and sales contributed by the company's specialty PVC pipe business, which Westlake acquired in May 2013. Styrene sales volumes for the third quarter of 2012 were negatively impacted by a turnaround of the styrene plant in Lake Charles, Louisiana.
Income from operations was USD266.6 million for the third quarter of 2013 as compared to USD142.5 million for the third quarter of 2012. Income from operations for the third quarter of 2013 benefited primarily from improved olefins and vinyls integrated product margins, largely due to higher sales prices for most of our major products and lower overall feedstock costs as compared to the prior year period.
For the nine months ended September 30, 2013, net income was USD439.5 million, or USD6.54 per diluted share, on net sales of USD2,807.9 million. This represents an increase in net income of USD149.2 million, or USD2.21 per diluted share, from the nine months ended September 30, 2012 net income of USD290.3 million, or USD4.33 per diluted share, on net sales of USD2,770.0 million.
Net sales for the nine months ended September 30, 2013 increased by USD37.9 million compared to the prior year period mainly due to higher sales volumes and sales prices for styrene, PVC resin and caustic, higher polyethylene sales prices and sales contributed by our specialty PVC pipe business, mostly offset by lower feedstock, ethylene and ethylene co-products sales volumes.
Income from operations was USD695.9 million for the nine months ended September 30, 2013 as compared to USD459.1 million for the nine months ended September 30, 2012. The increase in income from operations was primarily attributable to higher olefins and vinyls integrated product margins.
EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of USD307.0 million for the third quarter of 2013 increased by USD131.4 million compared to EBITDA of USD175.6 million for the third quarter of 2012.
We remind that, as MRC wrote previously, in October 2012 Westlake announced the expansion of its PVC plant in Calvert City, Kentucky, as well as its plans to increase the production of ethylene a this unit from 450 to 630 million pounds a year.
Westlake Chemical is a vertically integrated manufacturer and marketer of basic chemicals, vinyls (PVC), polymers (PE) and fabricated products.
MRC