Westlake Chemical Partners(WLKP) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to the Partnership for Q3 2024 was $18.1 million, or $0.51 per limited partner unit, an increase of 37.1% from $13.2 million in Q3 2023[1] - Net income attributable to Westlake Partners for the three months ended September 30, 2024, was $18,136, compared to $13,206 for the same period in 2023, representing a 37.5% increase[12] - The company reported a net income of $281,772 for the nine months ended September 30, 2024, up from $247,569 in the previous year, reflecting an increase of 13.8%[19] Cash Flow - Cash flows from operating activities in Q3 2024 were $126.1 million, up 24.9% from $100.9 million in Q3 2023[1] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $352,532, compared to $344,328 for the same period in 2023, indicating a 2.5% increase[15] - Net cash provided by operating activities for the three months ended June 30, 2024, was $121,896, compared to $126,071 for the same period in 2023, reflecting a decrease of 1.4%[19] Distributable Cash Flow - MLP distributable cash flow for Q3 2024 was $17.9 million, a 31.6% increase compared to $13.6 million in Q3 2023[1] - MLP distributable cash flow for the nine months ended September 30, 2024, was $51,906, compared to $46,156 for the same period in 2023, reflecting a 12% increase[17] - The quarterly distribution declared was $0.4714 per unit, marking the 41st consecutive quarterly distribution[3] EBITDA - EBITDA for the three months ended September 30, 2024, was $139,126, an increase of 20.1% from $115,738 in the prior year[12] - Total EBITDA for the nine months ended September 30, 2024, was $386,756, compared to $349,947 in the same period last year, indicating an increase of 10.5%[19] Assets and Liabilities - Total assets decreased to $1,294,695 as of September 30, 2024, from $1,316,842 at the end of 2023[13] - Total liabilities were $456,881 as of September 30, 2024, a slight decrease from $460,592 at the end of 2023[13] Market Conditions - Ethylene sales prices and margins reached their highest quarterly average in years, driven by weather events and production outages at other producers[3] - The planned turnaround at the Petro 1 ethylene unit has been deferred to Q1 2025 to capitalize on favorable third-party margins[3] - The Partnership expects some moderation in distributable cash flow in Q4 2024 due to increased maintenance capital spending[3] Coverage Ratio - The trailing twelve-month coverage ratio for MLP distributable cash flow was 1.03x for Q3 2024, up from 0.96x at the end of Q2 2024[3] - Cumulative coverage ratio since the IPO in July 2014 is 1.08x[3] Sales Performance - Total net sales for the three months ended September 30, 2024, were $276,995, a decrease of 13.9% from $321,664 in the same period of 2023[12] - Gross profit for the three months ended September 30, 2024, increased to $116,943, up 25.7% from $92,981 in the prior year[12] Interest Expense - Interest expense for the nine months ended September 30, 2024, was $(19,930), slightly up from $(19,869) in the previous year[19]