Westlake Chemical (NYSE: WLK) reported earnings on May 1. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Westlake Chemical beat expectations on revenues and beat expectations on earnings per share.

Compared with the prior-year quarter, revenue grew significantly and GAAP earnings per share improved.

Margins dropped across the board.

Revenue details
Westlake Chemical logged revenue of $1.03 billion. The seven analysts polled by S&P Capital IQ predicted a top line of $917.9 million on the same basis. GAAP reported sales were 19% higher than the prior-year quarter's $867.3 million.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.31. The seven earnings estimates compiled by S&P Capital IQ predicted $1.26 per share. GAAP EPS of $1.31 for Q1 were 4.8% higher than the prior-year quarter's $1.25 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 16.7%, 260 basis points worse than the prior-year quarter. Operating margin was 14.1%, 210 basis points worse than the prior-year quarter. Net margin was 8.5%, 110 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $960.0 million. On the bottom line, the average EPS estimate is $1.43.

Next year's average estimate for revenue is $3.77 billion. The average EPS estimate is $4.76.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 83 members out of 95 rating the stock outperform, and 12 members rating it underperform. Among 22 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 20 give Westlake Chemical a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Westlake Chemical is hold, with an average price target of $59.80.