Shares of Westlake Chemical surged 5.52% in intraday trading on Tuesday, after the company reported second-quarter results that handily beat analyst expectations and marked a sharp return to profitability from a year-ago loss.

The chemical maker posted adjusted earnings per share of $2.01, trouncing the consensus estimate of $1.78. Revenue rose 10.8% to $3.27 billion, also exceeding the $3.25 billion analysts had forecast. Net income came in at $260 million, a dramatic swing from a net loss of $142 million in the same quarter last year, driven by higher average sales prices in the Performance and Essential Materials (PEM) segment and a 7% increase in company-wide sales volume.

Second-quarter EBITDA surged to $679 million, with the EBITDA margin expanding to 21%. CEO Jean-Marc Gilson attributed the PEM segment's improvement to "improving global supply-demand fundamentals" and the benefits of the company's three-pillar profitability improvement plan. The company also reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and buybacks, further bolstering investor confidence.