amended: Recasts story to present revenues in billions and removes analyst estimates
LyondellBasell Industries (LYB: Quote) reported net income of $599 million or $1.04 per share for the first quarter, lower than last year's $660 million or $1.15 per share.
Sales and other operating revenues for the three-month period fell to $11.88 billion from $12.25 billion in the comparable quarter a year ago.
Jim Gallogly, LyondellBasell chief executive officer, said, "We had a solid start to 2012 as margins in North American olefins and our Houston refinery rebounded from the weak levels experienced in the fourth quarter of last year. Benchmark margins in both businesses were excellent at the end of the quarter, and the momentum has continued into the second quarter. In North American olefins, planned and unplanned industry maintenance led to a reduction in the cost of raw materials and increased ethylene prices."
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by RTT Staff Writer
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