Breaking News
FONT-SIZE Plus   Neg
Share SHARE

LyondellBasell Quarterly Profit Soars - Update

RELATED NEWS
Trade LYB now with 

Dutch chemicals and polymers maker LyondellBasell Industries N.V. (LYB: Quote) Friday reported a sharp increase in fourth-quarter profit, as revenues rose and came above analysts' expectations.

For the fourth quarter, net income attributable to shareholders surged to $1.17 billion from $632 million in the previous year. On a per share basis, earnings climbed to $2.11 per share from $1.09 per share in the prior year.

Earnings from continuing operations were $2.11, compared to $1.13 per share in the same quarter last year.

On average, 17 analysts polled by Thomson Reuters expected earnings per share of $1.40 for the quarter. Analysts' estimates typically exclude one-time items.

CEO Jim Gallogly stated, "We achieved record earnings in 2013, capped by the best fourth-quarter results in our history. Our performance for the quarter and the year continued a pattern of solid financial results built on our back-to-basics strategy and supplemented with high return growth projects."

Quarterly sales and other operating revenues edged up to $11.14 billion from $11.10 billion reported a year earlier. Analysts estimated revenues of $10.71 billion for the quarter.

The company believes that olefins in North America will continue to benefit from strong margins created by cost-advantaged NGLs. In addition, it expects European olefins and polyolefins demand should improve from a seasonally-low fourth quarter.

LYB closed Thursday's regular trading session at $78.06 on the NYSE. In the pre-market activity on Friday, the shares are up 2.33 percent.

Register
To receive FREE breaking news email alerts for LyondellBasell Industries N.V and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.