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.
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by RTT Staff Writer
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