logo
Share SHARE
FONT-SIZE Plus   Neg

LyondellBasell Quarterly Profit Soars - Update

Dutch chemicals and polymers maker LyondellBasell Industries N.V. (LYB) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
RELATED NEWS
Trade LYB now with 
Follow RTT