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
Taco Bell, the Mexican fast-food chain owned by Yum Brands Inc. (YUM), Thursday said it will start selling tortilla chips in grocery and convenience stores starting May. The chips will be available in Fire and Mild sauce packet flavors and also in a Classic flavor. "This launch of our first line... Meredith Corp. said Wednesday that it has decided to explore the sale of its Time, Sports Illustrated, Fortune, and Money brands. In addition, the company will cut 1,000 jobs over the next ten months as part of its plan to realize cost synergies from its acquisition of Time Inc. Further, Meredith has notified about 200 employees that their positions have been eliminated. Canadian integrated oil company Cenovus Energy Inc. said Thursday that the critical shortage of export pipeline capacity in Western Canada is having a negative impact on the Canadian oil industry and showed the urgent need for approved pipeline projects in Canada to proceed as soon as possible. The company noted that Canadian heavy oil is selling at a wide discount to West Texas Intermediate.
comments powered by Disqus
Follow RTT