logo
Share SHARE
FONT-SIZE Plus   Neg

LyondellBasell Quarterly Profit Soars - Update

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
RELATED NEWS
Trade LYB now with 
Follow RTT