LyondellBasell 3Q Net Up 92% On Olefins, Refining Income
Last Update: 10/28/2011 6:35:43 AM
DOW JONES NEWSWIRES
LyondellBasell Industries N.V.'s (LYB) third-quarter profit rose a
better-than-expected 92% as the company continued to post stronger sales, most
notably in the U.S. olefins and refining and oxyfuels segments.
The plastics and chemicals company has experienced better fortunes since emerging
from Chapter 11 bankruptcy last year, seeing business conditions and results
improve.
The company, which formed after the 2007 merger of Houston-based Lyondell and
Europe-based Basell, initiated a quarterly dividend in May, then doubled it in
August. Last week, the company said one of its units would offer to buy back up
to $2.79 billion in debt across a series of notes as the company said it seeks to
improve its credit rating.
LyondellBasell posted a profit of $895 million, or $1.51 a share, up from $467
million, or 84 a share, a year earlier. Excluding restructuring, impairments and
other items, earnings rose to $1.49 from $1.14 a share. Revenue increased 29% to
$13.3 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of $1.22 a
share on $13.33 billion in revenue.
Operating income in olefins and polyolefins in the Americas rose 34%, while
refining and oxyfuels operating income surged to $454 million from $83 million.
Shares closed Thursday at $33.59 and were inactive premarket. The stock is down
2.4% year to date. |
