LyondellBasell LYB, which emerged from Chapter 11 bankruptcy in 2010, is among the leading plastics, chemical and refining companies globally. The company’s products are used across a bevy of industries including electronics, automotive parts, packaging, construction materials and biofuels. LyondellBasell is a leading producer of olefins and polyolefins globally.
LyondellBasell is executing its expansion projects to leverage the U.S. natural gas liquids (NGLs) advantage. It remains on track with its ethylene expansion projects across its Channelview, La Porte and Corpus Christi facilities in Texas which benefit from shale gas production.
Let’s have a quick look at this Netherlands-based chemical giant’s third-quarter release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for LyondellBasell for the third quarter has moved upward over the past week. LyondellBasell has beaten the Zacks Consensus Estimate in the trailing 4 quarters with an average beat of 16.40%. Investors have been eagerly awaiting LyondellBasell’s latest earnings report to see whether it continues the winning streak.
Earnings
LyondellBasell logged adjusted earnings of $2.80 per share that topped the Zacks Consensus Estimate of $2.55.
Revenues
LyondellBasell recorded revenues of $8,334 million, down roughly 31% year over year. That missed the Zacks Consensus Estimate of $9,240 million.
Key Stats/Developments to Note
LyondellBasell bought back 15.5 million shares during the third quarter. The company said that it sees typical seasonality to unfavorably impact the earnings of its oxyfuels, polyolefins and refining businesses in the fourth quarter. The company continues to envision stable industry demand and operating rates next year.
Zacks Rank
LyondellBasell currently has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
LyondellBasell’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on LyondellBasell’s earnings report!
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