LyondellBasell Industries (LYB) Tops Q2 EPS by 3c

LyondellBasell Industries (NYSE: LYB) reported Q2 EPS of $0.68, $0.03 better than the analyst estimate of $0.65. Revenue for the quarter came in at $5.55 billion versus the consensus estimate of $5.66 billion.

OUTLOOK:

"Demand for our products is improving with increased economic activity. In June and July, we raised operating rates and prices in response to increased demand for North American polyethylene exports to Asia. With increased mobility and reductions in fuel inventories, we expect improving demand for our Refining and Oxyfuels & Related Products businesses. Similarly, our Advanced Polymer Solutions segment is benefiting from rebounding demand for our plastics used in automotive manufacturing."

"We remain focused on delivering the strategy we outlined in our Investor Day last September. Our cash generation is strong. We expect the recent startup of our Hyperzone polyethylene capacity, the establishment of new Asian joint ventures and the integration of our A. Schulman acquisition will all add to our profitability. We accelerated our plans to reduce capital expenditures and are aggressively managing our inventories to prioritize liquidity and maximize cash flow. Our focus on funding the dividend while remaining committed to an investment grade balance sheet continues to be the foundation of our capital deployment strategy. Despite the volatile macro-economic environment, we believe LyondellBasell's leading portfolio, advantaged positions and disciplined approach will enable us to continue capturing opportunities and delivering resilient results through business cycles," Patel said.

For earnings history and earnings-related data on LyondellBasell Industries (LYB) click here.

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