LyondellBasell Industries (LYB) Tops Q2 EPS by $1.02

LyondellBasell Industries (NYSE: LYB) reported Q2 EPS of $6.13, $1.02 better than the analyst estimate of $5.11. Revenue for the quarter came in at $11.56 billion versus the consensus estimate of $10.74 billion.

OUTLOOK:

"We expect demand for LyondellBasell's products and our associated financial results to remain stronger for the foreseeable future. Three broad themes support our convictions. First, as we work to overcome the challenges of variants, the phased rollout of vaccines and the progression of societal reopening around the world should support robust global demand for our products in both the manufactured goods and service industries for several quarters to come. Second, as our customers seek to address order backlogs, rebuild inventories and serve pent up consumer demand, we expect strong integrated polyethylene margins to continue. Third, increasing mobility during the second half of 2021 should drive higher demand for gasoline and jet fuel providing additional tailwinds by improving margins for our Oxyfuels & Related Products and Refining businesses."

"LyondellBasell is benefiting from a series of value driven growth investments coming to fruition in an exceptional market environment. Our investments in growth and sustainability should enable the company to continue establishing new benchmarks for profitability and provide a step change in the power of our cash generation. We remain committed to strengthening our investment grade balance sheet and expect to reduce our net debt by up to $4 billion in 2021. LyondellBasell is emerging from the pandemic stronger and is well positioned to continue capturing opportunities through all stages of the business cycle," Patel said.

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

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