LyondellBasell reports net income from continuing operations of $1.3 billion, up 7.8% year-over-year (YOY) as higher volumes and lower feedstock costs more than offset declines in product prices. Sales totaled $9.1 billion, up 11.7% YOY. The quarter included a $9-million non-cash, pre-tax charge to account for a lower-of-cost-or-market (LCM) inventory adjustment. Excluding the adjustment, diluted earnings from continuing operations came to $2.79/share, beating the analysts’ consensus estimate of $2.70/share as compiled by Thomson Reuters (New York). “Abundant natural gas and NGL [natural gas liquid] supply coupled with strong pricing during the quarter continued to benefit our margins in the olefins and polyolefins [O&P] and intermediates and derivatives [I&D] segments,” says Bob Patel, CEO.
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