LyondellBasell beats by $0.17, beats on revs
- Reports Q4 (Dec) earnings of $2.73 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus of $2.56; revenues rose 17.9% year/year to $9.13 bln vs the $8.82 bln Capital IQ Consensus.
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Outlook
- "Over the past several months, strong global demand and delays in capacity additions across our industry have improved the outlook for 2018. We look forward to realizing the benefits of strong operating rates across our global portfolio of assets and continuing the upward trajectory in reliability and profitability for the Houston refinery. Over the coming years, LyondellBasell will continue to advance our growth by increasing the pace of organic business investments while diligently pursuing value-adding inorganic opportunities," Patel said.
- "In 2017 we demonstrated the strength of our earnings performance under dynamic market conditions. Against a backdrop of substantial new capacity in our industry, LyondellBasell increased volumes, improved EBITDA and raised earnings. The complementary performance of our two global Olefins and Polyolefins segments combined with the relative stability of our Intermediates and Derivatives business portfolio provided a resilient platform for profitability during 2017. Outstanding performance by our Olefins and Polyolefins — Europe, Asia and International segment provided a fourth consecutive year of record EBITDA. In 2017, global operating rates remained strong due to delays in new capacity, a volume shortfall from Hurricane Harvey and an improving Chinese market. LyondellBasell captured market opportunities by operating our plants safely and reliably. We advanced our growth program by starting up a new polypropylene compounding plant in China, entering a premium polymer recycling joint venture with SUEZ, breaking ground on our new Hyperzone HDPE plant in La Porte, Texas and reaching a final investment decision for the world's largest PO/TBA plant," said Bob Patel, LyondellBasell chief executive officer.