LyondellBasell Industries Swings to a Profit in Q4 (LYB)
Shares of LyondellBasell Industries N.V. (NYSE: LYB) slipped in early trading today even as the company swung to a profit in its fourth quarter.
Key Points
- LyondellBasell reports record earnings for 2012
- The company swings to a profit in the fourth quarter
- Fourth-quarter revenue rises
Jim Gallogly, CEO of LyondellBasell, said that the company’s fourth-quarter results were in-line with seasonal trends and its expectations, contributing to a record year for the company. Gallogly said that LYB’s North American olefins business and its Intermediates and Derivatives segment set the pace for the year’s strong performance.
For the fourth quarter of 2012, LYB reported net income of $623 million, or $1.09 per share, compared to a net loss of $218 million, or $0.38 per share reported for the same period in the previous year. The company’s income from continuing operations for the quarter were $645 million, or $1.13 per share, in-line with the consensus forecast. Sales for the quarter rose from $10.98 billion in the year-ago quarter to $11.1 billion.
For the full year 2012, LyondellBasell reported income from continuing operations of $2.858 billion, or $4.96 per share, a record. The company’s net income for 2012 was $2.834 billion, or $4.92 per share, compared to net income of $2.14 billion, or $3.74 per share reported in 2011.
Gallogly said that the company has seen a good start in 2013. He added that overall, the fundamentals that supported its success during 2012 have continued and the company expects another strong year in 2013.
Despite strong results and outlook, LYB shares have slipped in early trading today. At last check, the stock was trading 4.30% lower at $60.69 on volume of 94,429.
About LyondellBasell Industries N.V.
LyondellBasell Industries N.V. is a Rotterdam, Netherlands-based independent chemical company.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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