LyondellBasell Industries N.V. Earnings: Quarter Lacks Gusto

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LyondellBasell Industries N.V. (NYSE:LYB) reported its results for the first quarter. Lyondellbasell Industries is an independent chemical company. It is a producer of polypropylene and polypropylene compounds (PP compounds) and a producer of propylene oxide (PO), polyethylene (PE), ethylene, and propylene.

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LyondellBasell Industries Earnings Cheat Sheet for the First Quarter

Results: Net income for LyondellBasell Industries N.V. fell to $599 million ($1.04 per share) vs. $660 million ($1.15 per share) a year earlier. This is a decline of 9.2% from the year-earlier quarter.

Revenue: Fell 3% to $11.88 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: LyondellBasell Industries N.V. reported adjusted net income of $1.07 per share. By that measure, the company beat the mean estimate of $1.04 per share.

Quoting Management: “We had a solid start to 2012 as margins in North American olefins and our Houston refinery rebounded from the weak levels experienced in the fourth quarter of last year,” said Jim Gallogly, LyondellBasell Chief Executive Officer. “Benchmark margins in both businesses were excellent at the end of the quarter, and the momentum has continued into the second quarter. In North American olefins, planned and unplanned industry maintenance led to a reduction in the cost of raw materials and increased ethylene prices,” he said.

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 40 cents versus a mean estimate of net income of 75 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from $1.25 a share to $1.41 over the last ninety days. The average estimate for the fiscal year is $4.94 per share, a rise from $4.50 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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