LyondellBasell Industries N.V. (NYSE:LYB) swung to a loss in the fourth quarter, missing analysts’ forecast. 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.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
LyondellBasell Industries Earnings Cheat Sheet for the Fourth Quarter
Results: Reported a loss of $218 million (38 cents per diluted share) in the quarter. The specialty chemicals company had net income of $766 million or $1.34 per share in the year earlier quarter.
Revenue: Rose 7.9% to $11.44 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: LyondellBasell Industries N.V. fell short of the mean analyst estimate of 75 cents per share.
Quoting Management: “The fourth quarter was a period of global economic slowdown and our results were impacted by broader trends,” said Jim Gallogly, LyondellBasell Chief Executive Officer. “Customers responded to this slowdown by destocking inventory and delaying orders, which negatively impacted volumes in Europe and Asia and margins globally. Refining margins were particularly weak. Although overall results for the fourth quarter declined, we expect our strategy of focusing on the basics and running our assets safely and efficiently will continue to deliver value to our shareholders.”
The company fell short of forecasts after beating estimates in the previous two quarters. In the third quarter, it topped the mark by 27 cents, and in the second quarter, it was ahead by 28 cents.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 93 cents a share to 98 cents over the last seven days. At $5.01 per share, the average estimate for the fiscal year has fallen from $5.10 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:
To contact the reporter on this story: Derek Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org