LyondellBasell Industries (NYSE:LYB) reported Q1 EPS of $4.00, $0.48 better than the analyst estimate of $3.52. Revenue for the quarter came in at $13.16 billion versus the consensus estimate of $12.44 billion.
OUTLOOK:
"We expect typical improvements in summer seasonal demand will extend market strength for LyondellBasell's products as the global economy continues to navigate geopolitical uncertainty and volatile costs for energy and feedstocks. Outside of China, we anticipate benefits from continued demand for consumer packaging, improving volumes for automotive polymer compounds, seasonal demand for durable goods used in building and construction markets, as well as strong markets for our oxyfuels products. We forecast a favorable outlook for our refining segment as we work toward exiting the business by the end of next year. In the second quarter, LyondellBasell's margins are likely to improve as the prices for our products catch up with increased feedstock and energy costs. Additionally, we expect reductions in European and Asian industry operating rates driven by maintenance downtime in Europe and unsustainable production economics in China to tighten market supply over the coming months. We continue monitoring risks on supply chains and inflation."
"LyondellBasell's step change in earnings and cash flow is based on robust markets and the growth in our asset base since 2018. With our well-positioned asset portfolio, we expect cash generation will continue to provide significant returns for shareholders. LyondellBasell is making prudent investments and collaborating with industry leaders, brand owners and communities to reduce CO2 emissions and leading on the development of circular plastics."
"Finally, we look forward to Peter Vanacker extending our rich legacy of leadership in safety, operational excellence, innovation and capital discipline as he joins LyondellBasell as our next CEO on May 23rd," said Lane
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