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LyondellBasell Industries tops profit forecasts as cost cuts and demand recovery drive results
LyondellBasell beat forecasts on demand recovery and cost savings, though a net loss from write-downs clouds Q4 outlook.
LyondellBasell reported adjusted earnings of US $1.01 per share for Q3, beating estimates of US $0.81, thanks to improved demand in olefins and polyolefins and a cost-savings programme targeting US $1.1 billion by 2026. The chemicals maker, despite recording a net loss of US $890 million due to asset write-downs, said U.S. polyethylene volumes rebounded after a two-year slump and Europe volumes rose 3 % YTD. Shares rose ~4% pre-market on the outlook, although Q4 faces headwinds from raw material costs.