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LyondellBasell beats Q2 earnings estimates

August 25/2020

MOSCOW (MRC) -- LyondellBasell came out with quarterly earnings of USD0.71 per share, beating the Zacks Consensus Estimate of USD0.61 per share. This compares to earnings of USD2.75 per share a year ago. These figures are adjusted for non-recurring items, as per ZACKS.

This quarterly report represents an earnings surprise of 16.39%. A quarter ago, it was expected that this oil refiner and chemical company would post earnings of USDUSD.36 per share when it actually produced earnings of USD1.52, delivering a surprise of 11.76%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

LyondellBasell, which belongs to the Zacks Chemical - Diversified industry, posted revenues of USD5.55 billion for the quarter ended June 2020, missing the Zacks Consensus Estimate by 3.98%. This compares to year-ago revenues of USD9.05 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

LyondellBasell shares have lost about 30.9% since the beginning of the year versus the S&P 500's gain of 0.5%.

As MRC reported previously, in early August, 2020, Chinas Bora LyondellBasell Petrochemical, a JV between the privately owned Bora Enterprise Group and the world's petrochemical major - LyondellBasell, has started up its new steam cracker at the Panjin complex in northeast China. The steam cracker, when fully operational, is able to produce up to 1 mln mt/year of ethylene.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies.
Author:Margaret Volkova
Tags:PP, PE, homopolymer PP, propylene, HDPE, ethylene, petrochemistry, Bora LyondellBasell Petrochemical, LyondellBasell, China, Russia, USA.
Category:General News
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