LyondellBasell Industries, the chemicals company, has announced its financial results for the third quarter. The company's sales and profit were lifted by the strong performance of its oxyfuels unit.
Increased Profit
LyondellBasell reported a profit of $747 million, or $2.29 per share, for the third quarter, compared to $715 million, or $2.18 per share, in the same period last year. Adjusted for one-time items, including impairments and costs related to a refinery exit, earnings were $2.46 per share. This surpassed analysts' expectations of $2.03 per share.
Strong Sales Figures
The company's sales for the quarter stood at $10.63 billion, a 3% increase from the previous year. This exceeded analysts' predictions of $10.10 billion.
Positive Cash Flow
LyondellBasell also generated $1.7 billion in cash from operations during the quarter, surpassing analysts' expectations.
Oxyfuels Unit Performance
Margins for oxyfuels, an essential component in high-octane gasoline, remained strong during the quarter. However, demand for polymer in the U.S. and Europe was lackluster. Additionally, higher feedstock costs affected margins for olefins and polyolefins, which are used in everyday products such as cars and food packaging.
LyondellBasell's strong performance in the third quarter highlights the company's ability to navigate challenges and capitalize on opportunities in the chemicals industry.
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