Expanding Olefins Margins Lift LyondellBasell Earnings Above Estimates

LyondellBasell posted net income of $768 million for its fiscal second quarter, ended June 30, 2012. This number is 4.5% lower than the year-ago quarter, but expanding olefins margins lifted the company’s adjusted earnings of $1.66/share 18% above the analysts’ consensus estimate reported by Thomson Reuters (New York). The 2012 quarter includes a $191 million charge related to debt repayments and inventory accounting valuations. Ebitda increased 11%, to $1.8 billion. Sales fell 15%, to $11.2 billion, on weaker volumes in Europe. "During the...

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