LyondellBasell Industries NV (NYSE:LYB) released its quarterly financial results Friday morning. The petrochemical giant exceeded profit expectations despite a slight miss on the top line.
Earnings Outperform While Sales Lag
The company reported quarterly earnings of 49 cents per share. This figure beat the analyst consensus estimate of 20 cents per share. It also marks an increase from 33 cents per share during the same period last year.
Quarterly sales reached $7.197 billion. This missed the analyst consensus estimate of $7.323 billion, according to Benzinga Pro data. It represents a decline from $7.677 billion in the prior year’s quarter.
Middle East Conflict Impacts Global Supply
CEO Peter Vanacker highlighted how regional instability is reshaping the industry. He noted the Middle East war has steepened the global cost curve for petrochemicals.
“The global cost curve for petrochemicals has materially steepened …
This post was originally published here
