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LyondellBasell reports second quarter 2021 earnings

By Divya on Jul 30, 2021 | 02:30 AM IST

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Second Quarter 2021 Highlights

•Record quarterly earnings driven by strong demand and tight market conditions

•Net Income: $2.1 billion

•Diluted earnings per share: $6.13 per share

•EBITDA: $3.0 billion; Record quarterly EBITDA for the company and for each of the O&P segments

•Cash from operating activities: $1.9 billion

•Strong cash flow supported debt repayment of $1.3 billion in the second quarter with $1.8 billion year-to-date

•Increased quarterly dividend by 7.6 percent to $1.13 per share reflecting confidence in dividend sustainability through cycles

LyondellBasell Industries (NYSE: LYB) today announced net income for the second quarter 2021 of $2.1 billion, or $6.13 per share. Second quarter 2021 EBITDA was $3.0 billion.

“LyondellBasell’s outstanding results demonstrate that our company continues to be well positioned to benefit from the ongoing global economic recovery. Persistent consumer and industrial demand enabled us to establish new benchmarks for profitability during the second quarter.”

“In both of our Olefins and Polyolefins segments, strong demand supported price and margin improvements resulting in record quarterly EBITDA. Reopening and increased mobility are driving higher demand for transportation fuels and improving margins for our Oxyfuels and Refining businesses. During the period, we operated all of our available capacity near full rates to begin rebuilding depleted inventories and addressing our customers' backlogs,” said Bob Patel, LyondellBasell CEO.

“LyondellBasell's growth investments are evident in our results as these new assets expanded the earnings power of our global portfolio and enabled the company to generate $1.9 billion in cash from operations during the quarter. As evidence of our increased confidence to sustain cash flows through cycles, we raised our quarterly dividend by 7.6 percent. Additionally, the strong cash flow allowed us to reduce net debt from $13.6 billion to $12.7 billion with more deleveraging planned for the second half of 2021. Our robust cash generation is supporting rapid progress toward our goal of further strengthening our investment grade balance sheet,” said Patel.

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