By Will Feuer
LyondellBasell Industries reported higher sales and profit for the third quarter, lifted by strength in the chemicals company’s unit that makes oxyfuels.
The chemicals maker reported a third-quarter profit of $747 million, or $2.29 a share, compared with $715 million, or $2.18 a share, in the same period last year.
Stripping out one-time items, including impairments and costs tied to the exit of a refinery, adjusted earnings were $2.46 a share. Analysts surveyed by FactSet had expected adjusted earnings of $2.03 a share.
Sales rose 3% to $10.63 billion, topping analysts’ expectations for revenue of $10.10 billion.
LyondellBasell generated $1.7 billion in cash from operations during the quarter, better than analysts had expected.
Margins for oxyfuels–a key component in high-octane gasoline–were strong in the quarter, the company said, while demand for polymer in the U.S. and Europe was tepid. Higher feedstock costs weighed on margins for olefins and polyolefins, substances that wind up in everyday products like cars and food packaging.
Write to Will Feuer at Will.Feuer@wsj.com
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