LyondellBasell 4Q earnings meet Street's view

LyondellBasell Industries 4th-quarter earnings meet Wall Street's expectations

Associated Press

NEW YORK (AP) -- LyondellBasell Industries NV, which refines oil and makes chemicals and plastics used in manufacturing and construction, returned to a profit in its fourth quarter free of charges to refinance and shut down a French refinery.

The Netherlands-based company — which emerged from bankruptcy protection in April 2010 — earned $623 million, or $1.09 per share, for the three months ended Dec. 31. That compares with a loss of $218 million, or 38 cents per share, a year ago.

The prior-year period included hefty charges related to repaying debt, shutting down its Berre refinery in France and other items.

Earnings from continuing operations were $1.13 per share for the current quarter.

This met the expectations of analysts polled by FactSet.

Revenue edged up 1 percent to $11.1 billion from $10.98 billion, just shy of the $11.2 billion that Wall Street predicted.

For the year, Lyondell earned $2.83 billion, or $4.92 per share. In the prior year the company earned $2.14 billion, or $3.74 per share.

Earnings from continuing operations were $4.96 per share.

Annual revenue dropped 6 percent to $45.35 billion from $48.18 billion.

Shares of LyondellBasell fell $1.41, or 2.2 percent, to $62.01 in premarket trading on Friday.

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