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LyondellBasell 3Q results miss Wall Street's view

The Associated Press

LyondellBasell's net income edged up 1 percent in the third quarter, helped by some lower expenses.

But its income from continuing operations and revenue missed Wall Street's view. Shares declined in afternoon trading.

DETAILS: The company, which refines oil and makes chemicals and plastics used in manufacturing and construction, said Tuesday that its selling, general and administrative expenses declined to $220 million from $236 million. Research and development expenses dropped to $35 million from $39 million.

NUMBERS: LyondellBasell Industries NV earned $851 million, or $1.50 per share, for the three months ended Sept. 30. That's up from $844 million, or $1.46 per share, a year earlier.

Income from continuing operations was $1.51 per share versus $1.47 per share in the prior-year period.

Analysts predicted higher earnings of $1.59 per share, according to a FactSet survey.

Revenue dipped 1 percent to $11.15 billion from $11.27 billion. Wall Street forecast $11.31 billion in revenue.

FUTURE CEO Jim Gallogly said in a statement that the company has historically faced margin compression for products like oxyfuels during the winter and slower polyolefin sales around the holiday season.

STOCK: Down 56 cents to $74.95 in afternoon trading.