LyondellBasell beats profit estimates on strong demand for oxyfuels
Oct 27 (Reuters) - Chemical maker LyondellBasell Industries on Friday beat third-quarter profit estimates, boosted by strong demand for oxyfuels during the summer season when more people take road trips.
The company posted an adjusted profit of $2.46 per share for the quarter ended Sept. 30, compared with the average analyst estimate of $2.03 per share, according to LSEG data.
LyondellBasell is the second largest producer of oxyfuels in the world.
Oxyfuels are a key component of clean-burning, high-octane gasoline. They improve fuel efficiency, engine performance and air quality by improving combustion efficiency which in turn reduce vehicle emissions including greenhouse gases.
The Houston-based firm, however, said it expects seasonally softer demand across most businesses in the fourth quarter with oxyfuels and refining margins expected to decrease after the summer driving season ends. (Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
