LyondellBasell Industries N.V. (NYSE:LYB) reported better-than-expected second-quarter results on Friday.
The chemical company reported adjusted earnings of $4.30 per share, beating the analyst consensus estimate of $3.41. Revenue rose to $9.18 billion, exceeding analysts’ expectations of $9.15 billion.
Looking ahead, LyondellBasell said ongoing geopolitical tensions in the Middle East continue to create volatility across energy and petrochemical markets.
“In a dynamic macroeconomic environment, we delivered exceptional results through deliberate commercial actions, the strength of our advantaged portfolio and improved market conditions supporting margin expansion,” said Peter Vanacker, LYB chief executive officer. “We responded quickly to the global supply disruption by increasing operating rates to serve our customers, demonstrating the flexibility and resilience of our global asset base and supply chain. We also took decisive actions with the divestment of select European assets and continued progress on our Cash Improvement Plan. These actions are repositioning LYB with a structurally lower cost base providing improved margins and enhanced cash generation. We continue to prioritize safety, reliability, cost discipline and capital allocation to deliver sustainable value for our shareholders.”
LyondellBasell shares fell 6.4% to $240.00 in pre-market trading.
These analysts made changes to their price targets on LyondellBasell following earnings announcement.
- JP Morgan analyst Jeffrey Zekauskas upgraded the stock from Neutral to Overweight and raised the price target from $75 to $80.
- Mizuho analyst John Roberts maintained the stock with a Neutral and raised the price target from $62 to $66.
Considering buying LYB stock? Here’s what analysts think:
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