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HOUSTON - LyondellBasell Industries (NYSE:LYB) reported mixed first quarter results on Friday, with earnings falling short of analyst expectations while revenue surpassed estimates. The chemical giant also announced a new cost-cutting initiative aimed at improving cash flow.
LyondellBasell posted adjusted earnings per share of $0.33 for the first quarter, missing the analyst consensus of $0.43. Revenue came in at $7.68 billion, beating the $7.41 billion estimate and rising from $7.11 billion in the same quarter last year, an 8% YoY increase.
The company reported net income of $177 million, or $0.54 per diluted share. Excluding identified items, net income was $110 million. EBITDA for the quarter stood at $655 million, or $576 million excluding identified items.
"The LYB team continued to execute well during the first quarter," said CEO Peter Vanacker. "With planned maintenance at our largest ethylene crackers successfully completed in Europe and the U.S., our assets are well-positioned to serve improving seasonal demand while adapting to dynamic trade flows through a flexible and global manufacturing network."
LyondellBasell announced a new "2025 Cash Improvement Plan" focused on strengthening financial results by $500 million. The company also returned $543 million to shareholders through dividends and share repurchases during the quarter.
The chemical manufacturer highlighted strategic actions taken during the quarter, including a final investment decision to grow propylene production on the U.S. Gulf Coast and optimizing its global footprint with allocation for cost-advantaged Saudi Arabian feedstocks.
LyondellBasell used $579 million in cash for operating activities in the first quarter. The company did not provide specific guidance for the upcoming quarter or full year in the earnings release.
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