LyondellBasell announces lower Q4 results
by ChemOrbis Editorial Team - content@chemorbis.com
According to an announcement on the company’s website, LyondellBasell’s net income for the fourth quarter of 2023 was $185 million or $0.56 per diluted share. The figure suggested decreases from the third quarter at $747 million and the previous year’s same quarter at $353 million. Meanwhile, the company’s net income for the full year 2023 was released at $2.1 billion, down from 2022’s $3.8 billion.
Furthermore, the company’s EBITDA for the fourth quarter declined sharply from the third quarter’s $1.3 billion to $639 million while the yearly decrease was somewhat smaller at 19%.
The company’s net sales were $9.9 billion, down from $10.6 billion recorded in Q3 2023 and $10.2 billion in Q4 2022.
Although the company’s Q4 performance was down both on a yearly and quarterly basis, it beat market estimations.
Meanwhile, the adjusted core profit from the olefins & polyolefins-Americas (O&P-Americas) segment, LyondellBasell’s largest segment by sales volume, was lifted by lower gasoline crack spreads and lower ethane raw material costs during the quarter.
LyondellBasell stated that weak demand for durable goods in the fourth quarter affected margins in the Olefins & Polyolefins, Intermediates & Derivatives and Advanced Polymer Solutions segments.
“Throughout the year, petrochemical markets faced headwinds from soft global demand, capacity additions and economic uncertainty,” said the company.
Furthermore, the company’s EBITDA for the fourth quarter declined sharply from the third quarter’s $1.3 billion to $639 million while the yearly decrease was somewhat smaller at 19%.
The company’s net sales were $9.9 billion, down from $10.6 billion recorded in Q3 2023 and $10.2 billion in Q4 2022.
Although the company’s Q4 performance was down both on a yearly and quarterly basis, it beat market estimations.
Meanwhile, the adjusted core profit from the olefins & polyolefins-Americas (O&P-Americas) segment, LyondellBasell’s largest segment by sales volume, was lifted by lower gasoline crack spreads and lower ethane raw material costs during the quarter.
LyondellBasell stated that weak demand for durable goods in the fourth quarter affected margins in the Olefins & Polyolefins, Intermediates & Derivatives and Advanced Polymer Solutions segments.
“Throughout the year, petrochemical markets faced headwinds from soft global demand, capacity additions and economic uncertainty,” said the company.
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