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LyondellBasell Q2 profit climbs 16.7% YOY

LyondellBasell Industries NV said its normalized net income for the second quarter amounted to $2.47 per share, compared with the S&P Capital IQ consensus estimate of $2.70 per share.

EPS rose 30.3% year over year from $1.90.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.17 billion, a gain of 16.7% from $1.00 billion in the year-earlier period.

The normalized profit margin rose to 12.8% from 8.3% in the year-earlier period.

Total revenue decreased 24.5% year over year to $9.14 billion from $12.12 billion, and total operating expenses decreased 30.5% from the prior-year period to $7.30 billion from $10.50 billion.

Reported net income increased 13.4% on an annual basis to $1.33 billion, or $2.81 per share, from $1.17 billion, or $2.22 per share.