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LyondellBasell Reports Third Quarter 2019 Earnings
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PR Newswire
HOUSTON and LONDON, Nov. 1, 2019
HOUSTON and LONDON, Nov. 1, 2019 /PRNewswire/ --
Third Quarter 2019 Highlights
- Net Income: $1.0 billion
- Diluted earnings per share: $2.85 per share
- Quarter included $85 million non-cash tax settlement that increased earnings by $0.25 per share
- EBITDA: $1.5 billion, resilient performance in a challenging market
- Cash from operating activities: $1.9 billion
- Paid dividends and repurchased 37 million shares totaling $3.6 billion
- Refinanced over $2 billion of debt at favorable rates
Comparisons with the prior quarter and third quarter 2018 are available in the following table:
Table 1 - Earnings Summary
| Millions of U.S. dollars (except share data) | Three Months Ended | Nine Months Ended | |||
| September 30, | June 30, | September 30, | September 30, | September 30, | |
| Sales and other operating revenues | $8,722 | $9,048 | $10,155 | $26,548 | $30,128 |
| Net income | 965 | 1,003 | 1,113 | 2,785 | 3,998 |
| Diluted earnings per share | 2.85 | 2.70 | 2.85 | 7.72 | 10.18 |
| Weighted average diluted share count | 337 | 370 | 390 | 360 | 392 |
| EBITDA (a) | 1,513 | 1,579 | 1,732 | 4,520 | 5,655 |
| (a) | See the end of this release for an explanation of the Company's use of EBITDA and Table 9 for reconciliations of EBITDA to net income. |
LyondellBasell Industries (NYSE: LYB) today announced net income for the third quarter 2019 of $1.0 billion, or $2.85 per share, which included an $85 million non-cash tax settlement that increased earnings by $0.25 per share. Third quarter 2019 EBITDA was $1.5 billion. Integration activities related to the acquisition of A. Schulman are on schedule and expected to generate approximately $125 million in forward annual run-rate synergies as of the close of the third quarter. After tax costs related to integration rose to $33 million for the quarter and impacted third quarter earnings by $0.10 per share.
"LyondellBasell demonstrated resilient performance by achieving a third consecutive increase in quarterly earnings per share with its leading portfolio, advantaged global positions, and disciplined capital allocation. Strong margins for our North American ethylene and Oxyfuels & Related Products businesses were supported by abundant supplies of low-cost, shale-based natural gas liquid feedstocks. Our global Olefins & Polyolefins businesses benefited from typical seasonal strength in demand for consumer driven non-durable products with polyolefin sales volume increasing by 5% relative to the second quarter. Market headwinds from softer demand and compressing margins for styrene impacted the profitability for our Intermediates & Derivatives segment. Our refinery ran reliably at 99% of nameplate capacity and margins increased with improved availability of favorably-priced heavy sour crude oils in the Houston market," said Bob Patel, LyondellBasell CEO.
"We continued to execute our disciplined capital allocation strategy during the third quarter. In September, we moved forward on our value-driven approach to growth with a long-term propylene supply contract and discussions to build a joint venture chemical complex in northeast China. During July, we completed a tender offer for 35.1 million shares that demonstrated our views on the value of our company and the outlook for our businesses. Over the past few weeks, we successfully refinanced over $2 billion of debt in a favorable interest rate environment," Patel said.
OUTLOOK
"Our businesses continue to benefit from low-cost natural gas liquid feedstocks with favorable prices persisting into October. We expect to see typical seasonal softening of demand in the final months of the year. At the same time, profitability at our Houston refinery should begin to improve during the fourth quarter with increasing demand for low-sulfur marine fuels ahead of the IMO 2020 regulation deadline," Patel said.
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell manages operations through six operating segments: 1) Olefins and Polyolefins - Americas; 2) Olefins and Polyolefins - Europe, Asia and International; 3) Intermediates and Derivatives; 4) Advanced Polymer Solutions; 5) Refining; and 6) Technology. Results for our Advanced Polymer Solutions segment incorporates the businesses acquired from A. Schulman beginning on August 21, 2018.
Olefins & Polyolefins - Americas (O&P-Americas) - Our O&P-Americas segment produces and markets Olefins & Co-products, polyethylene and polypropylene.
Table 2 - O&P-Americas Financial Overview
| Millions of U.S. dollars | Three Months Ended | Nine Months Ended | |||
| September 30, | June 30, | September 30, | September 30, | September 30, | |
| Operating income | $524 | $504 | $572 | $1,412 | $1,744 |
| EBITDA | 653 | 635 | 704 | 1,804 | 2,131 |
Three months ended September 30, 2019 versus three months ended June 30, 2019 - EBITDA increased $18 million versus the second quarter 2019. Compared with the prior period, olefins results increased $120 million. Ethylene margin improved as the price of ethylene increased and feedstock prices declined. Ethylene volume decreased due to planned maintenance. Polyolefins results decreased approximately $100 million due to a spread decrease for polyethylene over ethylene of more than $220 per ton, partially offset by an increase in polyolefin volume.
Three months ended September 30, 2019 versus three months ended September 30, 2018 - EBITDA decreased $51 million versus the third quarter 2018. Compared with the prior period, olefins results increased more than $150 million. Ethylene margin expanded primarily due to reduced feedstock prices. Polyolefin results decreased $215 million driven by a spread decline in polyethylene over ethylene of more than $320 per ton, partially offset by an increase in polyolefin volume.
Olefins & Polyolefins - Europe, Asia, International (O&P-EAI) - Our O&P-EAI segment produces and markets Olefins and Co-products, polyethylene and polypropylene.
Table 3 - O&P-EAI Financial Overview
| Millions of U.S. dollars | Three Months Ended | Nine Months Ended | |||
| September 30, | June 30, | September 30, | September 30, | September 30, | |
| Operating income | $202 | $226 | $141 | $614 | $667 |
| EBITDA | 291 | 331 | 262 | 918 | 1,036 |
Three months ended September 30, 2019 versus three months ended June 30, 2019 - EBITDA decreased $40 million versus the second quarter 2019. Compared with the prior period, olefins results decreased about $10 million driven by a small decline in volume. Combined polyolefins results were relatively unchanged with an increase in polyethylene volume offset by a compressed polyethylene margin. Joint venture equity income decreased approximately $15 million.
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