LyondellBasell Industries N.V. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated sales and other operating revenues of $10,322 million, a decrease from $10,625 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $30,805 million, down from $31,178 million year-over-year.
Operating income for Q3 2024 was $802 million, a decline from $970 million in Q2 2024 and $2,476 million for the nine months, compared to $2,738 million in the prior year. Net income for Q3 2024 was $573 million, down from $924 million in Q2 2024, while net income for the nine months increased slightly to $1,976 million from $1,970 million in the same period of 2023.
The company's earnings per share (EPS) for Q3 2024 were $1.77 (basic) and $1.76 (diluted), compared to $2.29 in Q3 2023. For the nine months, EPS improved to $6.04 (basic) and $6.02 (diluted), up from $5.93 and $5.91, respectively, in the previous year.
LyondellBasell's comprehensive income for Q3 2024 was $722 million, an increase from $680 million in Q3 2023, while for the nine months, it rose to $2,072 million from $1,908 million. The company reported a significant gain of $293 million from the sale of its Ethylene Oxide & Derivatives (EO&D) business in May 2024, contributing to its financial performance.
Strategically, LyondellBasell amended its Senior Revolving Credit Facility in July 2024, increasing it from $3,250 million to $3,750 million, with no borrowings outstanding as of September 30, 2024. The company also issued $750 million in guaranteed notes due 2034 in February 2024 and repaid $775 million of senior notes due 2024 in March 2024.
In terms of operational segments, the Olefins and Polyolefins-Americas segment saw increased margins due to favorable feedstock costs, while the Intermediates and Derivatives segment experienced declines due to lower crude oil prices. The Advanced Polymer Solutions segment improved due to the absence of a prior goodwill impairment charge.
Overall, LyondellBasell's performance reflects a combination of strategic asset sales, fluctuations in market conditions, and ongoing adjustments to its operational focus, with expectations of softer demand in the fourth quarter of 2024.
About LyondellBasell Industries N.V.
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