LyondellBasell beats by $0.20, misses on revs :
- Reports Q1 (Mar) adj earnings of $2.48 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $2.28; revenues fell 17.6% year/year to $6.74 bln vs the $7.08 bln Capital IQ Consensus.
- Outlook: "As we look forward to the remainder of the second quarter, a significant amount of industry capacity will be offline in both the U.S. and Asia for scheduled maintenance. We believe this is tightening global olefin and polyolefin markets. Within our system, we have begun the maintenance turnaround and 800 million pound ethylene expansion at Corpus Christi and expect to ramp up toward full utilization of the expanded capacity during the third quarter. During the second quarter our refinery will operate at reduced rates as we repair damage from an April fire. At the same time, the refining and oxyfuels businesses have started to benefit from seasonal margin improvements,"
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