LyondellBasell says 3Q net fell
LyondellBasell, which refines oil and makes chemicals and plastics used in manufacturing and construction, said on Friday that its third-quarter net income fell 5.7 percent, as raw material prices rose and volumes in some businesses declined.
The Netherlands-based also said it would pay a special dividend in December.
LyondellBasell said it earned $844 million, or $1.46 per share, for the quarter that ended Sept. 30. That was down from $895 million, or $1.51 per share, during the same period last year.
Revenue fell 10 percent to $11.27 billion, from $12.52 billion a year ago.
Analysts surveyed by FactSet had been expecting earnings of $1.45 per share on revenue of $11.33 billion.
The company said the fourth quarter usually brings a seasonal slowdown in some of its segments, but it doesn't expect the dropoff to be as severe this year as it was in 2011.
The special dividend will be $2.75 per share, to be paid on Dec. 11 to shareholders of record Nov. 19. The company said the dividend will cost $1.6 billion, to be paid with cash on hand. It said the dividend is in addition to its interim dividend of 40 cents per share, which is expected to be approved by its board for payment at the same time as the special dividend.
LyondellBasell's U.S. shares dropped $1.43, or 2.7 percent, to $51.97. Its shares are 7 percent below their 52-week high of $56 set last week.