* Adjusted profit $1.36/share vs Street view $1.45
* Special dividend $2.75/share
* Revenue down 10 pct to $11.27 billion
Oct 26 Chemical maker and refiner LyondellBasell
Industries NV posted a lower-than-expected quarterly
profit on Friday, due in part to high costs for crude
oil-derived chemicals in European operations.
For the third quarter, the company reported net income fell
to $846 million, or $1.46 per share, from $895 million, or $1.33
per share, in the year-ago period.
Excluding one-time items, the company earned $1.36 per
share. On that basis, analysts expected $1.45, according to
Thomson Reuters I/B/E/S.
Revenue declined 10 percent to $11.27 billion. Analysts
expected $11.37 billion.
LyondellBasell has seen margins squeezed in Europe, where
crude oil-derived naphtha is the primary feedstock to make many
chemicals. In the United States, shale-derived natural gas has
been relatively cheap, helping hold down the company's costs.
LyondellBasell, which is based in the Netherlands but run
out of Houston, said it would pay a special, one-time dividend
of $2.75 a share. It will be paid Dec. 11 to shareholders of
record Nov. 19. The payout will be in addition to the company's
current quarterly dividend of 40 cents a share.
LyondellBasell shares closed Thursday at $53.40 and is up 65
percent this year.