LyondellBasell and Eastman both post 2013 profits

By Frank Esposito
Senior Staff Reporter

Published: February 5, 2014 1:16 pm ET
Updated: February 5, 2014 1:18 pm ET

Related to this story

Topics Materials Suppliers
Companies & Associations Eastman Chemical Co.

Polyolefins leader LyondellBasell Industries and specialty plastics and chemicals maker Eastman Chemical Co. each posted full-year profit gains for 2013.

Houston-based LyondellBasell saw yearly profit rise almost 36 percent to almost $3.9 billion, even as annual sales fell almost 3 percent to just under $44.1 billion. Eastman – based in Kingsport, Tenn. – saw 2013 profit more than double to almost $1.2 billion as sales jumped more than 15 percent to almost $9.4 billion.

In a Jan. 31 news release, LyondellBasell chief executive officer Jim Gallogly said that his firm achieved record earnings in 2013, including the best fourth-quarter results in the company's history. Gallogly added that LyondellBasell's 2013 performance "continued a pattern of solid financial results built on our back-to-basics strategy."

Looking to 2014, Gallogly said that the U.S. natural gas liquids advantage "continues to evolve in a very positive way, and we are executing our growth projects rapidly to take advantage of these market opportunities." A recent restart of a methanol plant in Channelview, Texas, and other announced projects "focus on capturing additional advantages from U.S. shale gas ahead of our competition," he added.

LyondellBasell is adding capacity for ethylene feedstock at three sites in Texas. The firm also has announced new polyethylene capacity via debottleneckings, and officials have said larger PE expansions are being considered.

Olefins and polyolefins units in the Americas and in its Europe/Asia/International group ranked as LyondellBasell's two largest businesses in 2013. Each unit saw sales grow about 1 percent during 2013, with the Americas reaching almost $13.1 billion and EAI nearly touching $14.7 billion.

Operating income for olefins and polyolefins in the Americas grew almost 23 percent to almost $3.3 billion, while results in that same category in EAI almost tripled to $377 million.

Eastman's 2013 results "represent the fourth consecutive year of strong earnings growth" for the firm, CEO Mark Costa said in a Jan. 30 news release.

Sales in Eastman's Advanced Materials unit – including Tritan-brand copolyester, as well as performance films and interlayers acquired when the firm bought Solutia Inc. in 2012 – grew almost 39 percent to more than $2.3 billion. The unit's operating earnings for 2013 also more than tripled to $257 million.

Based on sales, Advanced Materials was the second-largest of Eastman's five operating units in 2013.

Per-share stock prices for both LyondellBasell and Eastman have fared well in the last year. LyondellBasell's per-share price was under $60 in early 2013 but closed at just over $78 on Feb. 4. Eastman's per-share price was under $70 in early 2013 but closed at $77 on Feb. 4.


Comments

LyondellBasell and Eastman both post 2013 profits

By Frank Esposito
Senior Staff Reporter

Published: February 5, 2014 1:16 pm ET
Updated: February 5, 2014 1:18 pm ET

Post Your Comments


Back to story


More stories

Image

Oxford Polymers adds compounding capacity

January 30, 2015 1:16 pm ET

Materials maker Oxford Polymers has increased its compounding capacity by installing a new single-screw extrusion line.    More

Image

Marval's next generation expands capacity

January 30, 2015 1:27 pm ET

MAMARONECK, N.Y. — There’s a lot of history at Marval Industries Inc., but the 59-year-old compounding firm also is looking toward the...    More

Image

Lubrizol buys Brazil-based coatings technology manufacturer

January 30, 2015 11:50 am ET

Specialty chemicals company Lubrizol Corp. of Wickliffe, Ohio, said it has acquired a Brazilian company that makes coatings technology for products...    More

Image

2014 sees modest sales increase, but profit decrease, for Dow Chemical

January 29, 2015 4:20 pm ET

UPDATED — Dow Chemical Co. delivered modest sales growth in 2014, but the firm's profit took a tumble.    More

Image

Materials firms look for stock rebound

January 29, 2015 1:52 pm ET

DuPont Co., A. Schulman Inc. and Rogers Corp. thrived amid the stock market chaos of 2014, but the other 12 publicly held materials firms tracked by P...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events