The following is a summary of the LyondellBasell Industries N.V. (LYB) Q1 2024 Earnings Call Transcript:
Financial Performance:
LyondellBasell reported Q1 earnings of $1.53 per share and EBITDA of $1.1 billion.
There was a decrease in cash from operating activities by approximately $100 million in Q1, with $6.5 billion of available liquidity on the balance sheet.
The company displayed resilient cash generation, returning $1.8 billion to shareholders over the last year via dividends and share repurchases.
Improved profitability quarter-over-quarter in five of its six segments resulted in the delivery of $1.1 billion EBITDA during Q1.
Sales volumes in North American polyethylene improved by more than 5% compared to Q4.
Business Progress:
Made significant strides in building LyondellBasell's Circular and Low-Carbon Solutions (CLCS) business in Q1.
The CLCS business yielded significant sale volume growth leading to the doubling of 2022 sales and paving the path towards achieving the 2030 target.
The company is well on its course to reach its financial targets with an incremental EBITDA contribution of $500m by 2027 and $1 billion by 2030 from the CLCS business.
Continued progress in growing and upgrading its core businesses is evident, including the anticipated acquisition of the NATPET joint venture and divesture of ethylene oxide business to INEOS in Q2.
Investments have also been initiated for the construction of the company's first MoReTec advanced recycling assets in Germany, with further plans for a larger unit in Houston in 2025.
Progress is noted in the domain of mechanical recycling, with the company continuing to work on its expansion, particularly in Europe and the US.
In sync with their sustainable growth strategy, plans have been put in place for advanced recycling capacity expansions in their Cologne hub and Houston refinery sites.
More details: LyondellBasell Industries IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.