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LyondellBasell's earnings skyrocket after restructuring.(BUSINESS & FINANCE NEWS: UNITED STATES/AMERICAS)(financial news)(Financial report)
LyondellBasell reported second-quarter net income of $203 million, excluding a net $8.6 billion after-tax gain on the discharge of liabilities subject to compromise and flesh-start accounting adjustments.
Sales were up 7.2%, to $10.4 billion. Excluding reorganization items and a $333 million non-cash inventory charge, second-quarter 2010 earnings before interest, income taxes, depreciation and amortization, and restructuring costs (Ebitdar) was $1.4 billion.
"We emerged from Chapter 11 as a much stronger company," says LyondellBasell CEO Jim Gallogly. "Strong U.S. ethylene margins experienced late in the first quarter continued into the second quarter. Our feedstock …
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