NEW YORK (TheStreet) -- Shares of LyondellBasell Industries NV (LYB) - Get Report were gaining, up 1.91% to $91.57 in midday trading Tuesday, after the company reported its second quarter earnings results before the market opened this morning.
In its latest quarter, the Dutch chemicals-and-polymer producer earned $2.82 per share on revenue of $9.15 billion.
Wall Street had expected LyondellBasell to post a profit of $2.70 per share on revenue of $9.12 billion for the period, according to analysts polled by Thomson Reuters.
In the same quarter of last year, the company earned $2.23 per share on revenue of $12.12 billion.
During the second quarter, LyondellBasell bought back 7.9 million shares.
Company CEO Bob Patel said the abundant natural gas supply helped margins, along with the planned and unplanned industry downtime creating favorable global conditions, The Wall Street Journal reports.
In the current quarter, the company said it will start its planned outages at two of its intermediate and derivatives production sites and at one European olefins plant.
Houston, Texas-based LyondellBasell is a global, independent chemical company that operates under five segments.
The company produces and markets olefins, including ethylene and ethylene co-products, polyolefin and specialty products, as well as propylene oxide and its co-products.
Separately, TheStreet Ratings team rates LYONDELLBASELL INDUSTRIES NV as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate LYONDELLBASELL INDUSTRIES NV (LYB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, increase in net income, notable return on equity, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."
You can view the full analysis from the report here: LYB Ratings Report