LyondellBasell Industries N.V. Q1 FY2024 results: revenue $9.9 billion, down 3.1% on the year

LyondellBasell Industries N.V. (LYB) reported revenue of $9.9 billion for Q1 FY2024, the quarter ended 31 March 2024, down 3.1% on the same quarter a year earlier. Net income was $473 million, down 0.2% on the year, and diluted earnings per share $1.44. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$9.9 billiondown 3.1%

Net income$473 milliondown 0.2%

Diluted EPS$1.44

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	9,925	9,929	n/a	n/a
Cost of revenue	8,763	8,940	n/a	n/a
Gross profit	1,162	989	n/a	n/a
Gross margin	11.7%	10.0%	n/a
Research and development	32.0	34.0	n/a	n/a
Selling, general and administrative	426	399	n/a	n/a
Operating income	704	315	n/a	n/a
Operating margin	7.1%	3.2%	n/a
Interest expense	127	121	n/a	n/a
Pre-tax income	596	179	n/a	n/a
Income tax	122	-7.0	n/a	n/a
Effective tax rate	20.5%	-3.9%	n/a
Net income	473	185	n/a	n/a
Net margin	4.8%	1.9%	n/a
Diluted EPS	$1.44	$0.55	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-114	1,504	n/a	n/a
Capital expenditure	483	484	n/a	n/a
Free cash flow	-597	1,020	n/a	n/a
Free cash flow margin	-6.0%	10.3%	n/a
Depreciation and amortisation	365	380	n/a	n/a
Share-based compensation	34.0	20.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	408	406	n/a	n/a
Dividend per share	$1.25	$1.25	n/a	n/a
Shares outstanding at period end	325m	324m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	36,624	37,000	n/a	n/a
Cash and equivalents	2,314	3,390	n/a	n/a
Inventory	4,853	4,765	n/a	n/a
Goodwill	1,628	1,647	n/a	n/a
Long-term debt including finance leases	11,023	10,333	n/a	n/a
Operating lease liabilities	1,380	1,409	n/a	n/a
Shareholders' equity	12,979	12,930	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	10,625	9,929	9,925	10,558	10,322	9,497	7,677	7,658	7,727	n/a	7,197	9,177
Cost of revenue	9,177	8,940	8,763	9,148	9,080	8,747	7,128	6,871	6,821	n/a	6,496	7,139
Gross profit	1,448	989	1,162	1,410	1,242	750	549	787	906	n/a	701	2,038
Gross margin	14%	10%	12%	13%	12%	8%	7%	10%	12%	n/a	10%	22%
R&D	31.0	34.0	32.0	33.0	31.0	39.0	34.0	35.0	34.0	n/a	36.0	34.0
SG&A	378	399	426	407	404	426	401	435	401	n/a	411	387
Operating income	1,014	315	704	970	802	-659	114	285	-731	n/a	239	1,543
Operating margin	10%	3%	7%	9%	8%	-7%	1%	4%	-9%	n/a	3%	17%
Interest expense	125	121	127	120	118	116	107	118	130	n/a	138	138
Pre-tax income	901	179	596	1,174	711	-878	59.0	224	-856	n/a	137	808
Tax rate	17%	-4%	20%	21%	19%	n/a	61%	31%	n/a	n/a	-1%	29%
Net income	747	185	473	924	573	-603	177	115	-890	n/a	125	559
Net margin	7%	2%	5%	9%	6%	-6%	2%	2%	-12%	n/a	2%	6%
Diluted EPS	$2.29	$0.55	$1.44	$2.82	$1.75	-$1.86	$0.54	$0.34	-$2.77	n/a	$0.38	$1.71
Operating cash flow	1,666	1,504	-114	1,348	670	1,915	-579	351	983	n/a	-269	752
Capital expenditure	394	484	483	484	368	504	483	539	406	n/a	269	270
Free cash flow	1,272	1,020	-597	864	302	1,411	-1,062	-188	577	n/a	-538	482
Buybacks	41.0	0.0	0.0	75.0	42.0	78.0	110	91.0	0.0	n/a	0.0	0.0
Dividends paid	407	406	408	438	437	437	433	445	443	n/a	224	224
Shares outstanding	324m	324m	325m	325m	325m	324m	323m	322m	322m	322m	323m	323m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0001489393-24-000020: the filing on EDGAR. All of LyondellBasell Industries N.V.'s filings: EDGAR company page.

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