We recently published 10 Stocks Losing Their Fire. LyondellBasell Industries NV is one of the worst performers on Thursday.
LyondellBasell extended its losing streak to a fourth straight day on Thursday, losing 6.24 percent to close at $43.16 apiece as investors unloaded portfolios following the ex-dividend and record dates to receive its next quarterly dividends.
At intra-day trade, the stock fell by as much as 6.7 percent.
On Monday, December 8, shareholders of LyondellBasell Industries NV as of December 1 record would be able to receive $1.37 per share of dividends.
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The dividends followed the results of its earnings performance in the third quarter of the year. During the period, LyondellBasell Industries NV swung to a net loss of $890 million from a $573 million net income in the same period last year, primarily dragged by $1.2 billion of identified items such as non-cash asset write-downs, costs incurred for transactions, the Cash Improvement Plan, and discontinued operations.
Sales and other operating revenues also declined by 10 percent to $7.727 billion from $8.604 billion in the same period last year.
“LYB continues to navigate a challenging market environment while remaining focused on delivering long-term value,” LyondellBasell Industries NV CEO Peter Vanacker said.
“Our Cash Improvement Plan is on track to achieve our $600 million target in 2025 and a minimum of $1.1 billion by the end of 2026, by reducing fixed costs, managing working capital, and optimizing capital investment to strengthen free cash flow,” he added.
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This article is originally published at Insider Monkey.
