LyondellBasell beats profit estimates on strong demand for oxyfuels
(Reuters) - Chemical maker LyondellBasell Industries on Friday beat third-quarter profit estimates, boosted by strong demand for oxyfuels during the summer season when more people take road trips.
The company posted an adjusted profit of $2.46 per share for the quarter ended Sept. 30, compared with the average analyst estimate of $2.03 per share, according to LSEG data.
LyondellBasell is the second largest producer of oxyfuels in the world.
Oxyfuels are a key component of clean-burning, high-octane gasoline. They improve fuel efficiency, engine performance and air quality by improving combustion efficiency which in turn reduce vehicle emissions including greenhouse gases.
The Houston-based firm, however, said it expects seasonally softer demand across most businesses in the fourth quarter with oxyfuels and refining margins expected to decrease after the summer driving season ends.
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