UPDATE: LyondellBasell Posts Better-Than-Expected Q4 Profit, Sales Miss Estimates

reported stronger-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' expectations. The Rotterdam, Netherlands-based company reported quarterly earnings of $791 million, or $1.54 per share, compared to $1.18 billion, or $2.11 per share, in the year-ago period. Excluding the LCM adjustment, the company's earnings from continuing operations came in at $2.48 per share. Its revenue slipped 7.6% to $10.3 billion. However, analysts were projecting earnings of $2.15 per share on revenue of $10.85 billion. Olefins and polyolefins in the Americas reported an operating income of $950 million, compared to $801 million. The company's refining segment posted an operating loss of $354 million, versus a year-ago profit of $92 million a year earlier. Operating income for the intermediates and derivatives segment dropped 35.2% to $208 million. The company repurchased 17.2 million shares during the quarter. "During 2014, LyondellBasell generated record earnings and cash flow, advanced our growth program, and continued returning cash to shareholders at an industry-leading rate. Every segment posted strong results for the year, with record performance from both of our Olefins and Polyolefin segments, as well as our Technology segment. Fourth quarter 2014 EBITDA remained strong, and excluding the effects of the LCM inventory charge, we posted record results," said Bob Patel, LyondellBasell chief executive officer. LyondellBasell shares gained 1.57% to $83.29 in pre-market trading.