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LyondellBasell (Rotterdam, Netherlands) announced its fourth quarter and full-year 2010 financial results, demonstrating a strong opening for the company’s new iteration. Fourth quarter showed a net income of $874 million, with diluted earnings per share of $1.54, with the company being impacted by seasonal factors and an increase in raw material costs in Europe. For the full-year 2010, the company saw an EBITDA of $4 billion, excluding non-cash inventory charge, which marks an increase of 80% from 2009. This increase was led by particularly strong results in U.S. olefins and polyolefins and global propylene oxide. Sales for 2010 ended at $41 billion, up 33% from the prior year.
"2010 was a great beginning for the 'New LyondellBasell'," said LyondellBasell CEO Jim Gallogly. "The company enjoyed financial success while advancing the plans and processes that form the foundation for our future. We demonstrated the strength of our assets and business position and that the uncertainties of the past years are behind us. Although early in this phase of economic and industry recovery, the earnings and cash generation capabilities of the company are now quite evident."