LyondellBasell expects up to an 86 percent decrease in net income for Q1. In response to the global coronavirus pandemic, it also said it has idled production at some small plants.
Down from $817 million in the first quarter of 2019, its Q1 net income was expected to be in a range of $110 million to $180 million.
At several small plants that serve automotive markets, LyondellBasell has temporarily idled production. At other plants that the company did not identify, it also has appropriately reduced production rates.
Amid coronavirus concerns, major US vehicle manufacturers, such as Ford, GM and Fiat Chrysler last month shut down plants.
Given the uncertainty over the full extent of the pandemic and the drop in oil prices, the company said it has developed strategies and is implementing responses to various economic scenarios.
