LyondellBasell Industries N.V. (NYSE:LYB) Q3 2019 Earnings Conference Call - Final Transcript
Nov 01, 2019 • 11:00 am ET
Hello and welcome to the LyondellBasell teleconference. [Operator Instructions] Following today's presentation, we will conduct a question-and-answer session. [Operator Instructions]
I'd now like to turn over the conference to Mr. David Kinney, Director of Investor Relations. Sir, you may begin.
Thank you, Brittany. Hello and welcome to LyondellBasell's Third Quarter 2019 Teleconference. I'm joined today by Bob Patel, our Chief Executive Officer; and Thomas Aebischer, our Chief Financial Officer.
Before we begin the business discussion, I'd like to point out that a slide presentation accompanies today's call and is available on our website at www.lyondellbasell.com. Today, we will be discussing our business results while making reference to some forward-looking statements and non-GAAP financial measures. We believe the forward-looking statements are upon reasonable assumptions and the alternative measures are useful to investors. Nonetheless, the forward-looking statements are subject to significant risks and uncertainty. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in the presentation slides in our regulatory filings, which are available at www.lyondellbasell.com/investorrelations.
Reconciliations of non-GAAP financial measures to GAAP financial measures together with other disclosures, including the earnings release are also currently available on our website. Finally, I would like to point out that a recording of this call will be available by telephone beginning at 2:00 PM Eastern Time today until 11:59 PM Eastern Time on December 1st, by calling 888-568-0509 in the United States and 203-369-3479 outside the United States. The passcode for both numbers is 5713.
During today's call, we will focus on third quarter results, the current environment, our near-term outlook and provide an update on our growth initiatives. With that being said, I would now like to turn the call over to Bob.
Bhavesh V. Patel
Thanks, Dave. Good day to all of you participating around the world and thank you for joining our third quarter earnings call. Let's begin with Slide 3 and review the third quarter highlights. During our Investor Day in September, we emphasized how our leading and advantaged portfolio of businesses is poised to deliver resilient performance and strong cash flows across a range of market conditions. Our company delivered on this commitment during the third quarter with $1.9 billion of cash from operating activities.
Our third quarter EBITDA of $1.5 billion represents a decline of approximately 4% relative to the second quarter and 13% relative to the prior year. Third-quarter earnings were $2.85 per share, which represents a 6% improvement over the previous quarter. This is our third consecutive quarter of increasing earnings per share. The advantage of abundant low cost natural gas liquid feedstocks continue to benefit our North American businesses, demand for our consumer-driven non-durable products reflected typical seasonal strength with a 5% increase in our global polyethylene and polypropylene sales volume relative to the second quarter.
Industrial-driven markets for durable products saw weaker margins and demand due to trade uncertainty. Despite the challenging market conditions, our portfolio of business has performed well during the quarter, continued