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America: Lubrizol Q2 Profit Rises, Tops Estimate

https://www.chemnet.com   Aug 03,2010
Lubrizol Corp.'s (LZ: News ) second-quarter consolidated earnings attributable to the company were $201.4 million or $2.88 per share versus $131.9 million or $1.92 per share last year.


Excluding the special charges, adjusted earnings were $201.7 million or $2.88 per share for the quarter compared with $138.4 million or $2.02 per share a year ago, largely due to higher volume, improvement in the combination of price and product mix, lower selling and administrative expenses and increased other income from foreign exchange gains.


On average, 9 analysts polled by Thomson Reuters expected earnings per share of $2.38 for the quarter. Analysts' estimate typically excludes one-time items.


Consolidated revenues for the second quarter increased 26% to $1.40 billion from $1.11 billion in the second quarter of 2009, largely due to 19% higher volume and an 8% improvement in the combination of price and product mix that more than offset a 1% impact from unfavorable currency.


Four analysts anticipated revenues of $1.33 billion for the quarter.


For 2010, the company now expects earnings per share in a range of $9.52 - $9.92, including restructuring charges of $.08, and earnings per share between $9.60 and $10.00, excluding these charges. Earlier, the company projected fiscal 2010 adjusted earnings per share in range of $8.40 - $8.80.


Seven analysts project earnings per share of $8.71 for 2010.
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