Lubrizol reports 'another excellent year for revenues and earnings'
Consolidated revenues up 11%
Ohio based chemical company Lubrizol, which makes ingredients and additives for personal care products, has announced earnings for the fourth quarter 2010.
Consolidated earnings for Q4 ended 31 December 2010 were $157m, or $2.35 per diluted share including after tax restructuring and impairment charges of $7.1m, or $0.10 per diluted share. Consolidated revenues for Q4 increased 11% to $1.32bn compared with $1.19bn in the fourth quarter of 2009.
Commenting on the results, ceo James Hambrick said: “We had a good finish to another excellent year for revenues and earnings. Volumes for the quarter came in very close to plan, ahead of last year and in line with our historical quarterly volume trends. And in looking at our full-year performance, I am particularly pleased by the growth in volume, revenue and operating income that both segments demonstrated versus the year-earlier period.”
Lubrizol has also acquired Nalco Performance Products Group, a supplier of specialty polymers and additives for the personal care industry and the company issued a full-year optimistic forecast performance for 2011. According to the company, projected earnings for 2011 represent an increase of 12% to 17% compared with 2010 results.
