Lubrizol Expects To Report Decline In 1Q Profit

CLEVELAND (AP) — Specialty chemical company Lubrizol Corp. said Monday it expects to post a slight decline in its first-quarter profit when it reports results later this month.

The Wickliffe, Ohio-based company expects to earn about 95 cents per share, including a restructuring charge of about 11 cents per share. A company spokeswoman said the charge is related to broad range of cost cutting efforts, including travel reductions, reduced capital spending in facilities and a small work force reduction earlier this year.

Excluding the charge, Lubrizol expects a profit of $1.06 per share for the January-March period. Analysts surveyed by Thomson Reuters, on average, expect a profit of 87 cents per share. These estimates typically exclude one-time charges.

The company said it has taken "aggressive cost reduction actions" to offset a decline in shipment volumes.

Lubrizol, which has about 6,800 employees worldwide, plans to report results on April 30.

Shares of Lubrizol fell $1.97, or 5.1 percent, to $37.06 in afternoon trading, amid a drop in the broader market.