Lubrizol Profit Falls On Lower Chemical Sales

By sector, sales in the company's additives business fell 14 percent, and the advanced-materials segment saw sales fall 26 percent. Declines were especially sharp in engineered polymers and performance coatings.

Chief Executive James Hambrick said officials "knew 2009 was going to be a challenging year," and he declared satisfaction with results from both business segments.

Lubrizol makes specialty chemicals for companies in transportation, industry and consumer goods, including industrial and engine lubricants.

Shares rose $1.52, or 3.6 percent, to $43.74 in midday trading.