Lubrizol Forecasts 3Q Profit Above Street View
Stock quotes in this article:
LZ
CLEVELAND (AP) Chemical maker Lubrizol Corp. said Wednesday it expects to earn $2.46 per share when it reports third-quarter results later this month, well ahead of Wall Street expectations.
The company's shares rose $3, or 4.3 percent, to $73.50 in after-hours trading, having closed earlier at $70.50. The Cleveland-based manufacturer, which makes specialty chemicals including industrial and engine lubricants, said that figure includes a restructuring charge of 6 cents per share. Excluding that one-time item, Lubrizol's quarterly profit will total $2.52 per share. Analysts surveyed by Thomson Reuters expect the company to earn $1.89 per share, on average. The forecasts typically exclude one-time items. Lubrizol is set to report formal results Oct. 29.- Loading Comments...
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