Lubrizol's 3Q Profit More Than Doubles
Stock quotes in this article:
LZ
CLEVELAND (AP) Lubrizol Corp., which makes lubricants and fuel additives, said Thursday its third-quarter profit more than doubled as lower manufacturing costs and higher margins more than offset a decline in sales volume.
Net income climbed to $170.5 million, or $2.46 per share, from $63.2 million, or 92 cents per share, in the year-earlier period. Excluding one-time items, the company earned $2.52 per share, in line with the average estimate of analysts polled by Thomson Reuters. Sales fell to $1.27 billion from $1.36 billion. Analysts expected revenue of $1.18 billion. The company's cost of sales fell to $814 million from $1.08 billion. Interest expense increased to $25 million from $18.3 million. Lubrizol also boosted its 2009 earnings guidance.- Loading Comments...
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