This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lubrizol Announces Earnings Of $2.57 Per Share For The First Quarter Of 2011

The Lubrizol Corporation (NYSE: LZ) announced that consolidated earnings for the first quarter ended March 31, 2011, were $169.5 million, or $2.57 per diluted share, including $9.1 million, or $.14 per diluted share, of after-tax special charges primarily related to the pending Berkshire Hathaway acquisition of Lubrizol. Comparable earnings for the first quarter of 2010 were $162.3 million, or $2.32 per diluted share, which included after-tax restructuring charges of $.6 million, or $.01 per diluted share, primarily related to restructuring initiatives in the Advanced Materials segment.

First Quarter Consolidated Results

Consolidated revenues for the first quarter increased to $1.52 billion compared with $1.32 billion in the first quarter of 2010. This increase largely was due to an improvement in the combination of price and product mix and higher volume. The impact of currency was negligible for the quarter.

Excluding the special charges in both periods, adjusted earnings were $178.6 million, or $2.71 per diluted share, for the first quarter of 2011 compared with $162.9 million, or $2.33 per diluted share, for the first quarter of 2010.

Compared with the prior-year first quarter, the increase in adjusted earnings per share largely was attributable to improvement in the combination of price and product mix, higher volumes, the favorable impact of fewer shares outstanding and a lower effective tax rate. These favorable factors to earnings more than offset the impact of higher raw material costs, higher manufacturing costs associated with the increased volumes and higher selling, testing, administrative and research (STAR) expenses.

Cash flow from operations was $82 million for the first three months of 2011 compared with $99 million in the year-earlier period. The year-over-year decrease in cash provided by operating activities primarily was attributable to the funding of the company’s U.S. pension plan in the first quarter of 2011, slightly offset by increased earnings. Capital expenditures in the first quarter of 2011 were approximately $59 million compared with $30 million in the first quarter of 2010. The company’s cash balance at March 31, 2011, decreased to $755 million compared with $896 million at December 31, 2010, primarily due to the acquisition of the Nalco personal care and household care business for $164 million. The company did not repurchase any shares during the first quarter of 2011.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs