Lubrizol Announces Second Quarter 2011 Earnings Of $2.90 Per Share
The Lubrizol Corporation (NYSE: LZ) announced that consolidated earnings for the second quarter ended June 30, 2011, were $191.3 million, or $2.90 per diluted share, including after-tax merger-related and restructuring charges of $0.6 million, or $.01 per diluted share, primarily related to expense associated with the company’s pending merger transaction with Berkshire Hathaway. Comparable earnings for the second quarter of 2010 were $201.4 million, or $2.88 per diluted share, which included after-tax restructuring and impairment charges of $0.3 million, or less than $.01 per diluted share, primarily related to restructuring initiatives in the Advanced Materials segment.
Second Quarter Consolidated Results
Consolidated revenues for the second quarter increased 17 percent to $1.63 billion compared with $1.40 billion in the second quarter of 2010. The year-over-year increase in revenues largely was due to a 13 percent improvement in the combination of price and product mix, favorable currency impact of 3 percent and 1 percent higher volume. Excluding the special charges in both periods, adjusted earnings were $191.9 million, or $2.91 per diluted share, for the second quarter of 2011 compared with $201.7 million, or $2.88 per diluted share, for the second quarter of 2010.
Adjusted earnings per share for the second quarter of 2011 slightly increased compared with the prior-year second quarter largely due to improvement in the combination of price and product mix, the favorable impact of reduced shares outstanding and higher volume. These positive factors to earnings offset the impact of higher raw material costs, higher selling, testing, administrative and research (STAR) expenses, higher manufacturing costs, reduced income from foreign currency translation gains and a higher effective tax rate.Six Month Consolidated Results For the first six months of 2011, consolidated revenues increased 16 percent to $3.15 billion compared with $2.72 billion for the first six months of 2010. Consolidated earnings were $360.8 million, or $5.47 per diluted share, including after-tax merger-related and restructuring and impairment charges (credits) of $9.7 million, or $.15 per diluted share. Earnings for the first six months of 2010 were $363.7 million, or $5.21 per diluted share, including after-tax restructuring and impairment charges of $0.9 million, or $.01 per diluted share. Excluding the special charges from both periods, earnings of $5.62 per diluted share in the first half of 2011 compared with $5.22 per diluted share in the first half of 2010.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV