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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‚Äôs 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.

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