said fourth-quarter earnings rose 61.3% from a year ago, thanks to volume gains and improved pricing and product mix.
The specialty chemicals and lubricants company earned $32.1 million, or 46 cents a share, in the quarter, compared with $19.9 million, or 30 cents a share, a year ago. Excluding restructuring and impairment charges and discontinued operations, the company earned 51 cents a share in the latest quarter.. Analysts surveyed by Thomson First Call were expecting earnings of 49 cents a share.
Fourth-quarter revenue rose 12.1% to $1.03 billion. Analysts were expecting revenue of $1.03 billion. Revenue from additives and specialty chemicals segments grew by 20% and 3%, to $594.1 million and $438.8 million, respectively.
The company said that earnings rose as a result of improvements in the combination of price and product mix, as well as higher shipment volume, which more than offset higher raw material and utility costs and a higher tax rate.
Including restructuring charges of 10 cents a share, the company estimates earnings to be in the range of $2.95 to $3.15 a basic share for 2006. Analysts estimate stand at $3.26 a share.
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