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Lubrizol Skids Greased

Shares fall 7%.

Chemicals company


(LZ) - Get, Inc. Report

said its earnings for third quarter rose 3.5%.

The Wickliffe, Ohio-based company earned $50.3 million, or 73 cents a share, in the quarter, compared with $48.6 million, or 70 cents a share, a year ago.

Adjusted for restructuring and impairment charges, earnings from continuing operations were 76 cents a share in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 80 cents a share for the quarter.

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Third-quarter revenue increased 15% from a year ago to $1.03 billion as agianst analysts' expectation of $986.3 million.

The company expects earnings from its continuing operations of $2.98 a share to $3.03 a share for the full year. Adjusted for restructuring and impairment charges of 7 cents a share, earnings are expected to be $3.05 a share to $3.10 a share, compared with $3.00 a share to $3.10 a share forecast earlier. Analysts are expecting earnings of $3.06 a share for the full year.

By segment, third-quarter revenue from lubricant additives rose 17% to $661.3 million and revenue from specialty chemicals rose 11% to $369.7.

"Our solid performance for the third quarter and our outlook for the fourth quarter underscore the fundamental soundness of our business and our plans for its sustainable growth. Volume growth met our expectations for both segments," the company said.

Shares of the company were trading down $3.29, or 6.8%, at $44.83 Tuesday.

This story was created through a joint venture between and IRIS.