Lubrizol Corp.'s (LZ) first-quarter earnings rose 4.4%, with
revenue and adjusted earnings climbing past analysts' estimates, as
the company's revenue increased.
Lubrizol attributed the improved bottom line to better price and
product mix and higher volumes, helping to offset higher
raw-material and manufacturing costs.
Lubrizol--which makes additives for engine oils and industrial
lubricants--is in the process of being bought by Warren Buffett's
Berkshire Hathaway Inc. (BRKA, BRKB) for about $9 billion, after
the billionaire investor said he was itching to make a deal and
pulled the trigger on one of the biggest in Berkshire history
barely two weeks later. The company said it won't hold a conference
call to discuss its results because of the pending Berkshire
deal.
In the most recent quarter, Lubrizol reported a profit of $169.5
million, or $2.57 a share, up from $162.3 million, or $2.32, a year
earlier. Excluding items such as restructuring and merger-related
costs, earnings rose to $2.71 from $2.33.
Revenue jumped 15% to $1.52 billion.
Analysts polled by Thomson Reuters had most recently forecast
earnings of $2.53 on $1.39 billion in revenue.
Gross margin fell to 31.7% from 34.3%.
Shares closed at $135.02 and were inactive after hours. The
stock has risen 49% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com;