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Lubrizol 1Q Profit Climbs 4.4% On Higher Revenue

DOW JONES NEWSWIRES 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;

Stock News for Lubrizol (LZ)
DateTimeHeadline
08/25/201103:52:21EU Clears Berkshire Hathaway Purchase Of US' Lubrizol Corp.
07/26/201117:15:17Lubrizol 2Q Profit Falls 5% On Costs, Foreign Exchange, Taxes
06/20/201111:08:19Lubrizol CFO, COO To Retire After Berkshire Deal Closes -Filing
06/13/201116:24:11Berkshire, Lubrizol May Move Merger Date To Dec. 31 - Filing
05/02/201114:39:16SEC Disputes Buffett's View Of Sokol Inquiry -Fox Business
04/30/201111:36:19Buffett: Sokol's Actions Were 'Inexplicable,' 'Inexcusable'
04/27/201120:38:42Statement Of Barry Wm. Levine, Attorney For David Sokol
04/27/201117:05:24Berkshire Audit Committee: Sokol Violated Company Policy
04/27/201116:43:37Lubrizol 1Q Profit Climbs 4.4% On Higher Revenue
04/14/201108:04:39Evercore Hires Goldman Energy Banker; Scores Big Deals With Fat...
04/11/201120:14:21Sokol Spoke More With Lubrizol Bankers Than Previously Disclosed
03/31/201115:35:10WSJ: SEC Weighs Launching Sokol Insider Trade Probe - Sources
03/25/201120:17:29Berkshire's Sokol Took Lead In Lubrizol Deal, Filings Show
05/28/201009:04:03BASF Could Make Binding Offer For Cognis In June - Sources
05/17/201012:49:52Lubrizol Still In Running For Cognis Alongside BASF -Sources

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