The Lubrizol Corporation announces that it expects to report earnings performance for the first quarter of 2009 of approximately $.95 per diluted share, including a restructuring charge of approximately $.11 per diluted share. In the first quarter of 2008, the company reported earnings of $1.06 per diluted share, including a restructuring and impairment charge of $.04 per diluted share.
Excluding the restructuring and impairment charges from both years, adjusted earnings for the first quarter of 2009 are expected to be $1.06 per diluted share compared with adjusted earnings of $1.10 per diluted share in the first quarter of 2008. This stable earnings performance compared with the prior-year first quarter primarily was the result of disciplined margin management initiatives and aggressive cost reduction actions that partially offset lower shipment volumes. Operating income in both of Lubrizol's business segments improved sequentially compared with the fourth quarter of 2008.
Lubrizol will release complete first quarter 2009 earnings on Thursday, April 30, 2009 at approximately 8 a.m. Eastern time. The company will conduct its earnings teleconference with analysts and investors at 11 a.m. Eastern time the same morning.
About The Lubrizol Corporation
The Lubrizol Corporation is an innovative specialty chemical company that produces and supplies technologies that improve the quality and performance of our customers' products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 19 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,800 employees worldwide. Revenues for 2008 were $5.0 billion.