29 April 2010 12:25 [Source: ICIS news]
LONDON (ICIS news)--Lubrizol’s first-quarter net income for 2010 more than doubled to $167.0m (€126.9m), compared with $65.2m recorded in the same period of last year, as consumer demand recovered from the global economic crisis, the US specialty chemicals producer said on Thursday.
Consolidated revenues for the three months ended 31 March increased 30% year on year to $1.32bn, largely due to a 28% increase in volume and a favourable currency impact, the company said.
"As expected, all product lines and all geographic markets experienced higher volumes compared with last year's first quarter,” said CEO James Hambrick.
“The increased volumes generally reflected a combination of demand recovery, some continued inventory restocking and favourable order patterns, depending on the product line,” he added.
Regarding the group’s earnings outlook, Hambrick said that as customers' end markets recovered, Lubrizol was well positioned.
However, he added: “Even with our revised volume outlook for the year, we do not expect full recovery to our 2008 volume level until 2011. Also, as the year progresses, we expect tight supply conditions for some of our raw materials that will result in upward cost pressure.”
($1 = €0.76)
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