28 October 2010 12:43 [Source: ICIS news]
LONDON (ICIS)--Lubrizol’s third quarter net income jumped 23% to $214.3m (€156.4m) as revenues rose due to an improvement in the combination of price and product mix, the lubricant additives producer said on Thursday.
Consolidated revenues for the third quarter increased 9% to $1.38bn compared with $1.27bn during the same period last year.
Lubrizol said the rise in revenues was largely due to a 10% improvement in the combination of price and product mix and 1% higher volume that more than offset a 2% impact from unfavourable currency effects.
Pre-tax profits for the quarter came in at $250.4m, slightly higher than the $248.2m recorded in the same year-ago period.
“Volumes for this quarter came in as planned and edged out last year's result, demonstrating steady improvement for the markets and applications we serve," said CEO James Hambrick.
Hambrick added that the company expected this growth to continue.
"With the greater part of 2010 behind us, it is clear this will be our seventh consecutive record year of growth in operating income,” he said.
($1 = €0.73)
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