02 February 2011 12:57 [Source: ICIS news]
LONDON (ICIS)--Lubrizol’s net income rose 17% in the fourth quarter of 2010 to $157m (€113m) from $134m during the same three-month period in 2009 as a result of higher volumes and prices, the US specialty chemicals company said on Wednesday.
Earnings for the quarter included an after-tax restructuring and impairment charge of $7.1m which resulted primarily from pension settlements related to the closure of its Canadian additives facility.
Consolidated revenues for the fourth quarter increased 11% to $1.32bn, from $1.19bn during the same period in 2009.
Lubrizol said this was largely due to a 9% improvement in the combination of price and product mix and 4% higher volume that more than offset a 2% impact from unfavourable currency effects.
"Volumes for the quarter came in very close to plan, ahead of last year and in line with our historical quarterly volume trends,” said CEO James Hambrick.
“And in looking at our full-year performance, I am particularly pleased by the growth in volume, revenue and operating income that both segments demonstrated versus the year-earlier period," he added.
($1 = €0.72)
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