Lubrizol reports increased earnings
Specialty chemical company Lubrizol Corporation has announced that consolidated earnings for the second quarter ended June 30, 2005 were $60.1 million compared with $3.9 million in the same period in 2004 which included the acquisition of Noveon International. The company stated that earnings for the second quarter of 2005 increased over the prior-year second quarter as improved price and product mix, the acquisition, favourable currency, lower STAR (selling, testing, administrative and research) expenses, higher shipment volume and a lower tax rate more than offset higher raw material costs. Consolidated revenues for the quarter were $1,066.6 million compared with $721.5 million in the second quarter of 2004. Excluding the acquisition, revenues increased 15% compared with the prior-year second quarter.
For the first six months of 2005, consolidated revenues were $2.04 billion compared with $1.30 billion for the first six months of 2004. Consolidated earnings were $108.6 million compared with $41.5 million in the same period in 2004.
In the Performance Coatings product line, revenues increased compared with the second quarter of 2004, driven by higher selling prices. However, shipment volumes declined as weaknesses in North American and European textiles offset volume increases.
