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.
