Speciality chemicals company improves on a strong start to 2010
Lubrizol has announced consolidated earnings of $201.4m for the quarter ended 30 June 2010 on consolidated revenues of $1.40bn, an increase of 26% in comparison to revenue in the second quarter of 2009.
For the first six months of 2010 consolidated revenues increased 28% to $2.72bn. Consolidated earnings amounted to $196.1m.
The speciality chemicals company has attributed the strong second quarter and half year results to higher volume, improvement in the combination of price and product mix, lower selling and administrative expenses and increased other income from foreign exchange gains.
“In a continuation of first quarter trends all product lines and geographic markets experienced strong year over year and sequential volume increases due to further recovery in demand, underlying market growth and favourable order patterns,” commented ceo James Hambrick. “The diverse nature of our product portfolio, together with the actions we have taken to improve our businesses has us well positioned to benefit from the gradually strengthening global industrial economy and deliver our seventh consecutive year of growth in adjusted earnings.”