Lubrizol Corp. (LZ) reported third quarter earnings were $170.5 million or $2.46 per diluted share, compared to $63.2 million or $0.92 per diluted share last year.
Excluding the restructuring and impairment charges in both periods, adjusted earnings were $174.4 million, or $2.52 per diluted share, for the third quarter of 2009 compared with $67.0 million, or $.98 per diluted share, for the third quarter of 2008.
On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $2.52 per share. Analysts' estimates typically exclude special items.
Consolidated revenues for the third quarter decreased 6% to $1.27 billion compared with $1.36 billion in the third quarter of 2008. Three analysts estimated revenues of $1.18 billion.
The company's guidance for 2009 earnings is now in the range of $6.82 to $7.02 per diluted share, including restructuring and impairment charges of $.28 per diluted share. Excluding the special charges from both years, the company projects 2009 adjusted earnings in the range of $7.10 to $7.30 per diluted share, which compares with 2008 adjusted earnings of $4.09 per diluted share.
Earlier, the company expected full year earnings, including restructuring and impairment charges, in the range of $5.87 to 6.17 per share. Excluding the special charges, the company projected full year adjusted earnings in the range of $6.10 - $6.40 per share.
Analysts expect the company to report earnings of $6.89 per share for full year.
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