Lubrizol Corp (LZ) reported fourth quarter net income attributable to Lubrizol of $134.2 million or $1.92 per share, compared to net loss of $281.0 million or $4.16 per share last year.
Excluding the special charges in both periods, adjusted earnings were $136 million, or $1.95 per share, compared with $50 million, or $.74 per share, for the fourth quarter of 2008.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $1.77 per share. Analysts' estimates typically exclude special items.
Revenues grew to $1.19 billion from $1.09 billion in the same quarter a year earlier.
Three analysts estimated revenues of $1.16 billion.
The company issued full-year 2010 earnings guidance in the range of $7.63 to $8.23 per share, including restructuring charges of $.07 per share related to the closing of a Canadian additives blending facility and facility closures announced in the third quarter of 2009. In 2009, the company reported earnings of $7.26 per share, including restructuring and impairment charges of $.29 per share. Excluding the special charges in both years, the company projects adjusted earnings in the range of $7.70 to $8.30 per share compared with 2009 adjusted earnings of $7.55 per share, an increase of 2 percent to 10 percent.
Analysts expect the company to earn $7.31 per share.
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