Lubrizol forecasts 3Q profit above Street view

Chemical maker Lubrizol says third-quarter profit expected to top Wall Street forecasts

• On 5:10 pm EDT, Wednesday October 21, 2009

CLEVELAND (AP) -- Chemical maker Lubrizol Corp. said Wednesday it expects to earn $2.46 per share when it reports third-quarter results later this month, well ahead of Wall Street expectations.

The company's shares rose $3, or 4.3 percent, to $73.50 in after-hours trading, having closed earlier at $70.50.

The Cleveland-based manufacturer, which makes specialty chemicals including industrial and engine lubricants, said that figure includes a restructuring charge of 6 cents per share. Excluding that one-time item, Lubrizol's quarterly profit will total $2.52 per share.

Analysts surveyed by Thomson Reuters expect the company to earn $1.89 per share, on average. The forecasts typically exclude one-time items.

Lubrizol is set to report formal results Oct. 29.