Lubrizol's 3Q profit more than doubles

Lubrizol's 3rd-quarter profit more than doubles on lower manufacturing costs, higher margins

• On 9:21 am EDT, Thursday October 29, 2009

CLEVELAND (AP) -- Lubrizol Corp., which makes lubricants and fuel additives, said Thursday its third-quarter profit more than doubled as lower manufacturing costs and higher margins more than offset a decline in sales volume.

Net income climbed to $170.5 million, or $2.46 per share, from $63.2 million, or 92 cents per share, in the year-earlier period.

Excluding one-time items, the company earned $2.52 per share, in line with the average estimate of analysts polled by Thomson Reuters.

Sales fell to $1.27 billion from $1.36 billion. Analysts expected revenue of $1.18 billion.

The company's cost of sales fell to $814 million from $1.08 billion. Interest expense increased to $25 million from $18.3 million.

Lubrizol also boosted its 2009 earnings guidance.