Lubrizol reports improved fourth-quarter results, forecasts modest gains in 2010

Lubrizol Corp. (NYSE: LZ) has reported improved fourth-quarter results and is forecasting a modest increase in earnings for 2010.

The producer of specialty chemicals and lubricant additives posted net income in the latest fourth quarter of $134.2 million, or $1.92 per diluted share, compared to a year-earlier loss of $281 million, or $4.16 a share. Results in the fourth quarter of 2008 included restructuring and asset impairment charges of $368.9 million.

Sales at Lubrizol rose 9%, to $1.19 billion from $1.09 billion.

Looking ahead, Lubrizol issued full-year 2010 earnings guidance in the range of $7.63 to $8.23 per diluted share, which includes restructuring charges of seven cents a 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 per share of $7.26, including restructuring and impairment charges of 29 cents a share.

Excluding the special charges in both years, the company projects adjusted 2010 earnings in the range of $7.70 to $8.30 per diluted share, which would compare with 2009 adjusted earnings of $7.55 per diluted share, The projection represents an expected earnings increase in the range of 2% to 10%.

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