The Lubrizol Corporation announced that consolidated earnings from continuing operations for the fourth quarter ended December 31, 2007 were $59.7 million, or $.86 per diluted share, including after tax restructuring and impairment charges of $.6 million, or $.01 per diluted share. Comparable earnings from continuing operations for the fourth quarter of 2006 were $21.4 million, or $.31 per diluted share, which included after tax restructuring and impairment charges of $28.4 million, or $.41 per diluted share, consisting primarily of a $.37 per diluted share non-cash charge related to the impairment of the Noveon trade name announced on January 17, 2007.
Consolidated revenues for the fourth quarter increased 16% to $1.15 billion compared with $985 million in the fourth quarter of 2006. Volume increased 9 percent and improvements in the combination of price and product mix increased revenues 4% compared with the fourth quarter of 2006.
“I am very pleased with our performance in the fourth quarter, which contributed to our record operating performance in 2007, our fourth consecutive year of earnings growth," said James Hambrick, CEO, Lubrizol. "We finished the year with strong demand and established a new mark for volume in a fourth quarter. We experienced sales growth in all geographic regions with international market growth outpacing North American demand. We also advanced our strategic agenda by closing our refrigeration lubricants acquisition in the quarter. In short, our performance reflects the ongoing successful transformation of Lubrizol and the underlying strength, diversity and resiliency of our businesses.”
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