Lubrizol says it’s bullish about 2011

Wickliffe, Ohio-based Lubrizol Corp. posted a higher-than-expected quarterly profit and issued a bullish forecast for 2011. “I reiterate my deep confidence in our ability to deliver an eighth consecutive record year of earnings,” Chief Executive Officer James Hambrick said. Volume growth is expected to be somewhat slower in 2011 compared with 2010, however. Rising raw materials costs also remain a concern, he said. For the fourth quarter, the company posted net income of US$156.7 million, or US$2.35 per share, compared with US$134.2 million, or US$1.92 per share, a year earlier. Revenue rose 11% to US$1.32 billion. Sales in the company’s additives unit, which makes engine lubricants, rose 12%. (February 2, 2011)