Lubrizol Corp.'s (LZ) first-quarter earnings rose 4.4%, with revenue and adjusted earnings climbing past analysts' estimates, as the company's revenue increased.
Lubrizol attributed the improved bottom line to better price and product mix and higher volumes, helping to offset higher raw-material and manufacturing costs.
Lubrizol--which makes additives for engine oils and industrial lubricants--is in the process of being bought by Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) for about $9 billion, after the billionaire investor said he was itching to make a deal and pulled the trigger on one of the biggest in Berkshire history barely two weeks later. The company said it won't hold a conference call to discuss its results because of the pending Berkshire deal.
In the most recent quarter, Lubrizol reported a profit of $169.5 million, or $2.57 a share, up from $162.3 million, or $2.32, a year earlier. Excluding items such as restructuring and merger-related costs, earnings rose to $2.71 from $2.33.
Revenue jumped 15% to $1.52 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.53 on $1.39 billion in revenue.
Gross margin fell to 31.7% from 34.3%.
Shares closed at $135.02 and were inactive after hours. The stock has risen 49% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; email@example.com;