Lubrizols additives segment posted record operating income of $191.4 million for the quarter ending Dec. 31, up 105 percent from $93.3 million in the year-earlier quarter.
For the full year, the additives segments operating income reached $787.8 million, up 81.3 percent from $434.5 million total for 2008.
In the fourth quarter, the Lubrizol Additives segment reported $838.8 million in revenue, 6.3 percent higher than in the year earlier period. For the full year 2009, the additives segments revenues reached $3.3 billion, down 7.3 percent from the total revenue for 2008.
Additives continued to sustain the strong performance they established earlier in the year, said Lubrizol CEO James Hambrick.
Lubrizol overall announced $134.2 million in net income for 2009s fourth quarter on revenues of $1.2 billion, or $1.92 per diluted share. That compared to a $281 million loss on revenues of $1.1 billion, or a loss of $4.16 per diluted share, in 2008s fourth quarter.
The strong performance of both operating segments enabled us to post the third best quarterly results in our history, Hambrick said. And with their strong finish to the year, both segments delivered record operating income in 2009. Advanced Materials is the companys other operating segment.
On Jan. 19, Lubrizol said it was moving ahead with a 10-year, $1 billion plan to upgrade operations and increase global additive capacity. The plan includes $200 million for a new wholly-owned plant in southern China, scheduled to break ground later this year.