Lubrizol’s pre-tax earnings declined 41% in the third quarter, compared to the same period last year, when earnings were impacted by insurance recoveries of $142 million in connection with fires at production facilities in 2021 and 2019. Excluding such insurance recoveries, third quarter earnings rose, boosted by lower raw material costs.
A fire destroyed Lubrizol’s large Chemtool grease and lubricant additive factory in Rockton, Illinois in June 2021. In 2019, a Lubrizol lubricant additive manufacturing facility caught fire in Rouen, France. The blaze destroyed more than 5,200 metric tons of Lubrizol chemicals.
“Excluding insurance recoveries, earnings in the third quarter of 2023 were higher due to lower raw material costs partially offset by the impact of lower sales volumes,” parent company Berkshire Hathaway said in its quarterly report filed with the U.S. Securities and Exchange Commission.
Sales revenues for Lubrizol decreased 10% to $1.6 billion for the quarter ended Sept. 30, which was attributed primarily due to a lower sales volume of 10% in the period. “Lower sales volumes in 2023 were attributable to general market weakness, resulting in lower demand in most product lines,” Berkshire Hathaway stated.
Lubrizol is headquartered in Wickliffe, Ohio, and is the world’s largest lubricant additive supplier. It also supplies specialty chemicals to applications such as personal care items, textiles, coatings and consumer products.
Omaha, Nebraska-headquartered Berkshire Hathaway, a multinational conglomerate holding company, acquired Lubrizol in 2011 for $9.7 billion.
Lubrizol’s pre-tax earnings declined 41% in the third quarter, compared to the same period last year, when earnings were impacted by insurance recoveries of $142 million in connection with fires at production facilities in 2021 and 2019. Excluding such insurance recoveries, third quarter earnings rose, boosted by lower raw material costs.
A fire destroyed Lubrizol’s large Chemtool grease and lubricant additive factory in Rockton, Illinois in June 2021. In 2019, a Lubrizol lubricant additive manufacturing facility caught fire in Rouen, France. The blaze destroyed more than 5,200 metric tons of Lubrizol chemicals.
“Excluding insurance recoveries, earnings in the third quarter of 2023 were higher due to lower raw material costs partially offset by the impact of lower sales volumes,” parent company Berkshire Hathaway said in its quarterly report filed with the U.S. Securities and Exchange Commission.
Sales revenues for Lubrizol decreased 10% to $1.6 billion for the quarter ended Sept. 30, which was attributed primarily due to a lower sales volume of 10% in the period. “Lower sales volumes in 2023 were attributable to general market weakness, resulting in lower demand in most product lines,” Berkshire Hathaway stated.
Lubrizol is headquartered in Wickliffe, Ohio, and is the world’s largest lubricant additive supplier. It also supplies specialty chemicals to applications such as personal care items, textiles, coatings and consumer products.
Omaha, Nebraska-headquartered Berkshire Hathaway, a multinational conglomerate holding company, acquired Lubrizol in 2011 for $9.7 billion.