Lubrizol Posts Improved Earnings


Lubrizol Posts Improved Earnings

Lubrizol reported higher first-quarter pre-tax earnings despite a drop in sales revenue – thanks to decreases in raw material and manufacturing costs.

Canadian quick lube chain Mr. Lube + Tires enjoyed a bump in sales revenue for the same period.


Lubrizol’s pre-tax earnings surged 45% for the quarter ended March 31, compared to the same period last year, though parent company Berkshire Hathaway did not mention the earnings for either period in a report to the United States Securities and Exchange Commission.

“The increase was due to lower raw material and manufacturing costs, partially offset by the impact of lower selling prices and unfavorable product mix,” the report said.

First-quarter sales revenue for Lubrizol declined 6% to $1.6 billion. “The decline was attributable to lower selling prices and unfavorable price mix,” Berkshire Hathaway said. “Sales volumes in the first quarter of 2024 were relatively unchanged compared to 2023.”

Based in Wickliff, Ohio, Lubrizol supplies lubricant additives, and it also supplies specialty chemicals to applications such as personal care items, textiles, coatings and consumer products.

Berkshire Hathaway, headquartered in Omaha, Nebraska, is a multinational conglomerate holding company.

Mr. Lube + Tires

First-quarter sales revenue for Mr. Lube + Tires climbed 15% to $6.6 million for the first quarter, improving from $5.8 million, parent company Diversified Royalty Corp. reported in its earnings news release.

The chain’s same-store sales growth of 15% was lower than the 18% in 2023’s first quarter. The first-quarter same-store sales growth this year was primarily due to the sustained growth across all of Mr. Lube + Tire’s offerings, including oil change services, Diversified Royalty said.

Mr. Lube + Tires is Canada’s largest quick lube brand, with more than 170 locations. Started in 1976, Mr. Lube was acquired by Diversified Royalty in August 2015.

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