As a whole, Lubrizol of Wickliffe, Ohio, reported net income of $214.3 million, on revenues of $1.4 billion, or $3.08 per diluted share. By comparison, the company had $174.7 million net income on revenues of $1.3 billion, or $2.46 per diluted share, in 2009s third quarter.

The third quarter of 2009 was atypical as it benefitted from significant inventory restocking by Additives customers, so we had a very high hurdle to meet, said Lubrizol CEO James Hambrick. Volumes for this quarter came in as planned and edged out last years result, demonstrating steady improvement for the markets and applications we serve.

Afton
Afton Chemical recorded operating profit of $80 million in 2010s third quarter, down almost 17 percent from $96.3 million in the year earlier period. Third quarter revenue totaled $465.1 million, up 12.4 percent from 2009s third quarter.

The improvement in sales included the benefit of a 6 percent increase in shipments for the quarter and the benefit of the [Polartech] acquisition we made earlier in the year, said Thomas Gottwald, president and CEO of Afton parent NewMarket. Our overall demand leveled off in the third quarter compared to the second, which is in line with a recovering industry as demand for our products returns to the levels seen before the recession.

Richmond, Va.-based NewMarket as a whole reported $45.7 million in net income, or $3.18 per diluted share in the third quarter. That is down 19.4 percent from net income of $56.7 million, or $3.72 per share, in 2009s third quarter.

S-Oil
S-Oils lubricants business tallied 118.6 billion South Korean won (U.S. $105.5 million) in operating income for the third quarter, up 82 percent from 75.2 billion won in the year earlier period. The Seoul, South Korea-based refiner reported 480.9 billion won in lube segment revenues for the third quarter, up 41.5 percent from 2009s third quarter.

Citing findings by consultant Chemical Market Associates in its earnings presentations outlook for 2010s fourth quarter, S-Oil said a favorable market environment was expected to continue, driven by further demand recovery from the United States and Europe, plus healthy demand from China and India.

S-Oil said gradual demand recovery in the U.S. and Europe, especially in Group II, was expected to continue along with consistent recovery of industrial activities. In Asia, fast-growing premium car sales from China were expected to trigger demand increase in Group III, the company noted.