As an entire company, Lubrizol of Wickliffe, Ohio, had $173.9 million in net income in 2011s first quarter, on $1.5 billion in revenues, or $2.57 per diluted share. That compared with $167 million in net income on revenues of $1.3 billion, or $2.32 per diluted share, in 2010s first quarter.

Compared with the prior-year first quarter, the increase in adjusted earnings per share largely was attributable to improvement in the combination of price and product mix, higher volumes, the favorable impact of fewer shares outstanding and a lower effective tax rate, Lubrizol stated. These favorable factors to earnings more than offset the impact of higher raw material costs, higher manufacturing costs associated with the increased volumes and higher selling, testing, administrative and research expenses.

In March, Berkshire Hathaway announced plans to acquire100 percent of Lubrizols shares for $135 per share. After the close of the $9.7 billion transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway.

Quaker Chemicals operating income totaled $14.1 million for the first quarter, up 3.1 percent from $13.7 million in the year-earlier period.

Conshohocken, Pa.-based Quaker reported $159.9 million in net sales for the first quarter, 24.6 percent higher than $128.3 million in 2010s first quarter.

We are off to a good start in 2011, despite the continuing challenge of escalating material costs, said Michael Barry, Quakers chairman, CEO and president. We are and will be implementing additional price increases as part of our ongoing effort to restore our margins to more acceptable levels. However, our profitability continues to grow due to good demand in our base markets, new business gained and the contribution from our recent acquisitions.