Additive manufacturers Lubrizol and Afton Chemical each reported increases in operating income for the quarter ending Dec. 31 and for the full year, compared to year-earlier and 2009 results.
Wickliffe, Ohio-based Lubrizols additives segment posted $205.4 million in operating income for the quarter ending Dec. 31, 2010, up 7.3 percent from $191.4 million in the year-earlier period. For all of 2010, Lubrizols additives segment totaled $971.2 million in operating income, 23.3 percent higher than 2009s total.
The additives segments revenue reached $938.3 million for the fourth quarter, up almost 12 percent from $838.8 million in 2009s fourth quarter. For 2010, Lubrizols additives segment reached $3.9 billion in sales, up 18.3 percent from 2009s results.
We expect continuing, gradual economic recovery in 2011, so we are projecting a more moderate volume growth rate this year compared with 2010, which benefited from a strong rebound in several product lines, said Lubrizol CEO James Hambrick. With steady recovery, we expect commodity prices to rise and that will put pressure on raw materials. We have been seeing some of this, and we have already undertaken pricing action in both segments to address these cost increases. We will be diligent with our pricing throughout the year to ensure full recovery.
As a whole, for the fourth quarter Lubrizol posted net income of $160.8 million on $1.3 billion in revenues, or $2.35 per diluted share. By comparison, in 2009s fourth quarter the company had $138.4 million net income on $1.2 billion in revenues, or $1.92 per diluted share.
For the full year, Lubrizols net income amounted to $748.7 million on $5.4 billion in revenues, or $10.64 per diluted share. That compared to 2009 totals of $514.2 million on $4.6 billion in revenues, or $7.26 per diluted share.
Afton Chemical parent NewMarket Corp. said its petroleum additives segment reached $72 million in operating income for the fourth quarter, up 9.4 percent from $65.8 million in the year-earlier period. During all of 2010, the petroleum additives segments operating profit topped $299 million, up almost 7 percent from $279.8 million in 2009.
Afton reported $455 million in revenue for the fourth quarter, up 13.4 percent from $401.4 million in 2009s fourth quarter. For 2010, the segments total revenues amounted to almost $1.8 billion, almost 17 percent higher than 2009s $1.5 billion in petroleum additives sales.
This strong performance in 2010 reflects the continuing strength of our petroleum additives operations in all regions, said NewMarket President and CEO Thomas Gottwald.
NewMarket of Richmond, Va., overall posted $49.4 million in net income, or $3.47 per diluted share for the fourth quarter. In 2009s last quarter, the company had $46.3 million in net income, or $3.03 per diluted share.
For 2010, NewMarkets net income totaled $177.1 million, or $12.09 per diluted share. By comparison, the firms net income in 2009 was $162.3 million, or $10.65 per diluted share.