The Lubrizol Corp. announced yesterday that earnings per share increased 20 percent in the fourth quarter of 2002 vs. the fourth quarter of 2001. Revenues for the quarter totaled $498 million, a 13 percent increase over the fourth quarter 2001.
The Wickliffe, Ohio-based additives giant attributed its fourth-quarter earnings growth to strong shipment volume and an unusually low tax rate, partially offset by higher operating expenses. Total shipment volume increased 16 percent over the fourth quarter of 2001, the company reported. Excluding acquisitions and the consolidation of Lubrizols Indian joint venture, revenues increased 6 percent and shipment volume increased 5 percent.