Lubrizols Lubricant Additives segment posted a 37 percent increase, and Afton Chemical a 27 percent increase in operating income for the quarter ending Sept. 30, compared to the year-earlier period.
Lubrizols Lubricant Additives segment on Friday reported operating income of $97 million in the quarter, up sharply from $70.6 million in the same period last year. Revenues for the Lubricant Additives segment totaled $739 million for the quarter, up 12 percent from $661.3 million in the year-earlier period.
Strong global demand in our Lubrizol Additives product lines, combined with an improved product and price mix, delivered double-digit growth for the segment, said Lubrizol Chairman, President and Chief Executive Officer James Hambrick.
Lubrizols overall net income for the third quarter reached $71.4 million on revenues of $1.12 billion, or $1.02 per diluted share. Net income was up 43 percent from $50.1 million a year earlier.
Afton Chemicals parent company, NewMarket Corp., said yesterday that its petroleum additives segment posted an operating profit of $35.2 million for the three months ending Sept. 30, up 27 percent from $27.8 million in the third quarter of 2006. Revenue for the quarter reached $352.5 million, up 9 percent from $323.9 million in the year-earlier period.
NewMarket President and Chief Executive Officer Thomas Gottwald said several factors contributed to the segments improved performance, including delivering more cost- effective products and reaping the benefits of price increases instituted in 2006.
Overall net income for NewMarket totaled $21.2 million, or $1.25 per share, in the third quarter, up 12 percent from net income of $18.9 million, or $1.09 per share, in the year-earlier period.