Lubrizol on Monday raised its earnings guidance for 2009 to a range of $6.10 to $6.40 per diluted share, which the additives manufacturer said reflected improving volume trends in the current quarter as well as maintenance of its cost reduction initiatives.
The companys prior earnings guidance, last updated July 30, was in the range of $5.70 to $6 per diluted share.
For the second quarter ending June 30, Lubrizols additives segment reported operating income of $221.2 million, up 81 percent from $122.2 million in the year-earlier period. In the companys report for that quarter, Lubrizol CEO James Hambrick had noted that if the company achieved stronger volume recovery in the second half of this year, it would have the opportunity for further upside in earnings.
Lubrizol will release complete third quarter results and provide updated guidance assumptions on Oct. 29.
The companys shares traded at $68.76 late yesterday afternoon. According to the New York Stock Exchange, Lubrizols lowest share price in the last 52 weeks was $23.57 on March 3.