CLEVELAND -- The Lubrizol Corp. has announced that consolidated earnings for the first quarter ended March 31, 2009, were $64.2 million, or $.95 per diluted share, including after-tax restructuring charges of $7.6 million, or $.11 per diluted share, primarily related to cost reduction actions the company implemented in the first quarter. Comparable earnings for the first quarter of 2008 were $73.6 million, or $1.06 per diluted share, which included after-tax restructuring and impairment charges of $2.9 million, or $.04 per diluted share, primarily related to the disposition of a North American coatings facility.
Consolidated revenues for the first quarter decreased 18 percent to $1.01 billion compared with $1.23 billion in the first quarter of 2008. The year-over-year decrease in revenues was attributable to lower volume and unfavorable currency that more than offset an improvement in the combination of price and product mix. Included in these factors was the incremental impact from acquisitions completed in 2008, which contributed 1 percent to consolidated revenues in the first quarter of 2009.
Excluding the restructuring and impairment charges in both periods, adjusted earnings were $71.8 million, or $1.06 per diluted share, for the first quarter of 2009 compared with $76.5 million, or $1.10 per diluted share, for the first quarter of 2008.
Remarking on the results, CEO James Hambrick stated, "Our performance in the first quarter is a testimony to the value that our technology brings to our customers. These results reflect disciplined margin-management initiatives and our aggressive cost-reduction actions."