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LUBRIZOL REPORTS FIRST QUARTER RESULTS

 CLEVELAND, April 26 /PRNewswire/ -- The Lubrizol Corporation (NYSE: LZ) announced that consolidated revenues for the first quarter which ended on March 31, 1993, were $367.3 million. Consolidated revenues for the first quarter of 1992 were $417 million, which included $52 million of revenues from Lubrizol's previously wholly owned Agrigenetics Company. Consolidated net income before accounting changes was $35.4 million, or $.52 per share, in 1993 compared to $44.1 million, or $.64 per share, for the first quarter of 1992. The cumulative effect of changes in accounting principles for postretirement healthcare benefits and income taxes resulted in a net loss for the first quarter of 1993 of $3.9 million, or $.06 per share.
 Lubrizol repurchased 338,400 shares of its common stock during the quarter. The company has 900,000 shares remaining on its share repurchase authorization.
 L. E. Coleman, chairman, said, "Operating income improved steadily as the first quarter progressed, with the unfavorable comparison to last year being largely attributable to very weak specialty chemical shipments in January. Shipments of specialty chemicals decreased by 5 percent compared with the first quarter of 1992, although shipment rates increased through the quarter, particularly from our plants in France and England.
 "We will start to ship higher performing products for U.S. engine oils later in the second quarter and will begin to recover our large investment in product development and testing. Substantial testing remains to be completed in order to convert all of our customers to these new products by 1994. Overall, we are pleased with our first quarter operating results and expect continued improvement with the introduction of new products and further economic recovery."
 The Lubrizol Corporation is a full-service supplier of performance chemicals for lubricants and fuels to customers worldwide.
 THE LUBRIZOL CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
 March 31
 (In Thousands Except Per Share Data) 1993 1992
 Net sales $365,580 $414,901
 Royalties and other revenues 1,760 2,087
 Total revenues 367,340 416,988
 Cost of sales 247,412 269,416
 Selling and administrative expenses 37,594 50,092
 Research, testing and development expenses 37,617 36,441
 Total cost and expenses 322,623 355,949
 Other income - net 7,446 1,885
 Interest - net (813) 251
 Income before income taxes 51,350 63,175
 Provision for income taxes 15,919 19,079
 Income before cumulative effect of changes
 in accounting principles 35,431 44,096
 Cumulative effect of changes in
 accounting principles:
 Postretirement benefits other than
 pensions, net of tax (51,520) ---
 Income taxes 12,145 ---
 Net income(loss) $ (3,944) $ 44,096
 Per Common Share
 Income before cumulative effect of changes
 in accounting principles $ .52 $ .64
 Cumulative effect of changes in
 accounting principles:
 Postretirement benefits other than
 pensions, net of tax (.76) ---
 Income taxes .18 ---
 Net income (loss) per share $(.06) $ .64
 Average number of shares outstanding 68,423 69,082
 Amounts shown are unaudited.
 THE LUBRIZOL CORPORATION
 CONSOLIDATED BALANCE SHEETS
 March 31
 (In Thousands of Dollars) 1993 1992
 Assets
 Cash and short-term investments $ 41,393 $ 75,959
 Receivables 249,914 270,984
 Inventories 278,588 299,033
 Other current assets 25,933 23,839
 Total current assets 595,828 669,815
 Property and equipment - net 411,616 381,981
 Investments and other assets 181,543 91,990
 Total $1,188,987 $1,143,786
 Liabilities and Shareholders' Equity
 Short-term debt $ 46,940 $ 5,242
 Other current liabilities 184,839 215,953
 Total current liabilities 231,779 221,195
 Long-term debt 32,860 33,947
 Other non-current liabilities 133,566 75,904
 Total liabilities 398,205 331,046
 Shareholders' equity 790,782 812,740
 Total $1,188,987 $1,143,786
 Amounts shown are unaudited.
 -0- 4/26/93
 /CONTACT: K. H. Hopping of The Lubrizol Corporation, 216-943-4200, Ext. 5253/
 (LZ)


CO: The Lubrizol Corporation ST: Ohio IN: CHM SU: ERN

BM -- CL001 -- 0462 04/26/93 08:32 EDT
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Date:Apr 26, 1993
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