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LUBRIZOL REPORTS RECORD FIRST QUARTER EARNINGS

 LUBRIZOL REPORTS RECORD FIRST QUARTER EARNINGS
 CLEVELAND, April 27 /PRNewswire/ -- At the Annual Meeting of


Shareholders of The Lubrizol Corporation (NYSE: LZ) held today, L. E. Coleman, Chairman, announced that consolidated revenues for the first quarter which ended on March 31, 1992, were $417 million, an increase of 11 percent over the first quarter of 1991. Consolidated net income was $44.1 million, or $1.28 per share which is an increase of 25 percent over 1991 and is a record first quarter. Consolidated revenues for the first quarter of 1991 were $374.4 million. Consolidated net income was $35.3 million, or $1.02 per share.
 Revenues of the Specialty Chemicals segment were $360 million compared to $316.6 million in the same quarter last year. Shipments of specialty chemicals increased by 25 percent as compared with the first quarter of 1991. Agribusiness revenues were $57 million, a decrease of 1 percent compared with last year.
 Dr. Coleman said, "We are very pleased with the strength in our Specialty Chemicals business which improved during the second half of 1991 and is growing as planned. Additive shipments increased 25 percent when compared to the weak first quarter of 1991 and are continuing at the same high levels achieved during the third and fourth quarters of last year. As reported in the fourth quarter, we expect to maintain these shipment levels throughout 1992 and to match or exceed our historic unit volume growth rate.
 "Additive prices declined 2 percent when compared to the price levels in effect during the Mideast war, but they remain comparable with prices in the fourth quarter of 1991. The stronger U.S. dollar was also slightly negative to revenues and earnings in the first quarter of this year, reducing earnings by $.02 per share.
 "The strength of our Specialty Chemicals business is a reflection of our historic commitment to technology and product development. Our investment in research, testing and product development remains high and expenditures will likely increase from the first quarter levels as we increase the intensity of new product testing. The focus of our effort is to consistently outperform others in meeting the needs of our customers, and we are particularly well positioned with products and testing capabilities needed to meet the new U.S. engine oil standards to be effective in 1993 and 1994.
 The Lubrizol Corporation is a full service supplier of specialty chemicals to customers worldwide. The company applies chemical, mechanical and biological technologies to create high performance products used in diverse markets.
 THE LUBRIZOL CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
 March 31
 (In Thousands Except Per Share Data) 1992 1991
 Net sales $414,901 $372,235
 Royalties and other revenues 2,087 2,203
 Total revenues 416,988 374,438
 Cost of sales 269,416 243,859
 Selling and administrative expenses 50,092 47,821
 Research, testing and development expenses 36,441 33,778
 Total cost and expenses 251 748
 Income before income taxes 63,175 51,938
 Provision for income taxes 19,079 16,620
 Net income $ 44,096 $ 35,318
 Net income per share $1.28 $1.02
 Average number of shares outstanding 34,541 4,723
 Amounts shown are unaudited.
 THE LUBRIZOL CORPORATION
 OPERATING RESULTS BY BUSINESS SEGMENT
 Three Months Ended
 March 31
 (In Thousands of Dollars) 1992 1991
 Revenues:
 Specialty Chemicals $359,955 $316,638
 Agribusiness 57,033 57,800
 Total $416,988 $374,438
 Gross Profit:
 Specialty Chemicals $121,568 $104,792
 Agribusiness 23,917 23,584
 Total $145,485 $128,376
 Selling and administrative expenses:
 Specialty Chemicals $ 34,758 $ 33,724
 Agribusiness 15,334 14,097
 Total $ 50,092 $ 47,821
 Research, testing and development expenses:
 Specialty Chemicals $ 32,657 $ 29,765
 Agribusiness - Traditional 1,704 1,829
 - Strategic 2,080 2,184
 Total 3,784 4,013
 Total $ 36,441 $ 33,778
 Segment income (loss):
 Specialty Chemicals $ 58,192 $ 45,574
 Agribusiness - Traditional 7,013 7,909
 - Strategic (2,281) (2,293)
 Total 4,732 5,616
 Total $ 62,924 $ 51,190
 Amounts shown are unaudited.
 THE LUBRIZOL CORPORATION
 CONSOLIDATED BALANCE SHEETS
 March 31
 (In Thousands of Dollars) 1992 1991
 Assets
 Cash and short-term investments $ 75,959 $ 49,261
 Receivables 270,984 262,165
 Inventories 299,033 299,233
 Other current assets 23,839 41,868
 Total current assets 669,815 652,527
 Property and equipment - net 381,981 351,569
 Investments and other assets 91,990 92,439
 Total $1,143,786 $1,096,535
 Liabilities and Shareholders' Equity
 Short-term debt $ 5,242 $ 20,328
 Other current liabilities 215,953 206,832
 Total current liabilities 221,195 227,160
 Long-term debt 33,947 53,686
 Other non-current liabilities 75,904 71,281
 Total liabilities 331,046 352,127
 Shareholders' equity 812,740 744,408
 Total $1,143,786 $1,096,535
 Identifiable Assets
 Specialty Chemicals $ 872,988 $ 874,167
 Agribusiness 193,828 166,801
 Corporate investments 76,970 55,567
 Total $1,143,786 $1,096,535
 Amounts shown are unaudited.
 -0- 4/27/92
 /CONTACT: K. H. Hopping of The Lubrizol Corporation, 216-943-4200, Ext. 5253/
 (LZ) CO: The Lubrizol Corporation ST: Ohio IN: CHM SU: ERN


LC -- CL009 -- 3036 04/27/92 10:41 EDT
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Date:Apr 27, 1992
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