The Lubrizol Corporation (LZ) has projected steady earnings growth during the next several years and has established a 2012 goal for earnings of $10.00 per share, an increase of 32% compared with 2009 results.

The 2012 goal of $10.00 earnings per share reflects improved contribution from the company’s base business, a more favorable product mix, as well as potential returns from value-adding acquisitions. Lubrizol plans to sustain operating margins in the Additives business. The company is targeting continued improvement in Advanced Materials margins.

The chemical maker moved to profits in the fourth quarter compared to the year-ago quarter, though weighed down by hefty restructuring and impairment charges. Earnings for the quarter were $134.2 million, or $1.92 per share, compared to a loss of $281 million, or $4.16 per share, in the same quarter a year earlier.

Excluding restructuring and other charges, Lubrizol’s adjusted earnings in the latest quarter were $1.95 per share. The 2008 quarter included restructuring and impairment charges of $4.86 per share. Full-year profit came to $500.8 million, or $7.26 a share, compared to a loss of $66.1 million, or 97 cents a share, in 2008.

Quarterly revenues rose to $1.19 billion from $1.09 billion a year earlier. However, for the full year, revenue slipped to $4.59 billion from $5.03 billion.

Lubrizol had issued full-year 2010 earnings guidance in the range of $7.63 to $8.23 per share, including restructuring charges of 7 cents per share. In 2009, the company reported earnings of $7.26 per share, including restructuring and impairment charges of $.29 per share.

Excluding the special charges in both years, the company projects 2010 adjusted earnings in the range of $7.70 to $8.30 per share compared with 2009 adjusted earnings of $7.55 per share, an increase of 2% to 10%.

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