CLEVELAND -- The Lubrizol Corp. has announced that consolidated earnings for the first quarter ended March 31 were $169.5 million, or $2.57 per diluted share, including $9.1 million or $.14 per diluted share, of after-tax special charges primarily related to the pending Berkshire Hathaway acquisition of Lubrizol.

Comparable earnings for the first quarter of 2010 were $162.3 million, or $2.32 per diluted share, which included after-tax restructuring charges of $.6 million, or 1 cent per diluted share, primarily related to restructuring initiatives in the Advanced Materials segment.

Consolidated revenues for the first quarter increased to $1.52 billion compared with $1.32 billion in the first quarter of 2010. The company said this increase largely was due to an improvement in the combination of price and product mix and higher volume. The impact of currency was negligible for the quarter.

Excluding the special charges in both periods, adjusted earnings were $178.6 million, or $2.71 per diluted share, for the first quarter of 2011 compared with $162.9 million, or $2.33 per diluted share, for the first quarter of 2010.

Compared with the prior-year first quarter, the increase in adjusted earnings per share largely was attributable to improvement in the combination of price and product mix, higher volumes, the favorable impact of fewer shares outstanding and a lower effective tax rate. These favorable factors to earnings more than offset the impact of higher raw material costs, higher manufacturing costs associated with the increased volumes and higher selling, testing, administrative and research (STAR) expenses.

Cash flow from operations was $82 million for the first three months of 2011 compared with $99 million in the year-earlier period. The year-over-year decrease in cash provided by operating activities primarily was attributable to the funding of the company’s U.S. pension plan in the first quarter of 2011, slightly offset by increased earnings. Capital expenditures in the first quarter of 2011 were approximately $59 million compared with $30 million in the first quarter of 2010. The company’s cash balance at March 31, 2011, decreased to $755 million compared with $896 million at December 31, 2010, primarily due to the acquisition of the Nalco personal care and household care business for $164 million. The company did not repurchase any shares during the first quarter of 2011.