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NewMarket Corporation reports operating results, dividend actions, and segment updates for a holding company with businesses in petroleum performance additives and specialty materials. Through Afton Chemical and Ethyl, the company develops, manufactures, blends, and delivers additives that enhance petroleum and energy products. Through AMPAC and Calca Solutions, it manufactures specialty materials, including UltraPure and high-purity materials used in advanced aerospace applications.
Recurring developments include quarterly and annual earnings releases, segment operating profit trends, lubricant and energy-product additive demand, specialty materials volume changes, capacity investment, completed acquisitions, board-approved dividends, and conference-call scheduling. The petroleum performance additives segment operates across North America, Latin America, Asia Pacific, and EMEAI, while specialty materials operates primarily in North America.
NewMarket (NYSE:NEU) reported strong Q2 and H1 2024 results. Q2 net income was $111.6 million ($11.63 per share), up from $99.6 million in Q2 2023. H1 net income reached $219.4 million ($22.87 per share), compared to $197.2 million in H1 2023. Petroleum additives operating profit increased to $147.8 million in Q2 and $298.7 million in H1, driven by lower costs and increased shipments.
The company completed the acquisition of AMPAC on January 16, 2024, which is now part of the specialty materials segment. This segment reported Q2 sales of $38.0 million and operating profit of $5.0 million. NewMarket has reduced debt by $171 million since the AMPAC acquisition, with a Net Debt to EBITDA ratio of 1.6 as of June 30, 2024.
NewMarket (NYSE: NEU) will release its second-quarter 2024 earnings on July 29, 2024, after market close. The announcement will be available on the company's website the following day. A conference call and webcast to review the financial results are scheduled for July 30, 2024, at 3:00 pm ET. Interested parties can dial into the call or access it through the company's website. A replay will be available until August 6, 2024, and the webcast replay will be accessible for 30 days. NewMarket operates through subsidiaries Afton Chemical, Ethyl , and American Pacific , focusing on chemical additives and specialty materials for various industries.
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