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.
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NewMarket Corporation (NYSE:NEU) reported a strong performance in Q1 2023, with a net income of $97.6 million or $10.09 per share, compared to $59.3 million or $5.75 per share in Q1 2022. Revenue from petroleum additives reached $700.0 million, an increase from $660.3 million year-on-year. Operating profit surged to $132.1 million, up from $86.9 million the previous year, attributed to higher selling prices despite increased costs and a 15.4% decline in shipments. The company prioritized cost control and margin recovery amid economic challenges, with a Net Debt to EBITDA ratio of 1.7. Shareholder returns included $48.8 million via dividends and share repurchases, underlining a commitment to long-term value. A conference call is set for April 27, 2023, to discuss these results further.
NewMarket Corporation (NYSE: NEU) plans to release its first quarter 2023 earnings after market close on April 26, 2023. A conference call to discuss these results is scheduled for 3:00 pm EDT on April 27, 2023. Interested parties can listen to the call by dialing 1-888-506-0062 (domestic) or 1-973-528-0011 (international). A replay will be available until May 4, 2023. NewMarket, through its subsidiaries Afton Chemical and Ethyl Corporation, produces chemical additives that enhance petroleum products, focusing on performance improvement across engines and fuels.
The Board of Directors of NewMarket Corporation (NYSE: NEU) has declared a quarterly dividend of $2.10 per share, payable on April 3, 2023, to shareholders of record as of March 15, 2023. NewMarket, through its subsidiaries Afton Chemical and Ethyl Corporation, specializes in chemical additives that improve petroleum product performance. However, the company acknowledges various risks, including raw material availability, production disruptions, and regulatory challenges that could impact actual results. Investors are encouraged to review risk factors detailed in NewMarket's 2022 Annual Report.
NewMarket Corporation (NYSE: NEU) reported a robust financial performance for 2022, achieving a net income of $279.5 million or $27.77 per share, up from $190.9 million in 2021. The fourth quarter's net income was $90.5 million, translating to $9.26 per share. Petroleum additives sales reached $2.8 billion for the year, a significant increase from $2.3 billion in 2021. Operating profit for the segment was $378.2 million, reflecting increased selling prices despite rising costs. However, shipments fell by 2.9%, largely due to supply chain disruptions. The company maintained low leverage with a Net Debt to EBITDA ratio of 2.0.
NewMarket Corporation (NYSE: NEU) will release its fourth quarter and full year 2022 earnings on January 31, 2023, after market close. The results will be available on the company’s website the following day. A conference call is scheduled for February 1, 2023, at 3:00 PM EST to discuss the financial results. Investors can access the call by phone or online, with a replay available until February 8, 2023.
NewMarket operates through subsidiaries Afton Chemical Corporation and Ethyl Corporation, focusing on chemical additives for petroleum products.
NewMarket Corporation (NYSE: NEU) announced the retirement of Regina Anne Harm from her role as President of Afton Chemical Corporation, effective December 31, 2022. Mrs. Harm has been with Afton for over 15 years, leading the company through significant challenges. Brian D. Paliotti, previously CFO, will succeed her as President starting January 1, 2023. CEO Teddy Gottwald expressed confidence in Paliotti's leadership, emphasizing his experience and focus on cost-savings and team development. This management change aims to continue Afton's growth and adaptability.