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Newmarket Corp (NEU) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Newmarket Corp

CIK: 1282637 Ticker: NEU
EXHIBIT 99.1

NewMarket Corporation Reports Third Quarter and First Nine Months 2018 Results
Petroleum Additives Sales Up 2.6% in the Third Quarter, 6.9% in the First Nine Months
Third Quarter Net Income Down 2.2% and Earnings Per Share Up 1.6% versus Third Quarter of 2017
Nine Months Net Income Down 7.8% and Earnings Per Share Down 6.0% versus Nine Months of 2017
385,181 Shares Repurchased in the First Nine Months of 2018

Richmond, VA, October 24, 2018 – NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the third quarter and first nine months of 2018.
Net income for the third quarter of 2018 was $58.5 million, compared to net income of $59.8 million for the third quarter of 2017. Earnings per share increased 1.6% to $5.12 per share from $5.04 per share in the prior year period. For the first nine months of 2018, net income was $171.9 million, or $14.78 per share, compared to net income of $186.4 million, or $15.73 per share, for the first nine months of last year.
Sales for the petroleum additives segment for the third quarter of 2018 were $560.5 million, up 2.6% versus the same period last year, due mainly to increased selling prices. Petroleum additives operating profit for the third quarter of 2018 was $75.8 million, a 9.9% decrease over third quarter operating profit last year of $84.2 million. The decrease was due mainly to higher raw material and conversion costs plus unfavorable changes in foreign currency rates, which were only partially offset by increased selling prices. Petroleum additives operating margin for the quarter was 13.5% compared to 15.4% in the prior-year quarter. Shipments between quarterly periods were down 3.6% from the same period last year with decreases in both lubricant additives and fuel additives shipments. All regions except Asia Pacific showed decreases in both lubricant additives and fuel additives shipments.
Petroleum additives sales for the first nine months of the year were $1.7 billion compared to sales in the first nine months of last year of $1.6 billion, or an increase of 6.9%. This increase was due mainly to selling prices, changes in foreign currency rates and product mix. Petroleum additives operating profit for the first nine months of the year was $231.5 million compared to $270.8 million for the first nine months of 2017, or a decrease of 14.5%. The decrease was due mainly to higher raw material and conversion costs, as well as unfavorable changes in foreign currency rates, partially offset by increased selling prices. Petroleum additives operating margin for the first nine months of 2018 was 13.3% compared to 16.6% in the prior-year nine month period. Shipments decreased slightly between periods, with increases in lubricant additives shipments offset by decreases in fuel additives shipments. Asia Pacific was the region contributing to the increase in lubricant additives shipments. Europe and North America were the primary drivers for the decrease in fuel additives shipments.
The effective income tax rate for the third quarter of 2018 was 14.4%, down from the rate of 22.4% in the same period last year. The effective rate for the first nine months of 2018 was 21.6%, down from the rate in 2017 of 25.6%. The rates in both 2018 periods were lower due mainly to the Tax Cuts and Jobs Act of 2017, including the reduction of deferred tax liabilities related to pension contributions.
We have continued to see downward pressure on our operating margins, consistent with the last few quarters, which is directly related to the steady rise in raw material costs we have seen over the past two years. While we have made some progress in adjusting our selling prices to help compensate for the increase in costs, we have continued to experience the lag between when the price increases go into effect and when we start to see margins improve. We expect this lag to continue until raw material prices stabilize. Margin improvement will continue to be our number one priority for the remainder of this year and into 2019.
 


The following information was filed by Newmarket Corp (NEU) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Acquisition Of Business
Acquisition Of Business (Narrative) (Details)
Acquisition Of Business (Schedule Of Business Acquisition, By Acquisition) (Details)
Acquisition Of Business (Schedule Of Finite Lived Intangible Assets Acquired As Part Of Business Combination) (Details)
Acquisition Of Business (Tables)
Commitments And Contingencies
Commitments And Contingencies (Environmental) (Details)
Earnings Per Share
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Earnings Per Share (Tables)
Fair Value Measurements
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Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
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Income Taxes
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Intangibles (Net Of Amortization) And Goodwill
Intangibles (Net Of Amortization) And Goodwill (Narrative) (Details)
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Intangibles (Net Of Amortization) And Goodwill (Schedule Of Information Related To Intangible Assets And Goodwill (Details)
Intangibles (Net Of Amortization) And Goodwill (Tables)
Long-Term Debt
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Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Schedule Of Unused Portion Of Revolving Credit Facility) (Details)
Long-Term Debt (Tables)
Net Sales
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Net Sales (Schedule Of Net Sales By Geographical Area) (Details)
Net Sales (Tables)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Schedule Of Components Of Accumulated Other Comprehensive Loss) (Details)
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Pension Plans And Other Postretirement Benefits
Pension Plans And Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details)
Pension Plans And Other Postretirement Benefits (Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans) (Details)
Pension Plans And Other Postretirement Benefits (Tables)
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Newmarket Corp provided additional information to their SEC Filing as exhibits

Ticker: NEU
CIK: 1282637
Form Type: 10-Q Quarterly Report
Accession Number: 0001282637-18-000019
Submitted to the SEC: Thu Oct 25 2018 9:14:12 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Industrial Organic Chemicals

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