Last10K.com

Newmarket Corp (NEU) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Newmarket Corp

HISTORY TOOLS
CIK: 879407 Ticker: NEU
EXHIBIT 99.1

NewMarket Corporation Reports Fourth Quarter and Full Year 2018 Results
•
Petroleum Additives Fourth Quarter Operating Profit of $79.5 Million, Up 7.2%, and Full Year Operating Profit of $311.0 Million, Down 9.9%
•
Fourth Quarter Net Income of $62.8 Million and Earnings Per Share of $5.58
•
Full Year Net Income of $234.7 Million and Earnings Per Share of $20.34
•
603,449 Shares Repurchased in 2018

Richmond, VA, February 6, 2019 – NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the fourth quarter and full year 2018.
Profit before income taxes for the fourth quarter of 2018 was $71.1 million compared to $64.9 million for the fourth quarter of 2017. Net income for the fourth quarter of 2018 was $62.8 million, or $5.58 per share, compared to net income of $4.1 million, or $.35 per share, for the fourth quarter of 2017. Profit before income taxes for 2018 was $290.3 million compared to $315.4 million for 2017. Net income for 2018 was $234.7 million, or $20.34 per share, compared to net income of $190.5 million, or $16.08 per share, for 2017. Net income for all periods included effects of the tax reform act enacted on December 22, 2017, commonly known as the “Tax Cuts and Jobs Act” (the “Tax Reform Act”).
Sales for the petroleum additives segment for the fourth quarter of 2018 were $537.2 million, down 3.5% versus the same period last year. Petroleum additives operating profit for the fourth quarter of 2018 was $79.5 million, or 7.2% higher than fourth quarter operating profit last year of $74.2 million. The increase was mainly due to changes in selling prices and foreign currency rates, partially offset by higher raw material costs and lower shipments. Shipments were down 10.2% from the same period last year with decreases in both lubricant additives and fuel additives shipments. All regions except Asia Pacific contributed to the decrease in lubricant additives shipments, and Latin America was the only region reporting an increase in fuel additives shipments.
For the year, petroleum additives sales were $2.3 billion compared to sales in 2017 of $2.2 billion, or an increase of 4.3%. Petroleum additives operating profit for 2018 was $311.0 million, or 9.9% lower than last year’s $345.0 million. The decrease was due mainly to higher raw material and conversion costs, partially offset by changes in selling prices. Shipments decreased 2.8% versus 2017 with decreases in both lubricant additives and fuel additives shipments. The regional drivers for those decreases were consistent with the drivers in the fourth quarter discussed above.
Petroleum additives operating margin was 13.6% for 2018 compared to 15.8% for 2017. Throughout 2018 we continued to see downward pressure on our operating margin due mainly to the steady increase in raw material costs over the past two years. While our efforts have been focused on recovering these cost increases, we have been experiencing the lag between when price increases go into effect and when margins start to improve. Margin recovery will be our number one priority throughout 2019 so that they will again be consistent with our historical ranges.
Income tax expense was $8.3 million for the fourth quarter of 2018 compared to $60.9 million for the fourth quarter of 2017, and $55.6 million for 2018 compared to $124.9 million for 2017. The main driver for the difference between the comparative periods was additional income tax expense in the fourth quarter of 2017 of $31.4 million related to the enactment of the Tax Reform Act, primarily due to a one-time deemed repatriation tax on untaxed accumulated foreign earnings. In addition, the Tax Reform Act reduced the U.S. corporate tax rate from 35% to 21% beginning in 2018, reducing the income tax expense in both 2018 periods.
During 2018, we funded capital expenditures of $74.6 million, and returned $312.4 million to our shareholders through dividends ($80.4 million) and share repurchases (603,449 shares of our common stock for a total of $232.0 million), through a combination of borrowing under our revolving credit facility and cash from operations.

The following information was filed by Newmarket Corp (NEU) on Wednesday, February 6, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Newmarket Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Newmarket Corp.

Continue

Assess how Newmarket Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Newmarket Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
Legal
Other
Filter Subcategory:
All
Product
Income
Expense
Cash Flow
Earnings
Geography
Shares
Debt
Other
Inside Newmarket Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows 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)
Accrued Expenses
Accrued Expenses (Schedule Of Accrued Expenses) (Details)
Accrued Expenses (Tables)
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 (Contractual Commitments And Purchase Obligations) (Details)
Commitments And Contingencies (Environmental) (Details)
Commitments And Contingencies (Litigation) (Details)
Commitments And Contingencies (Tables)
Deferred Charges And Other Assets
Deferred Charges And Other Assets (Schedule Of Deferred Charges And Other Assets) (Details)
Deferred Charges And Other Assets (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Estimated Fair Value Of Long-Term Debt) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate) (Details)
Income Taxes (Schedule Of Income Before Income Tax Expense And Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Intangibles (Net Of Amortization) And Goodwill
Intangibles (Net Of Amortization) And Goodwill (Narrative) (Details)
Intangibles (Net Of Amortization) And Goodwill (Schedule Of Estimated Annual Amortization Expense Related To Intangible Assets) (Details)
Intangibles (Net Of Amortization) And Goodwill (Schedule Of Information Related To Intangible Assets) (Details)
Intangibles (Net Of Amortization) And Goodwill (Tables)
Inventories
Inventories (Narrative) (Details)
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Net Sales
Net Sales (Narrative) (Details)
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 (Components Of Accumulated Other Comprehensive Loss) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Tables)
Other Noncurrent Liabilities
Other Noncurrent Liabilities (Schedule Of Other Noncurrent Liabilities) (Details)
Other Noncurrent Liabilities (Tables)
Pension Plans And Other Postretirement Benefits
Pension Plans And Other Postretirement Benefits (Assumptions To Calculate The Results Of Our Retirement Plans) (Details)
Pension Plans And Other Postretirement Benefits (Changes In The Plans' Benefit Obligations And Assets) (Details)
Pension Plans And Other Postretirement Benefits (Expected Benefit Payments) (Details)
Pension Plans And Other Postretirement Benefits (Fair Value Of The Pension And Postretirement Benefit Plans Assets By Asset Category) (Details)
Pension Plans And Other Postretirement Benefits (Narrative) (Details)
Pension Plans And Other Postretirement Benefits (Pension Plans With The Benefit Obligation In Excess Of Plan Assets) (Details)
Pension Plans And Other Postretirement Benefits (Summary Of Components Of Net Periodic Benefit Cost (Income)) (Details)
Pension Plans And Other Postretirement Benefits (Tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property, Plant, And Equipment, At Cost
Property, Plant, And Equipment, At Cost (Narrative) (Details)
Property, Plant, And Equipment, At Cost (Schedule Of Property, Plant, And Equipment, At Cost) (Details)
Property, Plant, And Equipment, At Cost (Schedule Of Useful Lives Of Property, Plant, And Equipment) (Details)
Property, Plant, And Equipment, At Cost (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Narrative) (Details)
Segment And Geographic Area Information
Segment And Geographic Area Information (Schedule Of Additions To Long-Lived Assets And Depreciation And Amortization) (Details)
Segment And Geographic Area Information (Schedule Of Asset Information By Segment) (Details)
Segment And Geographic Area Information (Schedule Of Net Sales And Operating Profit By Segment) (Details)
Segment And Geographic Area Information (Schedule Of Net Sales By Geographic Area) (Details)
Segment And Geographic Area Information (Tables)
Selected Quarterly Consolidated Financial Data (Unaudited)
Selected Quarterly Consolidated Financial Data (Unaudited) (Schedule Of Selected Quarterly Consolidated Financial Data) (Details)
Selected Quarterly Consolidated Financial Data (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Restricted Stock And Restricted Stock Unit Activity) (Details)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policy)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Schedule Of Cash Flow Information) (Details)
Supplemental Cash Flow Information (Tables)
Trade And Other Accounts Receivable, Net
Trade And Other Accounts Receivable, Net (Schedule Of Trade And Other Accounts Receivable, Net) (Details)
Trade And Other Accounts Receivable, Net (Tables)
Ticker: NEU
CIK: 1282637
Form Type: 10-K Annual Report
Accession Number: 0001282637-19-000006
Submitted to the SEC: Tue Feb 19 2019 4:42:51 AM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Monday, December 31, 2018
Industry: Industrial Organic Chemicals

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/neu/0001282637-19-000006.htm