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Newmarket Corp (NEU) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Newmarket Corp

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CIK: 879407 Ticker: NEU

EXHIBIT 99.1

NewMarket Corporation Reports Fourth Quarter and Full Year 2020 Results
•Full Year Net Income of $270.6 Million and Earnings Per Share of $24.64
•Petroleum Additives Full Year Operating Profit of $333.2 Million
•Focus Remains on Investing in the Long-Term Success of the Company
Richmond, VA, February 3, 2021 – 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 2020.
Net income for the fourth quarter of 2020 was $66.9 million, or $6.12 per share, compared to net income of $50.1 million, or $4.48 per share, for the fourth quarter of 2019. Net income for 2020 was $270.6 million, or $24.64 per share compared to net income of $254.3 million, or $22.73 per share. Net income for the year benefited from a gain of $16.5 million related to the sale of a non-operating parcel of real estate, along with a reduced effective tax rate compared to 2019.
Sales for the petroleum additives segment for the fourth quarter of 2020 were $525.2 million, down 1.2% compared to the same period last year. Petroleum additives operating profit for the fourth quarter of 2020 was $84.3 million, compared to $73.6 million for the fourth quarter of 2019. For the year, petroleum additives sales were $2.0 billion compared to sales in 2019 of $2.2 billion. This decrease was due mainly to lower shipments and decreased selling prices. Petroleum additives operating profit for 2020 was $333.2 million, a 7.2% decrease compared to 2019 operating profit of $359.2 million. This decrease was mainly due to changes in selling prices, lower shipments and higher conversion costs, partially offset by lower raw material costs and selling, general, and administrative costs. Shipments decreased 5.2% between the full-year periods, with decreases in both lubricant additives and fuel additives shipments.
Petroleum additives operating results for 2020 have been marked by economic uncertainty resulting from the ongoing effects of the COVID-19 pandemic and the related restrictions on the movement of people, goods and services. While we have continued to operate throughout the year in each of our regions, we have at various times seen significant changes in some of the key drivers that affect the performance of our business. During the second quarter of 2020, government and business shutdowns in North America and Europe led to a precipitous drop in vehicle miles driven and auto production, with gasoline consumption in the United States dropping to its lowest point in over 50 years. With less travel and fewer miles driven, combined with automobile plant closures, global demand for our products declined substantially, except in our Asia Pacific region where demand remained relatively stable throughout the year. As restrictions eased and economies reopened in the second half of 2020, global production of automobiles began to rebound and gasoline consumption and miles driven showed steady improvement in most countries, including the United States. Late in the fourth quarter, renewed restrictions on travel and work in certain countries had a negative effect on our business. The pace and stability of improvement in demand for our products will continue to depend heavily on economic recovery and the rate at which government restrictions are lifted and remain lifted.
The effective tax rate for 2020 was 18.3% compared to 23.3% for 2019. The decrease in the tax rate in 2020 was mainly the result of finalizing prior year tax filings and releasing certain tax reserves.
Our business continues to generate strong cash flow. During the year we funded capital expenditures of $93.3 million, paid dividends of $83.4 million, and repaid $44.7 million of borrowings on our revolving credit facility. We also repurchased 270,963 shares of our common stock for a cost of $101.4 million.
As we look back at our results for the year, we are extremely proud of the operational performance we achieved given the volatility the COVID-19 pandemic introduced into the global economy. Throughout the economic downturn, the chemical industry and our products have been recognized as essential for the transportation of goods and services, and our facilities have continued to operate and function safely. I want to sincerely thank our employees for their continued determination and commitment to do what is necessary to support our customers and ensure their supply demands are met. I am very proud of them.

The following information was filed by Newmarket Corp (NEU) on Wednesday, February 3, 2021 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.

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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 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)
Commitments And Contingencies
Commitments And Contingencies (Contractual Commitments And Purchase Obligations) (Details)
Commitments And Contingencies (Environmental) (Details)
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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
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Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases Components Of Lease Expense (Details)
Leases Maturities Of Lease Liabilities (Details)
Leases Narrative (Details)
Leases Supplemental Balance Sheet Information (Details)
Leases Supplemental Cash Flow And Other Information (Details)
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
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: 0001282637-21-000004
Submitted to the SEC: Tue Feb 16 2021 9:05:02 AM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Thursday, December 31, 2020
Industry: Industrial Organic Chemicals

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