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Newmarket Corp (NEU) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Newmarket Corp

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CIK: 879407 Ticker: NEU

EXHIBIT 99.1

NewMarket Corporation Reports Third Quarter and First Nine Months 2021 Results
•Petroleum Additives Third Quarter Shipments Strong, Up 11.9%
•Rising Costs Continue to Pressure Margins
•10.5% Increase in Dividend Declared During the Third Quarter
•292,392 Shares Repurchased in the Third Quarter
Richmond, VA, October 25, 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 third quarter and first nine months of 2021.
Net income for the third quarter of 2021 was $52.0 million, or $4.80 per share, compared to net income of $95.8 million, or $8.77 per share, for the third quarter of 2020. For the first nine months of 2021, net income was $173.7 million, or $15.94 per share, compared to $203.7 million or $18.52 per share, for the first nine months of last year. Both prior year periods include a gain of $16.5 million related to the sale of a non-operating parcel of real estate.
Sales for the petroleum additives segment for the third quarter of 2021 were $619.1 million, up from $510.3 million in the third quarter of 2020. Shipments increased 11.9% between periods, with increases in both lubricant additives and fuel additives shipments across all regions except Europe, which reported a decrease in fuel additives shipments. Petroleum additives operating profit for the third quarter of 2021 was $72.1 million, compared to $102.2 million for the same period last year. The decrease was mainly due to higher raw material and conversion costs, partially offset by increased selling prices and higher shipments.
Petroleum additives sales for the first nine months of the year were $1.8 billion compared to sales in the first nine months of last year of $1.5 billion. Shipments increased 16.6% between periods, with increases in both lubricant additives and fuel additives shipments. The regional drivers for those increases were consistent with the drivers in the third quarter mentioned above. Petroleum additives operating profit for the first nine months of the year was $240.4 million compared to $248.9 million for the first nine months of 2020. The decrease was due mainly to higher raw material costs, partially offset by increased selling prices and higher shipments. Petroleum additives operating margin for the first nine months of 2021 was 13.6% compared to 16.9% in the prior year nine month period.
We have continued to see downward pressure on our operating margins due to rising raw material costs, energy costs, transportation network issues, and other costs associated with the continuing global supply chain disruptions affecting supply and distribution. While we have made some progress in adjusting our selling prices, our costs have continued to rise. Margin improvement will continue to be a priority until we see margins consistently within our historical ranges.
During the third quarter of 2021, we increased our quarterly dividend by 10.5% to $2.10 per share, and we repurchased 292,392 shares of our common stock for a total of $99.5 million. Through the first nine months of 2021, we funded capital expenditures of $64.0 million and paid dividends of $64.1 million.
We will remain focused on our long-term objectives. We believe the fundamentals of how we run our business – a long-term view, safety and people first culture, customer-focused solutions, technology-driven product offerings, and a world-class supply chain capability – will continue to be beneficial for all our stakeholders.

Sincerely,
Thomas E. Gottwald


The following information was filed by Newmarket Corp (NEU) on Monday, October 25, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
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Condensed Statement Of Cash Flows (Parenthetical)
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Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
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Intangibles (Net Of Amortization) And Goodwill
Intangibles (Net Of Amortization) And Goodwill (Narrative) (Details)
Intangibles (Net Of Amortization) And Goodwill (Schedule Of Amortization Expense And Estimated Annual Amortization Expense Related To Intangible Assets) (Details)
Intangibles (Net Of Amortization) And Goodwill (Schedule Of Information Related To Intangible Assets And Goodwill (Details)
Intangibles (Net Of Amortization) And Goodwill (Tables)
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Marketable Securities Fair Value Measurement (Details)
Marketable Securities Unrealized Gain Loss (Details)
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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 (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details)
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Segment Information (Segment Operating Profit) (Details)
Segment Information (Tables)
Significant Accounting Policies (Policies)
Ticker: NEU
CIK: 1282637
Form Type: 10-Q Quarterly Report
Accession Number: 0001282637-21-000019
Submitted to the SEC: Tue Oct 26 2021 9:38:53 AM EST
Accepted by the SEC: Tue Oct 26 2021
Period: Thursday, September 30, 2021
Industry: Industrial Organic Chemicals

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