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Newmarket Corp (NEU) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Newmarket Corp

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CIK: 879407 Ticker: NEU

EXHIBIT 99.1

NewMarket Corporation Reports Fourth Quarter and Full Year 2022 Results

•Full Year Net Income of $279.5 Million and Earnings Per Share of $27.77
•Petroleum Additives Full Year Operating Profit of $378.2 Million
•Continued Focus on Margin Recovery and Cost Control
Richmond, VA, January 31, 2023 – 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 of 2022.
Net income for the fourth quarter of 2022 was $90.5 million, or $9.26 per share. Net income for 2022 was $279.5 million, or $27.77 per share, compared to net income of $190.9 million, or $17.71 per share, for 2021.
Petroleum additives sales for the fourth quarter were $680.3 million and reached $2.8 billion for 2022, compared to $2.3 billion for 2021. Petroleum additives operating profit for the fourth quarter was $117.1 million and for 2022 was $378.2 million, compared to $281.1 million in 2021. For the year, the operating profit increase was mainly due to increased selling prices partially offset by higher raw material and operating costs. Shipments decreased 2.9% between periods, primarily due to decreases in lubricant additives shipments. Supply chain disruptions and new sanctions introduced during 2022 as a result of the Russia-Ukraine war were the primary contributors to the decline in shipments.
During 2022, we funded capital expenditures of $56.2 million and returned $291.8 million to our shareholders through dividends ($84.3 million) and share repurchases (668,553 shares of our common stock for a total of $207.5 million). We continue to operate with low leverage, with a Net Debt to EBITDA ratio of 2.0 as of December 31, 2022.
The last three years have been characterized by unprecedented factors, including the impact of the COVID-19 pandemic, worldwide supply chain disruptions, inflation, and war. Accordingly, we believe that it is useful to compare our 2022 results to 2019, the last full year before these factors. Petroleum additives sales in 2022 were $578.4 million higher than in 2019, an increase of 26%. Petroleum additives operating profit in 2022 was $19.0 million higher, an increase of 5% over 2019, and shipments in 2022 were 2.8% higher than 2019. Petroleum additives operating margin for 2022 was 13.7% versus 16.5% in 2019.
We are pleased by the performance of our petroleum additives business in 2022 and the work done by our team to navigate through the many challenges of the past three years. While our efforts to resolve supply chain issues to better meet our customers’ growing needs have shown improvement, we are still challenged by the inflationary environment and rising operating costs that we expect to continue into 2023. Margin recovery and cost control will remain priorities throughout 2023.
I want to thank our dedicated employees for their commitment to our business and to serving our customers. We continue to make decisions to promote long-term value for our shareholders and customers, and we remain focused on our long-term objectives. We believe the fundamentals of how we run our business - a long-term view, safety-first culture, customer-focused solutions, technology-driven product offerings, and 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 Tuesday, January 31, 2023 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

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Cash Flows (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)
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)
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)
Marketable Securities
Marketable Securities (Narrative) (Details)
Marketable Securities (Tables)
Marketable Securities Fair Value Measurement (Details)
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)
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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)
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: 0001282637-23-000004
Submitted to the SEC: Wed Feb 15 2023 9:03:39 AM EST
Accepted by the SEC: Wed Feb 15 2023
Period: Saturday, December 31, 2022
Industry: Industrial Organic Chemicals

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