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Newmarket Corp (NEU) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Newmarket Corp

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CIK: 1282637 Ticker: NEU


EXHIBIT 99.1

NewMarket Corporation Reports Fourth Quarter and Full Year 2023 Results

•Full Year Net Income of $389 Million and Earnings Per Share of $40.44
•$134 Million Working Capital Improvement in 2023
•$361 Million Repaid on Revolving Credit Facility in 2023
•Acquired American Pacific Corporation (AMPAC) in January 2024
Richmond, VA, January 31, 2024 – 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 2023.

Net income for the fourth quarter of 2023 was $80.4 million, or $8.38 per share, compared to net income of $90.5 million, or $9.26 per share, for the fourth quarter of 2022. Net income for 2023 was $388.9 million, or $40.44 per share, compared to net income of $279.5 million, or $27.77 per share, for 2022.

Petroleum additives sales for the fourth quarter of 2023 were $642.0 million, compared to $680.3 million for the same period in 2022. Petroleum additives operating profit for the fourth quarter of 2023 was $110.4 million, compared to $117.1 million for the fourth quarter of 2022. The decrease in operating profit was mainly due to higher operating costs and lower shipments, partially offset by lower raw material costs. We also experienced lower selling prices offset by favorable product mix.

Sales for the petroleum additives segment for 2023 were $2.7 billion, compared to $2.8 billion in 2022. Petroleum additives operating profit for 2023 was $514.4 million, compared to $378.2 million for 2022. The increase in operating profit was a result of selling prices, including favorable product mix, partially offset by lower shipments and higher raw material and operating costs. Shipments decreased 10.7% when comparing 2023 to 2022, with decreases in both lubricant additives and fuel additives shipments in all regions except Europe, which reported a small increase in fuel additives shipments.
During 2023, our shipments were impacted by the overall global economic weakness and inventory rationalization which persists in the chemical industry. We remain challenged by the ongoing inflationary environment and continue to experience increased operating costs. We are maintaining our focus on managing our operating costs, our inventory levels, and our portfolio profitability, while continuing our investment in technology.

We are very pleased with the performance of our petroleum additives business during 2023 and the work done by our team to achieve four quarters of strong operating profit. We generated solid cash flows throughout the year, our working capital improved by $134.3 million, and we made payments of $361.0 million on our revolving credit facility. We returned $127.9 million to our shareholders through dividends of $85.0 million and share repurchases of $42.9 million (119,075 shares of our common stock). As of December 31, 2023, our Net Debt to EBITDA ratio was 0.9, which was a significant improvement over the December 31, 2022 ratio of 2.0.

On January 16, 2024, we completed the acquisition of AMPAC, for approximately $700 million. AMPAC is the leading North American manufacturer of critical performance additives used in solid rocket motors for space launch and military defense applications. The acquisition was funded by cash on hand and borrowings under our revolving credit facility. We expect that AMPAC will be accretive to our net income in 2024. The additional borrowing associated with the AMPAC acquisition increased our Net Debt to EBITDA ratio, but we remain within our target operating range of 1.5 to 2.0.


The following information was filed by Newmarket Corp (NEU) on Wednesday, January 31, 2024 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)
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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
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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)
Insider Trading Arrangements
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 Cost (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)
Pay Vs Performance Disclosure
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)
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)
Subsequent Events
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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: 0001282637-24-000005
Submitted to the SEC: Thu Feb 15 2024 10:14:14 AM EST
Accepted by the SEC: Thu Feb 15 2024
Period: Sunday, December 31, 2023
Industry: Industrial Organic Chemicals

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