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Newmarket Corp (NEU) SEC Filing 10-Q Quarterly Report for the period ending Sunday, March 31, 2024

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Newmarket Corp

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CIK: 1282637 Ticker: NEU


EXHIBIT 99.1

NewMarket Corporation Reports First Quarter 2024 Results

•Net Income of $107.7 Million and Earnings Per Share of $11.23
•Petroleum Additives Shipments Up 4.7%
•Acquisition of American Pacific Corporation Completed in January

Richmond, VA, April 24, 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 first quarter of 2024.

Net income for the first quarter of 2024 was $107.7 million, or $11.23 per share, compared to net income of $97.6 million, or $10.09 per share, for the first quarter of 2023.

Petroleum additives sales for the first quarter of 2024 were $677.3 million, compared to $700.0 million for the same period in 2023. Petroleum additives operating profit for the first quarter of 2024 was $150.9 million, compared to $132.1 million for the first quarter of 2023. The increase in petroleum additives operating profit was mainly due to lower raw material and operating costs, partially offset by lower selling prices and product mix. Shipments between quarterly periods were up 4.7% with increases in both lubricant additives and fuel additives across all regions except Latin America, which reported a decrease in lubricant additives shipments, and North America, which reported a decrease in fuel additives shipments.

We are pleased with the strong performance of our petroleum additives business during the first quarter of 2024 – the sixth consecutive quarter with operating profit over $100 million. We are seeing evidence that our efforts to control operating costs are taking hold. Managing our operating costs, our inventory levels, and our portfolio profitability will remain priorities throughout 2024.

We completed the acquisition of American Pacific Corporation (AMPAC) on January 16, 2024, for approximately $700 million. Our first quarter results include 76 days of AMPAC operations. The financial results of our AMPAC business are included in our new specialty materials segment. Specialty materials sales for the first quarter of 2024 were $17.0 million and we reported an operating loss of $5.0 million. The loss primarily results from the sale of the AMPAC finished goods inventory that we acquired. This inventory was recorded at fair market value on the acquisition date and sold during the first quarter, generating no margin. We may see substantial variation in quarterly results for AMPAC on an ongoing basis due to the nature of its business, and we anticipate full year results to be consistent with our pre-acquisition expectations.

We generated solid cash flows from operations during the quarter, we funded capital expenditures of $13.6 million and we paid dividends of $24.0 million. In February, our Board approved an 11% increase in our quarterly dividend rate.

The acquisition of AMPAC was funded by cash on hand and borrowings of approximately $690 million under our then existing revolving credit facility. On January 22, 2024, we replaced that facility with a new $900 million revolving credit facility and entered into a $250 million unsecured term loan. As of March 31, 2024, our Net Debt to EBITDA ratio was 1.9, which is within our target operating range of 1.5 to 2.0.

We anticipate continued strength in our petroleum additives segment. We also look forward to the ongoing integration of AMPAC into the NewMarket family of companies. 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.

The following information was filed by Newmarket Corp (NEU) on Wednesday, April 24, 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-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
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed 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)
Acquisition Of Business
Acquisition Of Business (Fair Values Of Assets And Liabilities Assumed) (Details)
Acquisition Of Business (Narrative) (Details)
Acquisition Of Business (Schedule Of Intangibles) (Details)
Acquisition Of Business (Schedule Of Proforma Information) (Details)
Acquisition Of Business (Tables)
Commitment And Contingencies (Other Commitments) (Details)
Commitments And Contingencies
Commitments And Contingencies (Environmental) (Details)
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)
Financial Statement Presentation
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 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)
Inventories
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 (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 (Schedule Of Components Of Accumulated Other Comprehensive Loss) (Details)
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Tables)
Pay Vs Performance Disclosure
Pension Plans And Other Postretirement Benefits
Pension Plans And Other Postretirement Benefits (Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans) (Details)
Pension Plans And Other Postretirement Benefits (Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans) (Details)
Pension Plans And Other Postretirement Benefits (Tables)
Recent Accounting Pronouncements
Segment Information
Segment Information (Net Sales By Segment) (Details)
Segment Information (Segment Operating Profit) (Details)
Segment Information (Tables)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Newmarket Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.A: Section 1350 Certification
Exhibit 32.B: Section 1350 Certification
Ticker: NEU
CIK: 1282637
Form Type: 10-Q Quarterly Report
Accession Number: 0001282637-24-000011
Submitted to the SEC: Thu Apr 25 2024 9:03:27 AM EST
Accepted by the SEC: Thu Apr 25 2024
Period: Sunday, March 31, 2024
Industry: Industrial Organic Chemicals

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