NewMarket Q2 2023 Earnings Report
Key Takeaways
NewMarket Corporation reported a strong second quarter in 2023, with net income increasing to $99.6 million and earnings per share rising to $10.36. The petroleum additives segment saw a boost in operating profit due to increased selling prices, despite lower shipments.
Net income for Q2 2023 increased to $99.6 million, up from $66.5 million in Q2 2022.
Earnings per share for Q2 2023 rose to $10.36, compared to $6.54 per share in the same period last year.
Petroleum additives operating profit for Q2 2023 increased to $132.1 million from $91.2 million in Q2 2022, driven by higher selling prices.
The company's Net Debt to EBITDA ratio improved to 1.4 as of June 30, 2023, down from 2.0 at the end of 2022.
NewMarket
NewMarket
NewMarket Revenue by Segment
Forward Guidance
NewMarket did not provide specific forward guidance in this earnings report. The report focuses on the results of the second quarter and first half of 2023 and emphasizes the company's long-term strategies and priorities.
Positive Outlook
- Focus on long-term value for shareholders and customers.
- Commitment to a safety-first culture.
- Customer-focused solutions.
- Technology-driven product offerings.
- World-class supply chain capability.
Challenges Ahead
- Effects of customer destocking.
- Global economic weakness.
- Higher operating costs due to the ongoing inflationary environment.
- Challenges due to higher operating costs.
- Ongoing inflationary environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income