NewMarket Q2 2024 Earnings Report
Key Takeaways
NewMarket Corporation reported a net income of $111.6 million, or $11.63 per share, for the second quarter of 2024, compared to $99.6 million, or $10.36 per share, for the same period last year. The increase in petroleum additives operating profit was mainly due to lower raw material and operating costs as well as increased shipments, partially offset by lower selling prices.
Second quarter net income reached $112 million, with earnings per share at $11.63.
Petroleum additives operating profit for the first half of the year totaled $299 million.
AMPAC results are consistent with pre-acquisition expectations.
Debt reduction of $171 million has been achieved since the AMPAC acquisition.
NewMarket
NewMarket
NewMarket Revenue by Segment
Forward Guidance
The company anticipates continued strength in its petroleum additives segment and looks forward to the ongoing integration of AMPAC.
Positive Outlook
- Continued strength in petroleum additives segment.
- Ongoing integration of AMPAC.
- Focus on long-term value for shareholders and customers.
- Commitment to safety-first culture.
- Technology-driven product offerings.
Challenges Ahead
- Availability of raw materials and distribution systems.
- Disruptions at production facilities, including single-sourced facilities.
- Hazards common to chemical businesses.
- Ability to respond effectively to technological changes.
- Failure to protect intellectual property rights.