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Sep 30, 2023
NewMarket Q3 2023 Earnings Report
NewMarket's financial performance improved due to pricing strategies, lower raw material costs, and effective cost control measures.
Key Takeaways
NewMarket Corporation reported a strong third quarter with a net income of $111.2 million and earnings per share of $11.60. The petroleum additives segment saw increased operating profit driven by favorable pricing and lower raw material costs, despite a decrease in shipments.
Net income for the third quarter of 2023 was $111.2 million, an increase from $63.2 million in the third quarter of 2022.
Earnings per share for the third quarter of 2023 rose to $11.60, compared to $6.32 in the same period last year.
Petroleum additives sales for the third quarter were $663.7 million, slightly lower than $692.7 million in the third quarter of 2022.
Petroleum additives operating profit for the third quarter increased to $139.8 million, up from $83.0 million in the same period last year, driven by pricing and lower raw material costs.
Revenue by Segment
Forward Guidance
NewMarket Corporation did not provide specific forward guidance in this earnings report. The report focused on the results of the third quarter and first nine months of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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