NewMarket Q3 2023 Earnings Report
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.
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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.