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Earnings Call Summary | NewMarket(NEU.US) Q1 2024 Earnings Conference

Futu News ·  Apr 26 18:49  · Conference Call

The following is a summary of the NewMarket Corporation (NEU) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • NewMarket Corporation reported a net income of $108 million or $11.23 per share for Q1 2024, an increase from the Q1 2023 net income of $98 million or $10.09 per share.

  • Despite a decrease in petroleum additives sales from $700 million in Q1 2023 to $677 million in Q1 2024, the company increased the operating profit for this segment to $151 million from $132 million in the same period of the previous year due to reduced raw material and operating costs.

  • The company's net debt to EBITDA ratio was reported at 1.9, within its target range of 1.5 to 2.0.

Business Progress:

  • Increased shipments were observed in both lubricant and fuel additive units across almost all regions, with exceptions of Latin America and North America.

  • NewMarket announced the acquisition of American Pacific Corporation in early 2024. The financial results from the AMPAC operations are now included under the company's specialty materials segment.

  • An 11% increase in quarterly dividend rate was approved by the Board in February 2024, signaling positive outlook and reward for shareholders.

More details: NewMarket IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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