Thu, Oct 24, 12:48 PM (258 days ago)
NewMarket Corporation (NEU) reported strong financial performance for Q3 2024, with net sales of $724.9 million, marking an 8.7% increase from Q3 2023. Year-to-date sales reached $2.13 billion, up 3.7% from the prior year. The petroleum additives segment saw a slight decline in sales but improved operating profit due to lower raw material costs and increased shipments. The acquisition of AMPAC contributed $59.1 million in sales for Q3 and $114.2 million year-to-date. Net income for Q3 was $132.3 million, up from $111.2 million a year prior, supported by improved profit margins (operating profit margin at 23.8%). Cash flow from operations was $334.4 million for the first nine months, despite a $724.2 million cash outflow for AMPAC's acquisition. Long-term debt increased to $1.1 billion, with a leverage ratio of 1.55, well within covenant limits. Despite uncertainties in the global economy, NewMarket maintains a robust financial position and plans to leverage investments in technology and infrastructure to drive future growth.