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
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