NewMarket Q4 net income down to $80.4M; FY net income $389M; acquires AMPAC for ~$700M

NEWMARKET CORP

2023-FY EPS reported $40.44 revenue$2,698,419,000

Net income for 2023 was $388.9M ($40.44/diluted EPS) vs $279.5M ($27.77) in 2022.
Q4 2023 net income $80.4M ($8.38 EPS) vs $90.5M ($9.26) in Q4 2022; petroleum additives sales $642M vs $680.3M.
Petroleum additives operating profit for 2023 increased to $514.4M from $378.2M despite 10.7% lower shipments.
Acquired AMPAC (critical performance additives for aerospace/defense) for ~$700M on Jan 16, 2024; expects accretive in 2024.
Net Debt/EBITDA improved to 0.9 at year-end from 2.0; new $900M revolver and $250M term loan in January 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NEWMARKET CORP reported the fourth quarter and full year of 2023 results: net income Net income for the fourth quarter of 2023 was $80.4 million, or $8.38 per share, compared to net income of $90.5 million.

Period: the fourth quarter and full year of 2023
Net income: Net income for the fourth quarter of 2023 was $80.4 million, or $8.38 per share, compared to net income of $90.5 million
Result: reported results

Exact text from the filing

NewMarket Corporation Reports Fourth Quarter and Full Year 2023 Results • Full Year Net Income of $389 Million and Earnings Per Share of $40.44 • $134 Million Working Capital Improvement in 2023 • $361 Million Repaid on Revolving Credit Facility in 2023 • Acquired American Pacific Corporation (AMPAC) in January 2024 Richmond, VA, January 31, 2024 – NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the fourth quarter and full year of 2023. Net income for the fourth quarter of 2023 was $80.4 million, or $8.38 per share, compared to net income of $90.5 million, or $9.26 per share, for the fourth quarter of 2022. Net income for 2023 was $388.9 million, or $40.44 per share, compared to net income of $279.5 million, or $27.77 per share, for 2022.

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Source: SEC EDGAR

accession 0001282637-24-000002

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