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NewMarket Corporation (NYSE: NEU) is a prominent holding company that oversees operations through its key subsidiaries: Afton Chemical Corporation and Ethyl Corporation. Positioned in the petroleum additives industry, NewMarket Corporation is dedicated to enhancing the performance of lubricating oils and fuels, catering to a myriad of applications in machinery, vehicles, and various equipment.
As a parent company, NewMarket provides strategic leadership, robust guidance, and unwavering support to its subsidiaries. This enables Afton Chemical and Ethyl Corporation to thrive in a dynamically evolving market. By focusing on producing outstanding products, implementing cutting-edge technology, and delivering unparalleled service, NewMarket ensures lasting quality and customer satisfaction.
Afton Chemical Corporation is renowned for its lubricant additives, which are formulated chemical solutions designed to blend with base fluids. These additives significantly improve the efficiency, durability, performance, and functionality of mineral oils, synthetic oils, and biodegradable fluids. This division is essential in enhancing the overall performance and lifespan of various lubricants used in industrial and automotive applications.
Ethyl Corporation specializes in fuel additives. These chemical components assist oil refiners in meeting stringent fuel specifications and provide formulated packages that elevate the performance of gasoline, diesel, biofuels, and other fuels. By focusing on regulatory compliance and performance enhancement, Ethyl Corporation ensures that fuels meet the highest standards of quality and efficiency.
Latest Achievements: NewMarket Corporation consistently innovates and adapts to market demands. Recent milestones include advancements in additive technology and the expansion of global partnerships, which bolster its market presence and reinforce its commitment to quality and sustainability.
Current Projects: The company is actively involved in developing next-generation additives that align with evolving environmental standards and performance requirements. By investing in research and development, NewMarket aims to lead the industry towards a more sustainable and efficient future.
Overall, NewMarket Corporation exemplifies excellence in the petroleum additives sector, driving progress through its subsidiaries while maintaining a steadfast commitment to quality, technology, and customer service.
NewMarket Corporation (NYSE:NEU) reported a strong performance in Q1 2023, with a net income of $97.6 million or $10.09 per share, compared to $59.3 million or $5.75 per share in Q1 2022. Revenue from petroleum additives reached $700.0 million, an increase from $660.3 million year-on-year. Operating profit surged to $132.1 million, up from $86.9 million the previous year, attributed to higher selling prices despite increased costs and a 15.4% decline in shipments. The company prioritized cost control and margin recovery amid economic challenges, with a Net Debt to EBITDA ratio of 1.7. Shareholder returns included $48.8 million via dividends and share repurchases, underlining a commitment to long-term value. A conference call is set for April 27, 2023, to discuss these results further.
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