NewMarket Corporation (NEU) Q3 2024 Earnings Call Transcript

NewMarket Corporation (NYSE:NEU) Q3 2024 Results Conference Call October 24, 2024 3:00 PM ET

Company Participants

Bill Skrobacz - VP & CFO

Operator

Good day, and welcome to the NewMarket Corporation's scheduled conference call and webcast to review the Third Quarter 2024 Financial Results. At this time, all participants are in a listen-only mode.

I would now like to turn the call over to your host, Bill Skrobacz. Floor is yours.

Bill Skrobacz

Thank you, Kelly, and thanks to everyone for joining me this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause actual results to differ materially from those forward-looking statements are contained in our earnings release and in our SEC filings, including our most recent Form 10-K.

During this call, I will also discuss the non-GAAP financial measures included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. We filed our 10-Q this morning. It contains significantly more details on the operations and performance of our company. Please take time to review it.

I will be referring to the data that was included in last night's earnings release.

Net income for the third quarter of 2024 was $132 million, or $13.79 per share, compared to net income of $111 million, or $11.60 per share, for the same period last year. Petroleum additives sales for the third quarter of 2024 were $663 million compared to $664 million for the same period in 2023. Petroleum additives operating profit for the third quarter of 2024 was $157 million compared to $140 million for the third quarter of 2023. The increase in petroleum additives operating profit was mainly due to lower raw material and operating costs, partially offset by lower selling prices.