This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NewMarket Corporation Reports Record Results For The Year 2011

NewMarket Corporation (NYSE: NEU) President and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the year and fourth quarter 2011.

Net income for the year 2011 increased to $206.9 million, or $15.09 per share, compared to net income of $177.1 million, or $12.09 per share, for the year 2010. For the fourth quarter of this year, net income was $33.7 million, or $2.51 per share, compared to net income of $49.4 million, or $3.47 per share for the same period last year.

The earnings for the current year and prior year periods include the impact from an interest rate swap while the current year also includes a gain on a legal settlement. The following Summary of Earnings reflects net income including these two items, as well as earnings excluding them and the related per share amounts.

 
    Summary of Earnings
(In millions, except per-share amounts)
Fourth Quarter Ended     Year Ended
December 31 December 31
2011     2010 2011     2010
Net Income:
Net income $ 33.7 $ 49.4 $ 206.9 $ 177.1
(Gain) on legal settlement, net - - (23.9 ) -
Loss (gain) on interest rate swap agreement   0.8   (4.4 )   10.7     6.3
Income excluding the effects of the legal settlement and interest rate swap $ 34.5 $ 45.0   $ 193.7   $ 183.4
 
Diluted Earnings Per Share:
Net income $ 2.51 $ 3.47 $ 15.09 $ 12.09
(Gain) on legal settlement, net - - (1.74 ) -
Loss (gain) on interest rate swap agreement   0.06   (0.31 )   0.78     0.43
Income excluding the effects of the legal settlement and interest rate swap $ 2.57 $ 3.16   $ 14.13   $ 12.52
 

Petroleum additives operations had another strong performance this year with operating profit of $348.3 million including the benefit of a net gain of $38.7 million from a legal settlement. Excluding the benefit of the legal settlement, petroleum additives operating profit for the year 2011 increased to $309.6 million, an improvement of approximately 4 percent over 2010 operating profit of $299.1 million. The results reflect improved earnings in both the lubricant additives and fuel additives product lines. Sales of petroleum additives for the year increased to $2.1 billion, up 20 percent over sales last year of $1.8 billion including the benefit of a 6 percent increase in shipments. This strong performance of petroleum additives in 2011 includes operating profit improvement in each major geographic region in which we operate. This success is driven by our strong commitment to research and development enabling us to supply our customers with the differentiating top quality products, marketing solutions and technical support that enhance their position in the marketplace.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs