Petroleum additives operating profit for the fourth quarter of this year was $59.3 million, which was down 18 percent compared to fourth quarter 2010 operating profit of $72.0 million. Sales for the fourth quarter increased to $499 million which was 10 percent higher than sales for the fourth quarter last year even though shipments were down 2 percent. We believe that the decline in shipments and operating profits in the fourth quarter include the effect of reduction of inventory levels by some of our customers, as well as some slowdown in demand influenced by economic issues around the world, predominately in Europe. We also incurred several significant one-time costs in the quarter.We believe that, despite a softening of demand in Europe and an uncertain world economy, worldwide demand for additives will continue to grow at a 1-2% per annum rate. We remain confident in our ability to continue to exceed this industry growth rate.
NewMarket Corporation Reports Record Results For The Year 2011
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