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TheStreet Open House

NewMarket Corporation Reports Record Second Quarter And First Half 2012 Results

Stocks in this article: NEU

NewMarket Corporation (NYSE:NEU) President and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the second quarter and first half of 2012.

Net income for the second quarter of 2012 improved to $55.3 million, or $4.12 per share, an increase of 6 percent over net income for the second quarter of last year of $52.3 million, or $3.77 per share. For the first half of 2012, net income increased to $121.8 million, or $9.09 per share, an improvement of 20 percent compared to net income of $101.8 million, or $7.34 per share for the first half of 2011. Earnings per share for the second quarter and first half of this year increased 9 percent and 24 percent respectively.

Earnings for both the second quarter and first half of this year and last year include a charge for an interest rate swap while both periods this year include a charge for the early extinguishment of debt. Excluding these items from all periods, earnings for the second quarter of 2012 improved to $62.9 million, or $4.69 per share, an increase of 15 percent over earnings for the second quarter of last year of $54.8 million, or $3.95 per share. On the same basis, earnings for the first half of this year increased to $130.3 million, or $9.72 per share, an improvement of 26 percent compared to net income of $103.7 million, or $7.48 per share, for the first half of 2011. On this basis, earnings per share for the second quarter and first half of this year increased 19 percent and 30 percent, respectively. The following Summary of Earnings reflects net income and earnings per share with and without these two items.

 
Summary of Earnings
(In millions, except per-share amounts)
Second Quarter Ended   Six Months Ended
June 30 June 30
2012   2011 2012   2011
Net Income:
Net income $ 55.3 $ 52.3 $ 121.8 $ 101.8
Loss on interest rate swap agreement 3.5 2.5 2.4 1.9
Loss on early extinguishment of debt 4.1 - 6.1 -
Income excluding the effects of the extinguishment of debt and swap $ 62.9 $ 54.8 $ 130.3 $ 103.7
 
Diluted Earnings Per Share:
Net income $ 4.12 $ 3.77 $ 9.09 $ 7.34
Loss on interest rate swap agreement 0.26 0.18 0.18 0.14
Loss on early extinguishment of debt

 

0.31 - 0.45 -
Income excluding the effects of the extinguishment of debt and swap

$

4.69 $ 3.95 $ 9.72 $ 7.48
 

Petroleum additives segment operating profit for the second quarter of this year increased to $96.9 million, an improvement of 13 percent over operating profit for the second quarter of last year of $85.6 million. Sales of petroleum additives for the second quarter of this year reached $584.2 million, which was up 2 percent over sales for last year’s second quarter of $572.8 million. Shipments this second quarter increased about 5 percent compared to the first quarter of this year, but were approximately 7 percent lower than last year’s record second quarter shipments. For the first half of this year, petroleum additives operating profit increased to $204.1 million, an improvement of 23 percent over operating profit in the first half of last year of $166.2 million. Sales of petroleum additives for the first half of this year reached $1,141.9 million, an improvement, of 6 percent over sales in the first half of last year of $1,075.5 million, while shipments for the first half were down about 5 percent.

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