NewMarket Corporation (NYSE:NEU) President and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the third quarter and first nine months of 2012.
Net income for the third quarter of 2012 amounted to $64.7 million, or $4.83 per share, compared to net income of $71.4 million, or $5.22 per share, for the third quarter of last year. For the first nine months of this year, net income was $186.5, or $13.91 per share, compared to net income of $173.2 million, or $12.54 per share, for the same period last year.
As reflected on the following Summary of Earnings, results for the third quarter and first nine months periods of both this year and last year include certain special items. These items are presented individually on the following Summary of Earnings and discussed more fully on the financial statements and footnotes that are a part of this earnings release.
|Summary of Earnings|
|(In millions, except per-share amounts)|
|Third Quarter Ended||Nine Months Ended|
|September 30||September 30|
|Loss on interest rate swap agreement||1.1||7.9||3.5||9.9|
|Loss on early extinguishment of debt||-||-||6.1||-|
|(Gain) on legal settlement, net||-||(23.9||)||-||(23.9||)|
|Income excluding the above special items||$||65.8||$||55.4||$||196.1||$||159.2|
|Diluted Earnings Per Share:|
|Loss on interest rate swap agreement||0.08||0.58||0.26||0.71|
|Loss on early extinguishment of debt||-||-||0.45||-|
|(Gain) on legal settlement, net||-||(1.74||)||-||(1.73||)|
|Income excluding the above special items||$||4.91||$||4.06||$||14.62||$||11.52|
Excluding these special items from all periods, earnings for the third quarter of 2012 of $65.8 million, or $4.91 per share, increased 19 percent over earnings for the third quarter of last year of $55.4 million, or $4.06 per share. On the same basis, earnings for the first nine months of 2012 were $196.1 million, or $14.62 per share, an improvement of 23 percent compared to last year’s results of $159.2 million, or $11.52 per share. Earnings per share for the third quarter and first nine months of this year on this basis increased 21 percent and 27 percent, respectively.