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 2012.
NewMarket’s net income for the year 2012 increased to a record $239.6 million, or $17.85 per share, compared to net income of $206.9 million, or $15.09 per share for the year 2011. For the fourth quarter of this year, net income was $53.1 million, or $3.94 per share, compared to net income of $33.7 million, or $2.51 per share for the same period last year.
The earnings for 2012 and prior year periods include certain special items which are presented in the following Summary of Earnings and discussed more fully on the financial statements and footnotes that are a part of this earnings release.
|Summary of Earnings|
|(In millions, except per-share amounts)|
|Fourth Quarter Ended||Year Ended|
|December 31||December 31|
|Tax (benefit) of special dividend||(6.2||)||-||(6.2||)||-|
|(Gain) Loss on interest rate swap agreement||(0.2||)||0.8||3.3||10.7|
|Loss on early extinguishment of debt||-||-||6.1||-|
|(Gain) on legal settlement, net||-||-||-||(23.9||)|
|Income excluding the above special items||$||46.7||$||34.5||$||242.8||$||193.7|
|Diluted Earnings Per Share:|
|Tax (benefit) of special dividend||(0.46||)||-||(0.46||)||-|
|(Gain) Loss on interest rate swap agreement||(0.01||)||0.06||0.24||0.78|
|Loss on early extinguishment of debt||-||-||0.45||-|
|(Gain) on legal settlement, net||-||-||-||(1.74||)|
|Income excluding the above special items||$||3.47||$||2.57||$||18.08||$||14.13|
Excluding these special items from all periods, earnings for the year 2012 were a record $242.8 million, or $18.08 per share, an increase of 25 percent compared to last year’s results of $193.7 million, or $14.13 per share. On this same basis, earnings for this year’s fourth quarter were $46.7 million, or $3.47 per share, an improvement of 35 percent over fourth quarter last year results of $34.5 million, or $2.57 per share. Earnings per share for the year and fourth quarter of this year increased 28 percent and 35 percent, respectively, on this same basis.