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NewMarket Corporation Reports Third Quarter And First Nine Months 2013 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 third quarter and first nine months of 2013.

Net income for the third quarter of 2013 improved to $78.9 million, or $5.94 per share, compared to net income of $64.7 million, or $4.83 per share, for the third quarter of 2012. For the first nine months of 2013, net income increased to $210.7 million, or $15.81 per share, compared to net income of $186.5 million, or $13.91 per share, for the first nine months of last year.

Net income includes the results of discontinued operations of the real estate development segment and certain special items detailed in the Summary of Earnings below. In addition to the income from operations of the discontinued business, discontinued operations also include the gain on the July 2, 2013 sale of an office building which was owned by Foundry Park I, our wholly-owned subsidiary. All periods also include the impact of valuing an interest rate swap at fair value, while the first nine months of 2012 include a loss on early extinguishment of debt.

    Summary of Earnings
(In millions, except per-share amounts)
Third Quarter Ended   Nine Months Ended
September 30 September 30
2013   2012 2013   2012
Net Income:
Net income $ 78.9 $ 64.7 $ 210.7 $ 186.5
(Income) from operations of discontinued business - (0.9 ) (0.5 ) (1.5 )
(Gain) on sale of discontinued business (21.9 ) - (21.9 ) -
(Gain) loss on interest rate swap agreement 0.4 1.1 (3.1 ) 3.5
Loss on early extinguishment of debt   -     -     -     5.6  
Income excluding discontinued operations and special items $ 57.4   $ 64.9   $ 185.2   $ 194.1  
 
Diluted Earnings Per Share:
Net income $ 5.94 $ 4.83 $ 15.81 $ 13.91
(Income) from operations of discontinued business - (0.07 ) (0.04 ) (0.11 )
(Gain) on sale of discontinued business (1.65 ) - (1.64 ) -
(Gain) loss on interest rate swap agreement 0.03 0.08 (0.23 ) 0.26
Loss on early extinguishment of debt   -     -     -     0.41  
Income excluding discontinued operations and special items $ 4.32   $ 4.84   $ 13.90   $ 14.47  
 

For the third quarter of this year, earnings excluding discontinued operations and special items amounted to $57.4 million, or $4.32 per share, compared to earnings on the same basis for the third quarter of last year of $64.9 million, or $4.84 per share. On the same basis, earnings for the first nine months of this year were $185.2 million, or $13.90 per share, while earnings for the first nine months of last year amounted to $194.1 million, or $14.47 per share.

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