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NewMarket Corporation Reports Results For The Fourth Quarter And Full Year 2013

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 fourth quarter and full year 2013.

We are very pleased to report that we recorded record fourth quarter net income of $54.0 million and earnings per share of $4.08. These results reflect record operating performance by our Petroleum additives segment. Net income for the fourth quarter of 2012 was $53.1 million and earnings per share were $3.94. We also had solid operating performance for the full year. Net income for 2013 increased to $264.7 million, or $19.90 per share, compared to net income of $239.6 million, or $17.85 per share for the year 2012.

In 2013, we sold the assets of our Foundry Park I real estate development segment and recorded the gain in discontinued operations. As a result of the sale, we reclassified the results of operations of the segment in current and prior year periods to discontinued operations. The effects on net income of these and certain other special items are presented in the Summary of Earnings table below.

Summary of Earnings
(In millions, except per-share amounts)
Fourth Quarter Ended     Year Ended
December 31 December 31
2013     2012 2013     2012
Net Income:
Net income $ 54.0 $ 53.1 $ 264.7 $ 239.6
(Income) from operations of discontinued business - (0.8 ) (0.5 ) (2.3 )
(Gain) on sale of discontinued business - - (21.9 ) -
(Gain) Loss on interest rate swap agreement (1.0 ) (0.2 ) (4.1 ) 3.3
Tax (benefit) of special dividend - (6.2 ) - (6.2 )
Loss on early extinguishment of debt   -     -     -     5.6  
Income excluding the above special items $ 53.0   $ 45.9   $ 238.2   $ 240.0  
Diluted Earnings Per Share:
Net income $ 4.08 $ 3.94 $ 19.90 $ 17.85
(Income) from operations of discontinued business - (0.06 ) (0.04 ) (0.17 )
(Gain) on sale of discontinued business - - (1.65 ) -
(Gain) Loss on interest rate swap agreement (0.07 ) (0.01 ) (0.31 ) 0.24
Tax (benefit) of special dividend - (0.46 ) - (0.46 )
Loss on early extinguishment of debt   -     -     -     0.41  
Income excluding the above special items $ 4.01   $ 3.41   $ 17.90   $ 17.87  

Excluding these special items from all periods, earnings for this year’s fourth quarter would have been $53.0 million, or $4.01 per share, an increase of 15 percent compared to net income of $45.9 million, or $3.41 per share for the same period last year. On this same basis, earnings for the year 2013 would have been $238.2 million, or $17.90 per share, compared to last year’s results of $240.0 million, or $17.87 per share.

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