Earnings Labs

NewMarket Corporation (NEU)

Q4 2019 Earnings Call· Tue, Feb 4, 2020

$679.02

-2.46%

Key Takeaways · AI generated
AI summary not yet generated for this transcript. Generation in progress for older transcripts; check back soon, or browse the full transcript below.

Same-Day

+0.33%

1 Week

-1.96%

1 Month

-2.51%

vs S&P

+7.09%

Transcript

Operator

Operator

Ladies and gentlemen, hello, and thank you all for joining today's NewMarket Corporation Fourth Quarter 2019 and Year-End Financial Results Conference Call. We'll jump right in. And I'm pleased to turn the floor over to your host Mr. Brian Paliotti. Please go ahead sir.

Brian Paliotti

Operator

Thank you, Jim and thanks to everyone for joining us this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause results to differ materially from those forward-looking statements are contained in our earnings release and in our SEC filings, including our most recent Form 10-K. During the call, we may also discuss non-GAAP financial measures included in the earnings release. The earnings release which can be found out on our website includes a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure. We intend to file our 2019 10-K towards the middle of February. It will contain significantly more details on the operations and performance of our company. Please take the time to review it, and I will be referring to the data that was included in last night's release. Now, on to the fourth quarter results. Our profit before tax was $66.6 million, a 6.3% decrease compared to the profit before tax for the fourth quarter of 2018 of $71.1 million. With the Tax Reform Act affecting the quarterly earning's per share numbers this profit before tax number is a good way to compare periods. The next set of numbers, I'll mention does include the impact of the Tax Reform Act. Net income for the fourth quarter of 2019 was $50.1 million, or $4.48 a share compared to net income of 20 – $62.8 million, or $5.58 per share for the fourth quarter of 2018. Income tax expense was $16.5 million for the fourth quarter of 2019 compared to $8.3 million for the fourth quarter of 2018. The rate for 2018 was lower due to the one-time benefits recorded in 2018 associated with the Tax Reform Act. Now, on to petroleum additives performance. Sales…