Earnings Labs

NewMarket Corporation (NEU)

Q4 2020 Earnings Call· Thu, Feb 4, 2021

$679.02

-2.46%

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Same-Day

-1.39%

1 Week

+1.80%

1 Month

+0.73%

vs S&P

+0.47%

Transcript

Operator

Operator

Good afternoon, ladies and gentlemen, and welcome to the NewMarket Corporation Conference Call and Webcast to Review Fourth Quarter 2020 and Year-end Financial Results. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Brian Paliotti. Sir, the floor is yours.

Brian Paliotti

Analyst

Thank you, Matthew, and thanks to everyone for joining me this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause actual results to differ materially from those forward-looking statements are contained in our earnings release and our SEC filings, including our most recent Form 10-K and our first quarter 10-Q. During this call, we may also discuss the non-GAAP financial measure included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure. We intend to file our 2020 10-K towards the middle of February. It will contain significantly more details on the operations and performance of our company. Please take time to review it. I will be referring to the data that was included in last night's release. Net income for the fourth quarter of 2020 was $67 million or $6.12 per share compared to net income of $50 million or $4.48 per share for the fourth quarter of 2019. Net income for the year was $271 million or $24.64 per share compared to net income of $254 million or $22.73 a share for the full year of 2019. Net income for the year benefited from a gain of $16.5 million related to the sale of a nonoperating parcel of real estate, along with a reduced effective tax rate compared to 2019. Now on to petroleum additives performance. Sales for the quarter were $525 million, down 1% compared to the sales for the same period last year. Petroleum additives' operating profit for the quarter was $84 million, up 14.6% versus the fourth quarter of 2019. Shipments increased 1.9% between the periods, with increases in lubricant additive shipments in all regions,…

Operator

Operator

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation. End of Q&A: