The following is a summary of the NewMarket Corporation (NEU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NewMarket Corporation reported a net income of $108 million or $11.23 per share for Q1 2024, an increase from the Q1 2023 net income of $98 million or $10.09 per share.

• Despite a decrease in petroleum additives sales from $700 million in Q1 2023 to $677 million in Q1 2024, the company increased the operating profit for this segment to $151 million from $132 million in the same period of the previous year due to reduced raw material and operating costs.

• The company's net debt to EBITDA ratio was reported at 1.9, within its target range of 1.5 to 2.0.

Business Progress:

• Increased shipments were observed in both lubricant and fuel additive units across almost all regions, with exceptions of Latin America and North America.

• NewMarket announced the acquisition of American Pacific Corporation in early 2024. The financial results from the AMPAC operations are now included under the company's specialty materials segment.

• An 11% increase in quarterly dividend rate was approved by the Board in February 2024, signaling positive outlook and reward for shareholders.

More details: NewMarket IR

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