NewMarket Corp

Latest Results (20.11.2025):

NewMarket Corporation — Fourth quarter of 2024 (and full year 2024): NewMarket reported strong results for Q4 and FY 2024, with year-over-year gains in net income and operating profit driven mainly by lower operating and raw material costs, completion of the AMPAC acquisition, and continued cash generation and debt reduction.

Q4 2024 results

Net income for Q4 2024 was $110.7 million, or $11.56 per share, up from $80.4 million, or $8.38 per share, in Q4 2023. Petroleum additives sales in Q4 were $626.1 million (down from $642.0M) while petroleum additives operating profit rose to $135.7 million (from $110.4M), largely from lower operating costs despite lower shipments.

Full year 2024 results

For the full year 2024 NewMarket reported net income of $462.4 million, or $48.22 per share, versus $388.9 million, or $40.44 per share in 2023. Petroleum additives sales were roughly $2.6 billion (vs. $2.7B in 2023) with operating profit of $591.9 million (up from $514.4M).

Specialty materials / AMPAC

Following the Jan 16, 2024 acquisition of American Pacific Corporation (AMPAC), specialty materials sales were $27.1 million in Q4 and $141.2 million for FY 2024, with specialty materials operating profit of $1.5 million (Q4) and $17.5 million (FY). FY results included sales of acquired finished goods recorded at fair value that generated no margin.

Cash flow and capital allocation

Operations generated strong cash flow in 2024: dividends paid $95.9M, capital expenditures $57.3M, and common stock repurchases $31.9M. Since the AMPAC acquisition, NewMarket made net repayments of $373.0M on its revolving credit facility.

Balance sheet / leverage

As of Dec 31, 2024, NewMarket’s net debt to EBITDA was 1.2 (rolling four quarters), below its target operating range of 1.5–2.0, reflecting the company’s debt reduction progress.

Operational drivers

Improvements in operating profit were primarily due to lower operating and raw material costs and efficiency initiatives; these were partially offset by lower selling prices and, in Q4, reduced shipments as customers managed year-end inventories. Shipments were flat for the full year (small increase in lubricant additives offset by decline in fuel additives).

Outlook and priorities

For 2025 NewMarket plans continued investment in technology, further operational efficiency, inventory optimization, and portfolio profitability improvement, while management expects continued strength in both petroleum additives and specialty materials segments.