NewMarket Corporation Reports Strong Q3 2024 Financial Results

NewMarket Corporation's Financial Performance Q3 2024

NewMarket Corporation has reported its financial results for the third quarter and nine months ending September 30, 2024. The company achieved net sales of $724.947 million for Q3 2024, an increase from $667.150 million in Q3 2023. For the nine-month period, net sales rose to $2.131 billion from $2.055 billion in the previous year.

The cost of goods sold in the third quarter was $481.107 million, slightly up from $465.445 million in the same period last year. Gross profit for Q3 2024 stood at $243.840 million, compared to $201.705 million in Q3 2023. Operating profit increased to $169.523 million from $132.425 million.

Net income for Q3 2024 was reported at $132.322 million, up from $111.247 million in Q3 2023. For the nine months ending September 30, 2024, net income reached $351.674 million, compared to $308.454 million in the previous year. Earnings per share for the quarter were $13.79, up from $11.60 in Q3 2023.

The company's balance sheet showed total assets of $3.166 billion as of September 30, 2024, compared to $2.309 billion at the end of 2023. Current assets amounted to $1.138 billion, and shareholders' equity increased to $1.364 billion from $1.077 billion.

NewMarket's EBITDA for Q3 2024 was $212.707 million, an increase from $160.463 million in Q3 2023. For the nine months, EBITDA reached $579.151 million, compared to $471.212 million in the previous year. The net debt to EBITDA ratio as of September 30, 2024, was 1.4, up from 0.9 at the end of 2023.

Evaluation of Impact

The financial results indicate a robust performance by NewMarket Corporation, with significant increases in net sales, net income, and EBITDA. The improved earnings per share and increased shareholder equity reflect the company's strong financial health and potential for continued growth. However, the rise in the net debt to EBITDA ratio suggests increased leverage, which may require monitoring for future financial stability.