Newmarket Corp Files 10-Q for Period Ending March 31, 2024
Ticker: NEU · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1282637
Sentiment: neutral
Topics: 10-Q, Newmarket Corp, Financial Report, Q1 2024, Industrial Chemicals
TL;DR
<b>Newmarket Corp has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>
AI Summary
NEWMARKET CORP (NEU) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Newmarket Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Newmarket Corp is classified under Industrial Organic Chemicals (SIC 2860). The company's principal business address is in Richmond, VA.
Why It Matters
For investors and stakeholders tracking NEWMARKET CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current performance and outlook. Understanding the company's financial health and operational segments as presented in this filing is key for making informed investment decisions regarding Newmarket Corp.
Risk Assessment
Risk Level: low — NEWMARKET CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags indicating significant financial distress or unusual events.
Analyst Insight
Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes in revenue, expenses, or profitability.
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-04-25 — Filing Date (FILED AS OF DATE)
- 2024-01-01 — Quarter Start Date (2024-01-01)
- 2023-01-01 — Prior Year Quarter Start Date (2023-01-01)
Key Players & Entities
- NEWMARKET CORP (company) — FILER
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
- 2024-04-25 (date) — FILED AS OF DATE
- RICHMOND (location) — CITY
- VA (location) — STATE
- 804-788-5000 (phone) — BUSINESS PHONE
- 2024 Q1 (date) — 2024 Q1
- 2860 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
FAQ
When did NEWMARKET CORP file this 10-Q?
NEWMARKET CORP filed this Quarterly Report (10-Q) with the SEC on April 25, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by NEWMARKET CORP (NEU).
Where can I read the original 10-Q filing from NEWMARKET CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NEWMARKET CORP.
What are the key takeaways from NEWMARKET CORP's 10-Q?
NEWMARKET CORP filed this 10-Q on April 25, 2024. Key takeaways: Newmarket Corp filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. The company's fiscal year ends on December 31..
Is NEWMARKET CORP a risky investment based on this filing?
Based on this 10-Q, NEWMARKET CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) with no immediate red flags indicating significant financial distress or unusual events.
What should investors do after reading NEWMARKET CORP's 10-Q?
Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes in revenue, expenses, or profitability. The overall sentiment from this filing is neutral.
How does NEWMARKET CORP compare to its industry peers?
Newmarket Corp operates within the Industrial Organic Chemicals sector, focusing on the production and distribution of chemical products.
Are there regulatory concerns for NEWMARKET CORP?
The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly (10-Q) and annual (10-K) reports.
Industry Context
Newmarket Corp operates within the Industrial Organic Chemicals sector, focusing on the production and distribution of chemical products.
Regulatory Implications
The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly (10-Q) and annual (10-K) reports.
What Investors Should Do
- Analyze revenue and net income trends from the Q1 2024 filing compared to prior periods.
- Examine any disclosed segment performance data to understand contributions from different business areas.
- Review the balance sheet for changes in assets, liabilities, and equity.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.
Year-Over-Year Comparison
This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.
Filing Stats: 4,586 words · 18 min read · ~15 pages · Grade level 19.3 · Accepted 2024-04-25 09:03:27
Filing Documents
- neu-20240331.htm (10-Q) — 676KB
- neu-20240331xexhibit31a.htm (EX-31.A) — 10KB
- neu-20240331xexhibit31b.htm (EX-31.B) — 10KB
- neu-20240331xexhibit32a.htm (EX-32.A) — 5KB
- neu-20240331xexhibit32b.htm (EX-32.B) — 5KB
- 0001282637-24-000011.txt ( ) — 4886KB
- neu-20240331.xsd (EX-101.SCH) — 34KB
- neu-20240331_cal.xml (EX-101.CAL) — 64KB
- neu-20240331_def.xml (EX-101.DEF) — 156KB
- neu-20240331_lab.xml (EX-101.LAB) — 487KB
- neu-20240331_pre.xml (EX-101.PRE) — 348KB
- neu-20240331_htm.xml (XML) — 593KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
ITEM 1. Financial Statements (unaudited) Consolidated Statements of Income - Three Months Ended March 31, 2024 and March 31, 2023 4 Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and March 31, 2023 5 Condensed Consolidated Balance Sheets - March 31 , 202 4 and December 31, 202 3 6 Consolidated Statements of Shareholders' Equity - Three Months Ended March 31, 2024 and March 31, 2023 7 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and March 31, 2023 8 Notes to Condensed Consolidated Financial Statements 9 Financial Statement Presentation 9 Acquisition of Business 9 Net Sales 11 Segment Information 11 Pension Plans and Other Postretirement Benefits 12 Earnings Per Share 13 Inventories 13 Intangibles (Net of Amortization) and Goodwill 14 Long-term Debt 14 Commitments and Contingencies 16 Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss 16 Fair Value Measurements 17 Recent Accounting Pronouncements 17
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 23
Controls and Procedures
ITEM 4. Controls and Procedures 23
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 25
A . Risk Factors
ITEM 1 A . Risk Factors 25
Other Information
ITEM 5. Other Information 25
Exhibits
ITEM 6. Exhibits 25
SIGNATURES
SIGNATURES 26 3 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements NEWMARKET CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per-share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 696,736 $ 702,789 Cost of goods sold 480,371 504,745 Gross profit 216,365 198,044 Selling, general, and administrative expenses 44,365 39,847 Research, development, and testing expenses 31,200 33,156 Operating profit 140,800 125,041 Interest and financing expenses, net 15,654 10,773 Other income (expense), net 12,547 10,880 Income before income tax expense 137,693 125,148 Income tax expense 29,961 27,565 Net income $ 107,732 $ 97,583 Earnings per share - basic and diluted $ 11.23 $ 10.09 Cash dividends declared per share $ 2.50 $ 2.10 See accompanying Notes to Condensed Consolidated Financial Statements 4 Table of Contents NEWMARKET CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands) Three Months Ended March 31, 2024 2023 Net income $ 107,732 $ 97,583 Other comprehensive income (loss): Pension plans and other postretirement benefits: Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 174 ) in 2024 and $( 171 ) in 2023 ( 502 ) ( 547 ) Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 122 ) in 2024 and $( 118 ) in 2023 ( 358 ) ( 375 ) Total pension plans and other postretirement benefits ( 860 ) ( 922 ) Foreign currency translation adjustments, net of income tax expense (benefit) of $( 238 ) in 2024 and $ 207 in 2023 ( 6,943 ) 11,366 Other comprehensive income (loss) ( 7,803 ) 10,444 Comprehensive income $ 99,929 $ 108,027 See accompanying Notes to Condensed Consolidated Financial Statements 5 Table of Contents NEWMARKET CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaud