Newmarket Corp Files Q2 2024 10-Q
Ticker: NEU · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1282637
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Newmarket Corp's Q2 2024 10-Q is in. Check financials.
AI Summary
Newmarket Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific financial figures and business segment information are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial health and performance data for Newmarket Corp, crucial for understanding its current market position and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- NEWMARKET CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240730 (date) — Filing Date
- 804-788-5000 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date (FILED AS OF DATE) is 20240730.
What is Newmarket Corp's Standard Industrial Classification code?
Newmarket Corp's Standard Industrial Classification is INDUSTRIAL ORGANIC CHEMICALS [2860].
What is the company's principal business address?
The business address is 330 S FOURTH ST, PO BOX 2189, RICHMOND, VA 23218-2189.
What is the fiscal year end for Newmarket Corp?
Newmarket Corp's fiscal year ends on December 31.
Filing Stats: 4,705 words · 19 min read · ~16 pages · Grade level 19.9 · Accepted 2024-07-30 08:49:25
Filing Documents
- neu-20240630.htm (10-Q) — 853KB
- neu-20240630xexhibit31a.htm (EX-31.A) — 10KB
- neu-20240630xexhibit31b.htm (EX-31.B) — 10KB
- neu-20240630xexhibit32a.htm (EX-32.A) — 5KB
- neu-20240630xexhibit32b.htm (EX-32.B) — 5KB
- 0001282637-24-000017.txt ( ) — 5534KB
- neu-20240630.xsd (EX-101.SCH) — 35KB
- neu-20240630_cal.xml (EX-101.CAL) — 64KB
- neu-20240630_def.xml (EX-101.DEF) — 157KB
- neu-20240630_lab.xml (EX-101.LAB) — 508KB
- neu-20240630_pre.xml (EX-101.PRE) — 359KB
- neu-20240630_htm.xml (XML) — 769KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
ITEM 1. Financial Statements (unaudited) Consolidated Statements of Income - Second Quarter and Six Months Ended June 3 0 , 2024 and J une 3 0 , 2023 4 Consolidated Statements of Comprehensive Income - Second Quarter and Six Months Ended June 30 , 2024 and June 30 , 2023 5 Condensed Consolidated Balance Sheets - June 30 , 2024 and December 31 , 2023 6 Consolidated Statements of Shareholders' Equity - Second Quarter and Six Months Ended June 30 , 2024 and June 30 , 2023 7 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30 , 2024 and June 30 , 2023 8 Notes to Condensed Consolidated Financial Statements 9 Financial Statement Presentation 9 Acquisition of Business 9 Net Sales 11 Segment Information 12 Pension Plans and Other Postretirement Benefits 12 Earnings Per Share 13 Inventories 14 Intangibles (Net of Amortization) and Goodwill 14 Long-term Debt 15 Commitments and Contingencies 16 Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss 17 Fair Value Measurements 17 Recent Accounting Pronouncements 18
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 19
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 25
Controls and Procedures
ITEM 4. Controls and Procedures 25
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 26
Risk Factors
ITEM 1A. Risk Factors 26
Other Information
ITEM 5. Other Information 26
Exhibits
ITEM 6. Exhibits 26
SIGNATURES
SIGNATURES 27 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) Second Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 710,228 $ 685,130 $ 1,406,964 $ 1,387,919 Cost of goods sold 491,773 489,492 972,144 994,237 Gross profit 218,455 195,638 434,820 393,682 Selling, general, and administrative expenses 42,840 37,438 87,205 77,285 Research, development, and testing expenses 28,663 33,958 59,863 67,114 Operating profit 146,952 124,242 287,752 249,283 Interest and financing expenses, net 15,910 10,255 31,564 21,028 Other income (expense), net 11,952 10,723 24,499 21,603 Income before income tax expense 142,994 124,710 280,687 249,858 Income tax expense 31,374 25,086 61,335 52,651 Net income $ 111,620 $ 99,624 $ 219,352 $ 197,207 Earnings per share - basic and diluted $ 11.63 $ 10.36 $ 22.87 $ 20.45 Cash dividends declared per share $ 2.50 $ 2.25 $ 5.00 $ 4.35 See accompanying Notes to Condensed Consolidated Financial Statements 4 Table of Contents NEWMARKET CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands) Second Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 111,620 $ 99,624 $ 219,352 $ 197,207 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 $( 173 ) in second quarter 2024, $( 170 ) in second quarter 2023, $( 347 ) in six months 2024, and $( 341 ) in six months 2023. ( 502 ) ( 546 ) ( 1,004 ) ( 1,093 ) Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $( 122 ) in second quarter 2024, $( 119 ) in second quarter 2023, $( 244 ) in six months 2024, and $( 237 ) in six months 2023.