NewMarket Earnings Miss Big in Q3
Petroleum additives maker NewMarket reported its third-quarter results today after the market's close, posting net sales of $580.5 million, a 5% gain from the $551.2 million in the same period the previous year, and also ahead of the $562.5 million Capital IQ consensus estimates. Adjusted net income fell by 12% to $57.4 million, or $4.32 per share from Q3 2012's $64.9 million, or $4.84 per share, but well below CapIQ's estimate of $4.65 per share.
The company expects that its petroleum additives operating profit this year will exceed 2012's result as NewMarket continues to generate strong cash flows, which when coupled with the sale of an office building resulted in a $247.3 million balance in the additive maker's cash and equivalents balances.
NewMarket's stock closed the day up $0.05, or 0.02%, to $307.75.
Editor's note: The references to net income in the first paragraph of this story have been changed to adjusted net income.
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