NewMarket Corporation: The AMPAC Acquisition & Strengthening of Petroleum Additives Makes Us Bullish! 

NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic actions aimed at expanding its business operations. The company reported a net income of $108 million or $11.23 per share, reflecting an increase from $98 million or $10.09 per share in the same period the previous year. The primary revenue generator, the petroleum additives segment, demonstrated a robust operating profit of $151 million up from $132 million in the first quarter of 2023, though it experienced a slight decline in sales from $700 million in the previous year to $677 million. This decline was primarily attributed to lower selling prices and a shift in product mix, partially offset by reduced raw material and operating costs. The segment saw a 5% increase in shipments, with gains in both lubricant and fuel additives across multiple regions, except for a drop in Latin America for lubricant additives and North America for fuel additives.