Q1 2021 NewMarket Corp Earnings Call
Please standby.
Good day, ladies and gentlemen, and welcome to your new more market Corp Conference call and webcast to review first quarter 2021 financial results all lines have been placed in a listen only mode and as a reminder, today's call is being recorded.
At this time and it's my pleasure to turn the floor over to your host Brian Polyarchy, Sir the floor is yours.
Thank you Melinda and thanks to everyone for joining us this afternoon.
As a reminder of some of the statements made during this conference call may be forward looking and relevant factors that could cause actual results to differ materially from those forward looking statements are contained in our earnings release and in our SEC filings, including our most recent form 10-K.
During this call you may also.
We may also discuss non-GAAP financial measure included in our earnings release, the earnings release, which can be fun and our website include the reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure.
We filed our 10-Q. This morning. It contains significantly more details on the operations and performance of the performance of our company. Please.
Please take time to review it.
And I'll be referring to the data that was included in last night's earnings release.
Net income of $69 $7 million or $6.38, a share compared to net income of $85 $5 million or $7.67 a share for the first quarter of last year was our performance.
The petroleum additives net sales for the first three months of 2021 for $564 $9 million compared to $557 $4 million for the same period, and 2020 or an increase of 1.4 per cent.
Sales increased about $8 million, mainly due to a two 6% increase and shipments with increases in lubricant additives shipments, partially offset by decreases in fuel additives shipments.
All regions, except for Europe contributed and the increase and lubricant additive shipments and.
And Asia Pacific was the only region reported an increase and fuel additives shipments.
Petroleum additives operating profit for the quarter was $94 $1 million.
Lower than the first quarter operating profit last year of $113 $7 million.
This decrease was mainly due the lower selling prices and higher raw materials.
And conversion costs, partially offset by increased shipments.
The operating margin was 15, 6% for the rolling four quarters through the first quarter of 2021.
Margin improvement will continue to be a priority in 2020, one as we see continuing upward pressure and our raw material costs.
During the quarter, we funded the capital expenditures of $25 million and paid dividends of $28 million.
In March we also issued new.
10 year of new 10 year $400 million Bon pre funding, our current $350 million bonds that come due in the fourth quarter of 'twenty.
'twenty two.
We continue to operate with very low leverage with net debt to EBITDA ending the quarter at one one times.
For 2020, one we expect to see capital expenditures and the range of $75 million to $85 million.
Like the thank everyone for joining us on the call today, we hope you're all healthy and staying safe and we appreciate your support and so we'd like to say, thank you to our employees customers and shareholders. All for what you do and while we expect another challenging year ahead, we continue to see a bright future ahead for our company.
Linda that concludes our planned comments, we're available for questions via email or by phone and so please feel free to contact us directly we thank you all and we'll talk to you and next quarter.
Thank you and this does conclude today's teleconference. We thank you for your participation you may disconnect. Your lines at this time and have a great day.
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