NewMarket Falls Most Since 2010 on Profit Drop: Washington Mover
NewMarket Corp. (NEU), an additives maker for motor fuel and lubricants, declined the most in more than two years after reporting fourth-quarter profit missed analysts’ estimates.
NewMarket, based in Richmond, Virginia, fell 13 percent to close at $191.07 in New York today, the most since Jan. 29, 2010.
Net income fell 32 percent to $33.7 million, or $2.51 a share, from $49.4 million, or $3.47, a year earlier, NewMarket said in a statement issued after the close of regular trading yesterday. Excluding losses from interest rate contracts, per- share profit was 85 cents less than the average of five analysts’ estimates compiled by Bloomberg.
Sales rose 9.8 percent to $502.7 million. Operating profit from petroleum additives, NewMarket’s largest business, fell 18 percent from the year-earlier quarter to $59.3 million as shipments fell, reflecting reduced customer inventory and demand, the company said.
To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
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