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NewMarket Corp (NEU+0.23%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net sales increase to $2.8 billion from $2.7 billion in the previous year. This increase is attributed to the acquisition of AMPAC and its contribution to the specialty materials segment.
Petroleum additives net sales decreased by 2.0% compared to the previous year, driven by lower selling prices and a small unfavorable foreign currency impact, while product shipments remained flat.
Operating profit for the petroleum additives segment increased by 15.1%, primarily due to lower raw material and operating costs.
The specialty materials segment, which includes AMPAC, reported net sales of $141 million for the period from the acquisition date to year-end.
Net income for the year was $462 million, an increase from $389 million in the previous year. The effective tax rate was 20.8% compared to 20.5% in the previous year.
Cash provided by operating activities was $520 million, down from $577 million in the previous year, primarily due to higher working capital requirements.
Capital expenditures for the year were $57 million, with expectations for 2025 to range between $60 million and $70 million.
NewMarket's long-term debt increased to $971 million from $644 million at the end of 2023, primarily due to the acquisition of AMPAC and related financing activities.
The company maintains a strong financial position with sufficient access to capital and does not anticipate issues with meeting debt covenants in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NewMarket Corp annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.