NewMarket Corporation
Q2 2020 Earnings Call Transcript

Published: 2 Aug 2020

[Operator:]

Good day, ladies and gentlemen, and welcome to the NewMarket Corporation Conference Call and Webcast to review second quarter 2020 financial results. All lines have been placed on a listen-only mode for the duration of today’s call. At this time, it is my pleasure to turn the floor over to your host to Mr. Brian Paliotti. Sir, the floor is yours.

[Brian Paliotti:]

Thank you, Jess, and thanks, everyone, for joining me this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. 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, we may also discuss non-GAAP financial measure included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure. We filed our 10-Q this morning. It contains significantly more detail on the operations and performance of our company. Please take time to review it. I will be referring to the data that was included in last night’s earnings release. Net income was $22.3 million or $2.05 a share compared to net income of $74.2 million or $6.63 per share for the second quarter of last year. Petroleum additives net sales for the second quarter of 2020 were $408.7 million compared to $560.8 million for the same period in 2019. Petroleum additives operating profit for the quarter was $33.1 million, lower than the second quarter operating profit of last year of $103 million. Overall, the story for the second quarter is simple