Conferencia de resultados de NewMarket (NEU) del T3 de 2026: El beneficio neto aumenta a medida que crecen los materiales de especialidad

Puntos clave

• NewMarket Corporation registró un beneficio neto de 124 millones de dólares, o 13,50 dólares por acción, en el tercer trimestre de 2026, frente a los 100 millones de dólares, o 10,67 dólares por acción, del tercer trimestre de 2025. El aumento estuvo impulsado por un mayor beneficio operativo y una tasa impositiva efectiva más baja.
• Las ventas de aditivos para petróleo alcanzaron los 651 millones de dólares, en comparación con los 649 millones de dólares del año anterior. El beneficio operativo se mantuvo prácticamente estable en 131 millones de dólares a pesar de una caída del 8% en los envíos.
• La dirección afirmó que los recargos compensaron los mayores costes provocados por las interrupciones en la cadena de suministro en Oriente Medio.
• Las ventas de materiales de especialidad aumentaron a 62 millones de dólares desde los 38 millones, mientras que el beneficio operativo aumentó a 16 millones de dólares desde los 6 millones. La mejora reflejó la mezcla de envíos y la inclusión de Calca Solutions, adquirida el 1 de octubre de 2025.
• Durante los primeros nueve meses de 2026, NewMarket financió 88 millones de dólares en gastos de capital, pagó 83 millones de dólares en dividendos y recompró más de 200.000 acciones por aproximadamente 126 millones de dólares.
• La ratio de deuda neta sobre EBITDA mejoró hasta 1,0x a 30 de septiembre de 2026.

Datos financieros clave

Rendimiento comercial y operativo

Los envíos de aditivos para petróleo cayeron un 8% en el 3T y un 6% durante los primeros nueve meses de 2026. La dirección atribuyó el descenso de los nueve meses a su reducción estratégica de negocios de bajo margen en el primer semestre y a una demanda de mercado actual más débil.

La empresa mantuvo la rentabilidad de los aditivos para petróleo mediante recargos, eficiencia operativa, control de costes y gestión de márgenes. También continuó invirtiendo en tecnología y en su red global de fabricación y suministro.

El segmento de materiales de especialidad registró mayores ventas y beneficio operativo, respaldado por un cambio en la mezcla de envíos y la incorporación de Calca Solutions. La dirección advirtió que los resultados trimestrales en este segmento seguirán variando debido a la naturaleza del negocio.

Perspectivas de la dirección

La dirección prevé que los proyectos de ampliación de capacidad para el perclorato de amonio y la hidracina de alta pureza concluyan a finales de 2026. La empresa afirmó que estos proyectos deberían reforzar su capacidad para atender aplicaciones críticas en los sectores aeroespacial y de defensa.

Para el resto de 2026, NewMarket planea mantener sus recargos y las medidas operativas anteriores, adaptando su enfoque a medida que evolucionen las condiciones del mercado.

Riesgos y puntos de atención

La dirección destacó la continua incertidumbre geopolítica, el conflicto en Oriente Medio, las interrupciones en la cadena de suministro, los cambios en las relaciones comerciales, los aranceles y la menor demanda de aditivos para lubricantes. Estos factores podrían afectar a los costes, los envíos y las condiciones operativas.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Greetings and welcome to the NewMarket Corporation Scheduled Conference Call and Webcast to review the third quarter 2026 financial results. [Operator Instructions] And please note, this conference call is being recorded.

I will now turn the call over to NewMarket Corporation management for...

[Audio Gap]

Timothy Fitzgerald

Thank you and thanks to 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 will also discuss the non-GAAP financial measures included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. We filed our 10-Q for the third quarter of 2026 today and it contains significantly more details on the operations and performance of our company.

Today, I will be referring to the data that was included in yesterday's press release. Net income for the third quarter of 2026 was $124 million or $13.50 per share compared to net income of $100 million or $10.67 per share for the third quarter of 2025. Net income for the first 9 months of 2026 was $376 million or $40.64 per share compared to net income of $337 million or $35.78 per share for the same period in 2025. Higher operating profit and a reduced effective tax rate were the primary drivers behind the increase in net income for both the third quarter and the first 9 months of 2026.

Petroleum additives sales for the third quarter of 2026 were $651 million compared to $649 million for the same period in 2025. Petroleum additives operating profit for the third quarter of 2026 was $131 million, essentially flat compared to the third quarter of 2025. Despite the broader market softness in lubricant additives that resulted in an 8% decline in shipments, we successfully implemented surcharges to offset higher costs incurred due to the supply chain disruptions in the Middle East. Petroleum additives sales were $1.9 billion for both the first 9 months of 2026 and 2025. Petroleum additives operating profit for the first 9 months of 2026 was $415 million compared to $413 million in 2025.

Shipments were down 6% for the first 9 months compared to the prior year period, reflecting both the first half impact of our strategic decision to reduce low-margin business and the current market softness. We are pleased with the performance of our petroleum additives business during the first 9 months of 2026. Our teams continue to manage through a dynamic operating environment characterized by geopolitical uncertainty, supply chain disruptions, changing trade relations and tariffs and softer lubricant additive demand. We remain focused on operational efficiency, cost control, margin management and continued investment in technology and our global manufacturing and supply network.

Specialty materials sales for the third quarter of 2026 were $62 million compared to $38 million for the same period in 2025. Specialty materials operating profit for the third quarter of 2026 was $16 million compared to $6 million for the third quarter of 2025. The increase in both sales and operating profit compared to the third quarter of 2025 reflects a shift in shipment mix as well as the inclusion of the Calca Solutions business acquired on October 1, 2025. As we have noted before, quarterly results for the Specialty Materials segment will continue to vary due to the nature of the business. For the first 9 months of 2026, specialty materials sales were $187 million compared to $134 million for the same period in 2025.

Specialty materials operating profit increased to $51 million compared to $40 million in the prior year period. We continue to be pleased with the performance of our Specialty Materials segment and remain excited about the capacity expansion projects underway for both ammonium perchlorate and high-purity hydrazine. We expect these projects to be completed by the end of 2026 and further strengthen our ability to support critical aerospace and defense applications. Our operations generated solid cash flow during the first 9 months of 2026, allowing us to invest in growth while continuing to return capital to our shareholders. During the period, we funded $88 million of capital expenditures, paid $83 million in dividends and repurchased more than 200,000 shares for approximately $126 million. Our net debt-to-EBITDA ratio improved to 1x at September 30, 2026.

As we look ahead to the remainder of 2026, we continue to monitor the impact of the conflict in the Middle East, the broader macroeconomic environment and ongoing developments in international trade relations and tariffs. The surcharges and operational actions implemented earlier this year remain in place and we will continue adjusting our approach as market conditions evolve. While the operating environment remains dynamic, we believe these actions position us well to continue delivering solid results. Our dedicated team continues to make decisions that promote long-term value for our shareholders and customers while remaining focused on our long-term objectives. We believe the fundamentals of how we run our business, including a long-term perspective, a safety-first culture, customer-focused solutions, technology-driven products and world-class supply chain capabilities, will continue to benefit all our stakeholders.

That concludes our planned comments. We are available for questions via e-mail or by phone. So, please feel free to contact me directly. Thank you all again and we will talk to you next quarter.

Operator

Thank you. Ladies and gentlemen, this concludes today's conference and you may disconnect your lines at this time. And we thank you for your participation.