ニューマーケット（NEU）2026年第3四半期決算説明会：スペシャリティマテリアルズの成長に伴い純利益が増加

主要ポイント

• ニューマーケット・コーポレーションが発表した2026年第3四半期の純利益は1億2400万ドル（1株当たり13.50ドル）となり、2025年第3四半期の1億ドル（同10.67ドル）から増加しました。営業利益の増加と実効税率の低下が増益の主因となりました。
• 石油添加剤部門の売上高は前年同期の6億4900万ドルに対し6億5100万ドルとなりました。出荷量が8％減少したものの、営業利益は1億3100万ドルとほぼ横ばいを維持しました。
• 経営陣は、中東のサプライチェーン混乱に起因するコスト増をサーチャージにより相殺したと説明しました。
• 特殊材料部門の売上高は前年同期の3800万ドルから6200万ドルに増加し、営業利益は600万ドルから1600万ドルに増加しました。業績の改善には、出荷ミックスの影響および2025年10月1日に買収したカルカ・ソリューションズの連結化が反映されています。
• 2026年第9か月累計期間において、ニューマーケットは8800万ドルの設備投資を実施し、8300万ドルの配当金を支払ったほか、約1億2600万ドルで20万株以上の自社株買いを行いました。
• 2026年9月30日時点の純有利子負債対EBITDA比率は1.0倍に改善しました。

主な財務データ

事業および営業業績

石油添加剤の出荷量は2026年第3四半期に8％減少、9か月累計では6％減少しました。経営陣は9か月累計での減少について、上半期における低利益率事業の戦略的削減と足元の市場需要の低迷によるものとしています。

同社は、サーチャージ、オペレーションの効率化、コスト抑制、利益率管理を通じて石油添加剤事業の収益性を維持しました。また、技術開発やグローバルな製造・供給ネットワークへの投資も継続しました。

特殊材料部門は、出荷ミックスの変化とカルカ・ソリューションズの連結化に支えられ、売上高および営業利益が拡大しました。ただし経営陣は、事業の性質上、同部門の四半期業績は今後も変動する可能性があると注意を促しています。

経営見通し

経営陣は、過塩素酸アンモニウムおよび高純度ヒドラジンの生産能力増強プロジェクトが2026年末までに完了すると見込んでいます。同社は、これらのプロジェクトにより重要な航空宇宙・防衛分野への供給能力が強化されると述べています。

2026年の残りの期間について、ニューマーケットは既存のサーチャージやこれまでのオペレーション上の対策を維持しつつ、市場環境の変化に応じてアプローチを調整していく方針です。

リスクと注視点

経営陣は、継続する地政学的な不確実性、中東における紛争、サプライチェーンの混乱、貿易関係の変化、関税、および潤滑油添加剤需要の減速をリスクとして強調しました。これらの要因は、コスト、出荷量、および営業環境に影響を与える可能性があります。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.