뉴마켓(NEU) 2026년 3분기 실적 컨퍼런스 콜: 특수 소재 성장으로 순이익 증가

핵심 요약

• 뉴마켓 코퍼레이션은 2026년 3분기 순이익이 1억 2,400만 달러(주당 13.50달러)로, 전년 동기 1억 달러(주당 10.67달러) 대비 증가했다고 발표했다. 영업이익 증가와 실효세율 하락이 실적 개선을 이끌었다.
• 석유 첨가제 부문 매출은 전년 동기 6억 4,900만 달러에서 6억 5,100만 달러로 증가했다. 출하량이 8% 감소했음에도 영업이익은 1억 3,100만 달러로 전년과 거의 비슷한 수준을 유지했다.
• 경영진은 중동 지역의 공급망 차질로 발생한 비용 증가분을 할증료 인상으로 상쇄했다고 밝혔다.
• 특수 소재 부문 매출은 3,800만 달러에서 6,200만 달러로 증가했으며, 영업이익은 600만 달러에서 1,600만 달러로 늘어났다. 이러한 실적 개선은 출하 제품 믹스 개선과 2025년 10월 1일 인수한 칼카 솔루션스의 편입 효과가 반영된 결과다.
• 2026년 첫 9개월 동안 뉴마켓은 8,800만 달러의 자본적 지출을 집행하고, 8,300만 달러의 배당금을 지급했으며, 약 1억 2,600만 달러를 들여 20만 주 이상의 자사주를 매입했다.
• 2026년 9월 30일 기준 순부채 대비 EBITDA 비율은 1.0배로 개선됐다.

주요 재무 데이터

사업 및 영업 실적

석유 첨가제 출하량은 2026년 3분기에 8%, 9개월 누적 기준 6% 감소했다. 경영진은 9개월간의 출하량 감소 원인으로 상반기 저마진 사업의 전략적 축소와 최근의 시장 수요 둔화를 꼽았다.

회사는 할증료 부과, 운영 효율화, 비용 통제 및 마진 관리를 통해 석유 첨가제 부문의 수익성을 유지했다. 또한 기술 개발과 글로벌 제조 및 공급망 네트워크에 대한 투자를 지속했다.

특수 소재 부문은 출하 제품 믹스 변화와 칼카 솔루션스 추가에 힘입어 매출과 영업이익 모두 호조를 나타냈다. 다만 경영진은 해당 사업의 특성상 이 부문의 분기별 실적 변동성이 계속될 수 있다고 조언했다.

경영진 전망

경영진은 과염소산암모늄과 고순도 하이드라진 생산능력 증설 프로젝트가 2026년 말까지 완료될 것으로 예상하고 있다. 회사는 이 프로젝트들을 통해 핵심 항공우주 및 방산 부문에 제품을 공급하는 역량이 강화될 것이라고 밝혔다.

2026년 남은 기간 동안 뉴마켓은 기존의 할증료 조치와 이전의 운영 방침을 유지하는 한편, 시장 상황 변화에 따라 대응 방식을 조율할 계획이다.

리스크 및 주요 점검 사항

경영진은 지정학적 불확실성의 지속, 중동 분쟁, 공급망 차질, 무역 관계 변화, 관세 부과, 윤활유 첨가제 수요 둔화 등을 주요 리스크로 꼽았다. 이러한 요인들은 비용, 출하량 및 영업 환경에 영향을 미칠 수 있다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.