Teleconferência de Resultados do 3T26 da NewMarket (NEU): Lucro Líquido Cresce com Avanço de Materiais Especializados

Principais Destaques

• A NewMarket Corporation registrou lucro líquido de US$ 124 milhões, ou US$ 13,50 por ação, no 3T de 2026, em comparação com US$ 100 milhões, ou US$ 10,67 por ação, no 3T de 2025. O aumento foi impulsionado pelo maior lucro operacional e por uma taxa efetiva de imposto mais baixa.
• As vendas de aditivos petrolíferos foram de US$ 651 milhões, em comparação com US$ 649 milhões no ano anterior. O lucro operacional permaneceu praticamente estável em US$ 131 milhões, apesar de uma queda de 8% nos envios.
• A administração afirmou que as sobretaxas compensaram os custos mais elevados causados por interrupções na cadeia de suprimentos no Oriente Médio.
• As vendas de materiais de especialidades aumentaram para US$ 62 milhões, ante US$ 38 milhões, enquanto o lucro operacional subiu para US$ 16 milhões, ante US$ 6 milhões. A melhoria refletiu o mix de envios e a inclusão da Calca Solutions, adquirida em 1º de outubro de 2025.
• Durante os primeiros nove meses de 2026, a NewMarket financiou US$ 88 milhões em despesas de capital, pagou US$ 83 milhões em dividendos e recomprou mais de 200.000 ações por aproximadamente US$ 126 milhões.
• A relação dívida líquida/EBITDA melhorou para 1,0x em 30 de setembro de 2026.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

Os envios de aditivos petrolíferos caíram 8% no 3T e 6% durante os primeiros nove meses de 2026. A administração atribuiu a queda nos nove meses à sua redução estratégica de negócios de baixa margem no primeiro semestre e à demanda atual de mercado mais fraca.

A empresa manteve a rentabilidade dos aditivos petrolíferos por meio de sobretaxas, eficiência operacional, controle de custos e gestão de margem. Ela também continuou investindo em tecnologia e em sua rede global de produção e suprimentos.

O segmento de materiais de especialidades apresentou vendas e lucro operacional mais fortes, impulsionado por uma mudança no mix de envios e pela adição da Calca Solutions. A administração alertou que os resultados trimestrais neste segmento continuarão a variar devido à natureza do negócio.

Perspectivas da Administração

A administração espera que os projetos de expansão de capacidade para perclorato de amônio e hidrazina de alta pureza sejam concluídos até o final de 2026. A empresa afirmou que os projetos devem fortalecer sua capacidade de atender a aplicações críticas dos setores aeroespacial e de defesa.

Para o restante de 2026, a NewMarket planeja manter suas sobretaxas e medidas operacionais anteriores em vigor, enquanto ajusta sua abordagem conforme as condições de mercado evoluem.

Riscos e Pontos de Atenção

A administração destacou a contínua incerteza geopolítica, o conflito no Oriente Médio, as interrupções na cadeia de suprimentos, as mudanças nas relações comerciais, as tarifas e a demanda mais fraca por aditivos para lubrificantes. Esses fatores podem afetar custos, envios e condições operacionais.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.