纽马克 (NEU) 2026年第三季度业绩电话会：特种材料业务增长推动净利润上升

核心要点

• NewMarket Corporation 报告 2026 年第三季度净利润为 1.24 亿美元，即每股收益 13.50 美元，而 2025 年第三季度净利润为 1.00 亿美元，即每股收益 10.67 美元。营业利润的增长以及有效税率的降低推动了利润提升。
• 石油添加剂销售额为 6.51 亿美元，去年同期为 6.49 亿美元。尽管出货量下降了 8%，营业利润仍基本保持平稳，为 1.31 亿美元。
• 管理层表示，加收的附加费抵消了中东供应链中断带来的更高成本。
• 特种材料销售额从 3800 万美元增至 6200 万美元，营业利润从 600 万美元增至 1600 万美元。业绩改善反映了出货结构的变化以及 2025 年 10 月 1 日收购的 Calca Solutions 的并表影响。
• 在 2026 年前九个月，NewMarket 投入了 8800 万美元的资本支出，支付了 8300 万美元的股息，并以约 1.26 亿美元回购了超过 20 万股股票。
• 截至 2026 年 9 月 30 日，净负债与 EBITDA 比率改善至 1.0 倍。

关键财务数据

业务与经营业绩

石油添加剂出货量在第三季度下降了 8%，在 2026 年前九个月下降了 6%。管理层将前九个月的下降归因于上半年战略性缩减低利润业务以及当前市场需求放缓。

公司通过加收附加费、提升运营效率、管控成本以及进行利润率管理，维持了石油添加剂业务的盈利能力。此外，公司还继续投资于技术以及全球制造和供应网络。

得益于出货结构的优化以及 Calca Solutions 的并入，特种材料业务实现了更强劲的销售额和营业利润。管理层提醒称，由于该业务的特殊性质，该板块的季度业绩将继续保持波动。

管理层展望

管理层预计高氯酸铵和高纯水合肼的产能扩张项目将于 2026 年底前完成。公司表示，这些项目将提升其服务于关键航空航天和国防应用的能力。

在 2026 年的剩余时间内，NewMarket 计划保持其附加费和先前的运营举措不变，同时根据市场条件的变化调整其策略。

风险与关注事项

管理层强调了持续的地缘政治不确定性、中东冲突、供应链中断、贸易关系变化、关税以及润滑油添加剂需求放缓等风险。这些因素可能会影响成本、出货量和经营状况。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.