NewMarket (NEU) 2026 年第三季法說會：特種材料成長推升淨利

重點提要

• NewMarket Corporation 公布 2026 年第三季淨利為 1.24 億美元，即每股盈餘 13.50 美元，相較之下，2025 年第三季為 1.00 億美元，即每股盈餘 10.67 美元。營業利益上升與有效稅率下降推動了成長。
• 石油添加劑銷售額為 6.51 億美元，去年同期為 6.49 億美元。儘管出貨量下降 8%，營業利益仍大致持平於 1.31 億美元。
• 管理層表示，附加費抵銷了中東供應鏈中斷所導致的高昂成本。
• 特種材料銷售額從 3,800 萬美元增至 6,200 萬美元，營業利益則從 600 萬美元增至 1,600 萬美元。此改善反映了出貨產品組合，以及納入 2025 年 10 月 1 日併購的 Calca Solutions。
• 2026 年前九個月，NewMarket 投入 8,800 萬美元作為資本支出、發放 8,300 萬美元股利，並以約 1.26 億美元回購逾 20 萬股股票。
• 截至 2026 年 9 月 30 日，淨負債對 EBITDA 比率改善至 1.0 倍。

關鍵財務數據

業務與營運績效

石油添加劑出貨量在 2026 年第三季下降 8%，前九個月下降 6%。管理層將前九個月的下滑歸因於上半年戰略性減少低利潤業務，以及當前市場需求放緩。

該公司透過附加費、營運效率、成本控制與利潤率管理，維持了石油添加劑的獲利能力。公司也持續投資於技術以及全球製造與供應網路。

受惠於出貨產品組合轉變與新增 Calca Solutions，特種材料業務實現了更強勁的銷售額與營業利益。管理層警告，受該業務特性影響，該部門的單季業績將繼續波動。

管理層展望

管理層預計高氯酸銨與高純度聯氨的產能擴建計畫將於 2026 年底前完成。公司表示，這些計畫應能強化其支援關鍵航太與國防應用的能力。

在 2026 年剩餘時間內，NewMarket 計劃維持其附加費與先前的營運措施，同時隨著市場狀況演變調整策略。

風險與關注焦點

管理層特別提到持續的地緣政治不確定性、中東衝突、供應鏈中斷、貿易關係改變、關稅以及潤滑油添加劑需求放緩。這些因素可能會影響成本、出貨量及營運狀況。

完整電話會議紀錄

完整財報電話會議逐字稿

管理層陳述

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.