NewMarket Corp (NEU) 2025 Q1 法說會逐字稿

Greetings and welcome to today's NewMarket Corporation scheduled conference call and webcast to review first quarter 2025 financial results. (Operator Instructions). Please note this conference is being recorded.

大家好，歡迎參加今天 NewMarket Corporation 安排的電話會議和網路廣播，以回顧 2025 年第一季的財務業績。（操作員指令）。請注意，本次會議正在錄製。

I will now turn the conference over to your host, Mr. Tim Fitzgerald. Sir, the floor is yours.

現在我將會議交給主持人提姆·費茲傑拉先生。先生，請您發言。

Thank you, [Kelly], and thanks 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.

謝謝你，[凱利]，也謝謝大家今天下午與我一起。提醒一下，本次電話會議中的一些聲明可能是前瞻性的。可能導致實際結果與這些前瞻性陳述有重大差異的相關因素包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中，包括我們最新的 10-K 表格。

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 10Q for the first quarter of 2025 yesterday, and it contains significantly more details on the operations and performance of our company.

在本次電話會議中，我們還將討論收益報告中包含的非公認會計準則財務指標。您可以在我們的網站上找到收益報告，其中包括非公認會計準則財務指標與可比較公認會計準則財務指標的對帳。我們昨天提交了 2025 年第一季的 10Q 報告，其中包含有關我們公司營運和業績的更多詳細資訊。

Today I will be referring to the data that was included in last night's press release. Net income for the first quarter of 2025 was $126 million or $13.26 per share compared to net income of $108 million or $11.23 per share for the first quarter of 2024. Petroleum additive sales for the first quarter of 2025 were $646 million compared to $677 million for the same period in 2024.

今天我將參考昨晚新聞稿中包含的數據。2025 年第一季淨收入為 1.26 億美元，即每股 13.26 美元，而 2024 年第一季淨收入為 1.08 億美元，即每股 11.23 美元。2025 年第一季石油添加劑銷售額為 6.46 億美元，而 2024 年同期為 6.77 億美元。

Petroleum added as operating profit for the first quarter of 2025 was $142 million compared to a record first quarter operating profit of $151 million in 2024. The decrease in operating profit was mainly due to lower shipments in the quarter. Lubricant additive shipments decreased in Asia Pacific and North America, while Europe and Latin America reported slight increases.

2025 年第一季石油新增營業利潤為 1.42 億美元，而 2024 年第一季營業利潤創歷史新高，為 1.51 億美元。營業利潤的下降主要是由於本季出貨量下降。亞太地區和北美地區的潤滑油添加劑出貨量下降，而歐洲和拉丁美洲的出貨量則略有增加。

Fuel additive shipments were lower in all regions except Asia Pacific, which reported a small increase. Despite the lower shipments, we continue to focus on operational efficiency which has allowed us to maintain strong operating profit levels. We are very pleased with the performance of our petroleum additives business during the first quarter of 2025 and the work done by our team to achieve these results.

除亞太地區外，其他所有地區的燃料添加劑出貨量均有所下降，亞太地區的出貨量略有增加。儘管出貨量較低，我們仍持續注重營運效率，這使我們能夠維持強勁的營業利潤水準。我們對2025年第一季石油添加劑業務的表現以及我們的團隊為實現這些業績所做的工作感到非常滿意。

However, we remain challenged by the ongoing macroeconomic environment and are monitoring the uncertainty around international trade relations and tariffs. We remain committed to improving efficiency and managing operating costs. Our focus continues to be on investing in technology and our supply network to meet customer demands, enhancing our operational efficiency and improving our portfolio profitability.

然而，我們仍然面臨當前宏觀經濟環境的挑戰，並正在關注國際貿易關係和關稅的不確定性。我們始終致力於提高效率和管理營運成本。我們將繼續專注於投資技術和供應網絡，以滿足客戶需求、提高營運效率並改善投資組合獲利能力。

We report the financial results of our impact business in our specialty materials segment. Specialty material sales were $54 million for the first quarter of 2025 compared to $17 million for the first quarter of 2024. Specialty materials operating profit was $23 million for the first quarter of 2025 compared to an operating loss of $5 million for the first quarter of 2024.

我們報告了特種材料部門中影響業務的財務表現。2025 年第一季特種材料銷售額為 5,400 萬美元，而 2024 年第一季為 1,700 萬美元。2025 年第一季特種材料營業利潤為 2,300 萬美元，而 2024 年第一季營業虧損為 500 萬美元。

Specialty material sales and operating profit for the first quarter of 2024 reflect financial results since the acquisition of AMPAC on January 16, 2024. As previously stated, we will see substantial variation in quarterly results for the specialty material segment on an ongoing basis due to the nature of its business. As discussed in AMPAC's April 21, 2025 press release and as approved earlier today by the NewMarket Board of Directors, we plan to make a capital investment of up to $100 million at our AMPAC facility in Cedar City, Utah.

2024 年第一季的特種材料銷售額和營業利潤反映了自 2024 年 1 月 16 日收購 AMPAC 以來的財務業績。如前所述，由於業務性質的原因，我們將持續看到特種材料部門的季度業績大幅變動。正如 AMPAC 2025 年 4 月 21 日的新聞稿中所討論的以及今天早些時候 NewMarket 董事會批准的那樣，我們計劃對位於猶他州錫達城的 AMPAC 工廠進行高達 1 億美元的資本投資。

This investment will allow AMPAC to construct an additional production line, increasing capacity by more than 50%. With a projected completion date in 2026, the increased production capacity will allow AMPAC to meet the growing demand of solid rocket motors for US military and space launch programs while also addressing the needs of US allies in these critical areas.

這項投資將使AMPAC能夠建造一條額外的生產線，使產能提高50%以上。該計畫預計於2026年完工，新增產能將使AMPAC能夠滿足美國軍事和航太發射計畫對固體火箭發動機日益增長的需求，同時也能滿足美國盟友在這些關鍵領域的需求。

We view AMPAC as a strategic national asset with a mission critical role in global safety, security, and space programs. This investment assures capacity to meet our customers' growing needs while adding additional redundancy and security of supply in our production system.

我們將 AMPAC 視為戰略性國家資產，在全球安全、保障和太空計畫中發揮關鍵作用。這項投資確保了我們能夠滿足客戶日益增長的需求，同時為我們的生產系統增加了額外的冗餘和供應安全性。

Our company generated solid cash flows throughout the quarter which allowed us to return $83 million to our shareholders through share repurchases of $57 million and dividends of $26 million. As of March 31, 2025, our net debt to EBITDA ratio was 1.1, which is a significant improvement over the 1.9 times we reported at the end of Q1 2024.

我們公司整個季度都產生了穩健的現金流，這使我們能夠透過 5,700 萬美元的股票回購和 2,600 萬美元的股息向股東返還 8,300 萬美元。截至 2025 年 3 月 31 日，我們的淨負債與 EBITDA 比率為 1.1，與 2024 年第一季末報告的 1.9 倍相比有顯著改善。

As we look ahead to 2025, we are committed to making decisions that promote long-term value for our shareholders and customers while staying focused on our long-term objectives. We believe that the core principles guiding our business a long-term perspective, a safety-first culture, customer focused solutions, technology driven products, and a world class supply chain will continue to benefit all our stakeholders.

展望 2025 年，我們致力於做出有利於股東和客戶長期價值的決策，同時專注於我們的長期目標。我們相信，指導我們業務的核心原則：長遠眼光、安全第一的文化、以客戶為中心的解決方案、技術驅動的產品以及世界一流的供應鏈將繼續使我們所有的利害關係人受益。

[Kelly], that concludes our planned comments. We are available for questions via email or by phone, so please feel free to contact me directly. Thank you all again and we will talk to you next quarter.

[凱利]，我們的計劃評論到此結束。我們可以透過電子郵件或電話解答您的問題，因此請隨時直接與我聯繫。再次感謝大家，我們將在下個季度與您交談。

1Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time. Have a wonderful day, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的電話會議到此結束。現在您可以斷開線路。祝您有美好的一天，感謝您的參與。