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Operator
Operator
Good day everyone, and welcome to the NewMarket Corporation conference call and webcast to review second quarter 2025 financial results. (Operator Instructions) It is now my pleasure to turn the floor over to your host Tim Fitzgerald. Sir, the floor is yours.
大家好，歡迎參加 NewMarket Corporation 電話會議和網路廣播，回顧 2025 年第二季的財務業績。（操作員指示）現在我很高興將發言權交給主持人蒂姆·菲茨杰拉德。先生，請您發言。
Timothy Fitzgerald - Chief Financial Officer, Vice President
Timothy Fitzgerald - Chief Financial Officer, Vice President
Thank you, [Matt], 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 .
謝謝你，[馬特]，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 non-GAAP financial measures to the comparable GAAP financial measures.
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 (GAAP) 財務指標與可比較公認會計準則 (GAAP) 財務指標的對帳。
We filed our 10-Q for the second quarter of 2025 earlier 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 last night's press release.
我們今天稍早提交了 2025 年第二季的 10-Q 報表，其中包含有關我們公司營運和業績的更多詳細資訊。今天，我將參考昨晚新聞稿中包含的數據。
Net income for the second quarter of 2025 was $111 million or $11.84 per share compared to net income of $112 million or $11.63 per share for the second quarter of 2024. Net income for the first half of 2025 was a record $237 million or $25.11 per share compared to net income of $219 million or $22.87 per share for the first half of 2024.
2025 年第二季淨收入為 1.11 億美元，即每股 11.84 美元，而 2024 年第二季淨收入為 1.12 億美元，即每股 11.63 美元。2025 年上半年淨收入達到創紀錄的 2.37 億美元，即每股 25.11 美元，而 2024 年上半年淨收入為 2.19 億美元，即每股 22.87 美元。
Petroleum additive sales for the second quarter of 2025 were $654 million compared to $670 million for the same period in 2024. Petroleum additives operating profit for the second quarter of 2025 was $140 million compared to $148 million for the second quarter of 2024.
2025 年第二季石油添加劑銷售額為 6.54 億美元，而 2024 年同期為 6.7 億美元。2025 年第二季石油添加劑營業利潤為 1.4 億美元，而 2024 年第二季為 1.48 億美元。
The decrease in operating profit compared to prior year was mainly due to a 2.5% decline in shipments along with an increase in research and development investments to support our customers' needs. For the first half of 2025, sales for the petroleum additive segment were $1.3 billion essentially flat compared to the same period in 2024.
與前一年相比，營業利潤的下降主要是由於出貨量下降了 2.5%，以及為滿足客戶需求而增加的研發投資。2025 年上半年，石油添加劑部門的銷售額為 13 億美元，與 2024 年同期基本持平。
Petroleum additives operating profit for the first half of 2025 was $282 million compared to $299 million for 2024. The drivers for the decrease in operating profit were consistent with those affecting the second quarter comparison. Shipments were down by 4.9% when comparing the first half of 2025 with the same period in 2024.
2025 年上半年石油添加劑營業利潤為 2.82 億美元，而 2024 年為 2.99 億美元。營業利益下降的原因與影響第二季比較的因素一致。與 2024 年同期相比，2025 年上半年的出貨量下降了 4.9%。
We are very pleased with the performance of our petroleum additives business during the first half of 2025. Our team's focus on enhancing efficiency has resulted in strong operating profit margins this year. However, we remain challenged by the ongoing inflationary environment and the impact of tariffs, despite our efforts to improve efficiency and manage our operating costs.
我們對2025年上半年石油添加劑業務的表現非常滿意。我們團隊注重提高效率，今年的營業利益率很高。然而，儘管我們努力提高效率和管理營運成本，但我們仍然面臨持續通膨環境和關稅影響的挑戰。
We continue to focus on investing in technology to meet customer needs, optimizing our inventory levels, and improving our portfolio profitability. We report the financial results of our impact business and our specialty materials segment. Specialty materials sales for the second quarter of 2025 were $42 million compared to $38 million for the same period in 2024.
我們繼續專注於投資技術以滿足客戶需求、優化我們的庫存水準並提高我們的投資組合獲利能力。我們報告了影響業務和特殊材料部門的財務表現。2025 年第二季特用材料銷售額為 4,200 萬美元，而 2024 年同期為 3,800 萬美元。
Specialty materials operating profit for the second quarter of 2025 was $11 million compared to $5 million for the second quarter of 2024. The increase in operating profit was mainly due to an increase in volume within the quarter. 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 the business.
2025 年第二季特種材料營業利潤為 1,100 萬美元，而 2024 年第二季為 500 萬美元。營業利潤的成長主要由於本季銷量的成長。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。
For the first half of 2025, sales for the specialty materials segment were $96 million compared to $55 million for the same period in 2024. Specialty materials operating profit for the first half of 2025 was $34 million compared to slightly above break even for the first half of 2024.
2025 年上半年，特種材料部門的銷售額為 9,600 萬美元，而 2024 年同期為 5,500 萬美元。2025 年上半年特種材料營業利潤為 3,400 萬美元，而 2024 年上半年略高於損益平衡點。
We view AMPAC as a strategic national asset with a mission critical role in global safety, security, and space programs. As we announced in April of this year, we are committed to investing an additional capacity at AMPAC to meet our customers' growing needs while adding additional redundancy and security of supply into 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。正如我們今年 4 月宣布的那樣，我們致力於在 AMPAC 投資額外的產能，以滿足客戶日益增長的需求，同時為我們的生產系統增加額外的冗餘和供應安全性。
Our company generated solid cash flows throughout the first half of 2025, which allowed us to return $129 million to our shareholders through share repurchases of $77 million and dividends of $52 million. The share repurchases includes $20 million that was completed in the second quarter of 2025. As of June 30, 2025, our net debt to EBITDA ratio is 1.0, which is an improvement over the 1.2 times we reported at the end of 2024.
我們公司在 2025 年上半年產生了穩健的現金流，這使我們能夠透過 7,700 萬美元的股票回購和 5,200 萬美元的股息向股東返還 1.29 億美元。股票回購包括 2,000 萬美元，已於 2025 年第二季完成。截至 2025 年 6 月 30 日，我們的淨負債與 EBITDA 比率為 1.0，較 2024 年底報告的 1.2 倍有所改善。
As we look ahead to the second half of 2025 and beyond, we anticipate continued strength in our petroleum additives and specialty materials segments. We are committed to making decisions that promote long-term value for our shareholders and customers while staying focused on our long-term objectives.
展望 2025 年下半年及以後，我們預期石油添加劑和特殊材料領域將持續保持強勁勢頭。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。
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 of our stakeholders.
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。
[Matt], 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.
[馬特]，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疑問。因此請隨時直接與我聯絡。再次感謝大家，我們將在下個季度與您交談。
Operator
Operator
Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.
謝謝大家。今天的活動到此結束。現在您可以斷開連接並享受美好的一天。感謝您的參與。