NewMarket Corporation (NEU) 2026 Q1 法說會逐字稿

Greetings. Welcome to the NewMarket Corporation conference call and webcast to review first-quarter 2026 financial results. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 NewMarket Corporation 的電話會議與網路直播，以回顧 2026 年第一季財務結果。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to your host, Tim Fitzgerald, CFO at NewMarket. You may begin.

現在我將把會議交給本次主持人 NewMarket 財務長 Tim Fitzgerald。您可以開始了。

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.

謝謝，也感謝各位今天下午加入。提醒各位，本次電話會議中所作的部分陳述可能屬於前瞻性陳述。可能導致實際結果與該等前瞻性陳述存在重大差異的相關因素，已載於我們的盈餘新聞稿及向美國證券交易委員會（SEC）提交的文件中，包括我們最新的 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 closest comparable GAAP financial measures. We filed our 10-Q for the first 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 last night’s press release.

在本次電話會議中，我們也將討論盈餘新聞稿中所包含的非 GAAP 財務衡量指標。該盈餘新聞稿可於我們網站查閱，其中包含非 GAAP 財務衡量指標與最接近之可比較 GAAP 財務衡量指標之調節表。我們今天已提交 2026 年第一季的 10-Q，其中對本公司營運與績效提供了更多細節。今天我將引用昨晚新聞稿中所包含的數據。

Net income for the first quarter of 2026 was $118 million, or $12.62 per share, compared to net income of $126 million, or $13.26 per share, for the first quarter of 2025. Petroleum Additives sales for the first quarter of 2026 were $610 million compared to $646 million for the same period in 2025. Petroleum Additives operating profit for the first quarter of 2026 was $135 million compared to operating profit of $142 million in 2025. The decrease in operating profit was mainly due to the decline in shipments of 7% due to softening in the market and our strategic decision to reduce low-margin business.

2026 年第一季淨利為 1.18 億美元，或每股 12.62 美元；相較之下，2025 年第一季淨利為 1.26 億美元，或每股 13.26 美元。2026 年第一季石油添加劑（Petroleum Additives）銷售額為 6.10 億美元，較 2025 年同期的 6.46 億美元下降。2026 年第一季石油添加劑營業利益為 1.35 億美元，較 2025 年的 1.42 億美元下降。營業利益下滑主要由於出貨量因市場走弱而下降 7%，以及我們策略性決定縮減低毛利業務。

However, we are encouraged by the increase in shipments we observed in the latter part of the first quarter of 2026. Despite the decline in shipments in the first quarter, our operating profit margin remained strong. We are very pleased with the performance of our Petroleum Additives business during the first quarter of 2026 and the work done by our team to operate within a rapidly changing environment due to the conflict in the Middle East. We have implemented price adjustments to account for the escalating cost of raw materials, utilities, and logistics. And we have rebalanced our global production to make sure we are meeting customer demands in a dynamically evolving market.

然而，我們對 2026 年第一季後段觀察到的出貨量回升感到鼓舞。儘管第一季出貨量下降，我們的營業利益率仍維持強勁。我們對石油添加劑業務在 2026 年第一季的表現，以及團隊在中東衝突導致環境快速變化下所做的工作感到非常滿意。我們已實施價格調整，以反映原物料、公用事業與物流成本的上升。同時，我們也重新平衡全球產能配置，以確保在快速演變的市場中滿足客戶需求。

Despite these challenges, 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. We report the financial results of our AMPAC business and our newly acquired Calca Solutions business in our Specialty Materials segment. Specialty Materials sales for the first quarter of 2026 were $58 million compared to $54 million for the same period in 2025. The increase in sales was mainly due to the inclusion of the Calca business which was acquired on October 1, 2025, offset by a shift in shipment mix at the AMPAC versus the first quarter of last year.

儘管面臨這些挑戰，我們仍致力於提升效率並管理營運成本。我們的重點仍是投資於技術與供應網路，以滿足客戶需求、提升營運效率並改善投資組合獲利能力。我們在 Specialty Materials（特種材料）事業部中揭露 AMPAC 業務以及新近收購的 Calca Solutions 業務之財務結果。2026 年第一季特種材料銷售額為 5,800 萬美元，較 2025 年同期的 5,400 萬美元增加。銷售額增加主要來自於納入於 2025 年 10 月 1 日收購的 Calca 業務，但部分被 AMPAC 相較去年第一季的出貨組合變化所抵銷。

Specialty Materials operating profit for the first quarter of 2026 was $12 million compared to $23 million for the first quarter of 2025. The decline in operating profit was mainly due to the change in quarterly shipment mix at the AMPAC compared to last year. As previously stated, we will see substantial variation in quarterly results for the Specialty Materials segment on an ongoing basis due to the nature of the business.

2026 年第一季特種材料營業利益為 1,200 萬美元，較 2025 年第一季的 2,300 萬美元下降。營業利益下滑主要由於 AMPAC 相較去年之季度出貨組合變化。如先前所述，由於業務性質之故，特種材料事業部的季度結果未來仍將持續出現顯著波動。

Our company generated solid cash flows throughout the first quarter, which allowed us to return $154 million to our shareholders through share repurchases of $126 million and dividends of $28 million. As of March 31, 2026, our net debt to EBITDA ratio was 1.2 times.

本公司在第一季全程產生穩健的現金流，使我們得以透過股票回購 1.26 億美元與股利 2,800 萬美元，合計向股東回饋 1.54 億美元。截至 2026 年 3 月 31 日，我們的淨負債對 EBITDA 比率為 1.2 倍。

As we look ahead to 2026, 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 of our stakeholders.

展望 2026 年，我們將致力於做出能促進股東與客戶長期價值的決策，同時持續聚焦於長期目標。我們相信，引導我們業務的核心原則——長期觀點、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，以及世界級供應鏈——將持續使所有利害關係人受益。

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.

以上為我們預先準備的說明。我們可透過電子郵件或電話回答問題，歡迎隨時直接與我聯繫。再次感謝各位，我們下季再與各位通話。

Thank you. This does conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。