NewMarket Corporation reported its financial results for the second quarter and first half of 2025, revealing a slight decline in net sales and a stable net income. For the second quarter ended June 30, 2025, the company recorded net sales of $698.5 million, a decrease of 1.7% from $710.2 million in the same period of 2024. The first half of 2025 saw net sales of $1.4 billion, down 0.5% from $1.4 billion in the first half of 2024. Despite the decline in sales, net income remained relatively stable at $111.2 million for the second quarter, compared to $111.6 million in the prior year, and $237.2 million for the first half of 2025, up from $219.4 million in 2024.
The decrease in sales was primarily attributed to lower product shipments in the petroleum additives segment, which saw a 3.5% decline in net sales for the first six months of 2025 compared to the same period in 2024. This decline was partially offset by a favorable product mix and lower raw material costs. The specialty materials segment, bolstered by the acquisition of AMPAC, reported increased sales and operating profit, with net sales rising to $42 million in the second quarter of 2025 from $38 million in 2024, and $95.8 million for the first half of 2025 compared to $55.1 million in the prior year.
Operationally, NewMarket's petroleum additives segment faced challenges, with a 2.4% decrease in net sales for the second quarter of 2025, driven by lower lubricant additive shipments. However, the specialty materials segment showed growth, reflecting higher product volumes. The company also reported an increase in research, development, and testing expenses, which rose to $32.4 million in the second quarter of 2025, up from $28.7 million in the previous year, indicating a continued investment in innovation and product development.
In terms of financial position, NewMarket's total assets increased to $3.2 billion as of June 30, 2025, compared to $3.1 billion at the end of 2024. The company reduced its long-term debt to $841.8 million from $971.3 million, reflecting a focus on improving its balance sheet. The cash and cash equivalents at the end of the second quarter stood at $70.3 million, down from $77.5 million at the end of 2024. Looking ahead, NewMarket remains optimistic about its growth prospects, particularly in the petroleum additives market, which is expected to grow at an annual rate of up to 2%. The company plans to continue its focus on cost control and operational efficiency while investing in technology and infrastructure to support long-term growth.
About NEWMARKET CORP
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