Newmarket (NEU) Q1 FY2024 earnings: revenue $697 million, down 0.9% on the year

Newmarket Corp. (NEU) reported revenue of $697 million for Q1 FY2024, the quarter ended 31 March 2024, down 0.9% on the same quarter a year earlier. Net income was $108 million, up 10.4% on the year, and diluted earnings per share $11.23. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$697 milliondown 0.9%

Net income$108 millionup 10.4%

Diluted EPS$11.23

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	697	643	n/a	n/a
Cost of revenue	480	466	n/a	n/a
Gross profit	216	177	n/a	n/a
Gross margin	31.1%	27.5%	n/a
Research and development	31.2	39.0	n/a	n/a
Selling, general and administrative	44.4	36.8	n/a	n/a
Operating income	141	101	n/a	n/a
Operating margin	20.2%	15.8%	n/a
Interest expense	15.7	7.1	n/a	n/a
Pre-tax income	138	105	n/a	n/a
Income tax	30.0	24.2	n/a	n/a
Effective tax rate	21.8%	23.1%	n/a
Net income	108	80.4	n/a	n/a
Net margin	15.5%	12.5%	n/a
Diluted EPS	$11.23	$8.38	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	103	172	n/a	n/a
Capital expenditure	13.6	13.5	n/a	n/a
Free cash flow	89.3	158	n/a	n/a
Free cash flow margin	12.8%	24.6%	n/a
Cash from investing	-697	-13.5	n/a	n/a
Cash from financing	601	-152	n/a	n/a
Depreciation and amortisation	25.8	20.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	24.0	21.6	n/a	n/a
Dividend per share	$2.50	n/a	n/a	n/a
Diluted shares, weighted	10m	10m	n/a	n/a
Shares outstanding at period end	10m	10m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,152	1,077	n/a	n/a
Debt	1,279	644	n/a	n/a
Operating lease liabilities	59.7	55.1	n/a	n/a
Finance lease liabilities	n/a	19.8	n/a	n/a
Other liabilities	666	513	n/a	n/a
Total liabilities and equity	3,157	2,309	n/a	n/a
Fixed assets	762	655	n/a	n/a
Cash and equivalents	117	112	n/a	n/a
Receivables	465	432	n/a	n/a
Inventory	494	456	n/a	n/a
Other assets	1,321	654	n/a	n/a
Total assets	3,157	2,309	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	667	643	697	710	725	655	701	699	690	635	670	747
Cost of revenue	465	466	480	492	481	447	465	478	481	445	449	505
Gross profit	202	177	216	218	244	208	236	221	210	191	221	242
Gross margin	30%	28%	31%	31%	34%	32%	34%	32%	30%	30%	33%	32%
R&D	31.9	39.0	31.2	28.7	32.2	32.8	33.2	32.4	35.0	31.5	31.6	30.4
SG&A	37.4	36.8	44.4	42.8	42.1	42.1	43.0	45.4	43.9	49.2	46.0	48.4
Operating income	132	101	141	147	170	133	160	143	131	110	143	164
Operating margin	20%	16%	20%	21%	23%	20%	23%	20%	19%	17%	21%	22%
Interest expense	9.2	7.1	15.7	15.9	14.2	11.6	10.7	10.7	8.4	9.9	8.8	8.8
Pre-tax income	134	105	138	143	169	134	164	148	136	113	152	170
Tax rate	17%	23%	22%	22%	22%	18%	23%	25%	26%	28%	22%	21%
Net income	111	80.4	108	112	132	111	126	111	100	81.3	118	134
Net margin	17%	12%	15%	16%	18%	17%	18%	16%	15%	13%	18%	18%
Diluted EPS	$11.60	$8.38	$11.23	$11.63	$13.79	$11.56	$13.26	$11.84	$10.67	$8.65	$12.62	$14.54
Operating cash flow	143	172	103	115	117	185	120	161	142	145	124	162
Capital expenditure	8.8	13.5	13.6	18.9	17.3	14.6	13.0	21.6	30.1	28.0	24.4	27.4
Free cash flow	134	158	89.3	96.0	99.2	171	107	140	112	117	99.7	135
Buybacks	0.0	0.0	0.0	0.0	0.0	31.9	57.1	20.2	0.0	0.0	126	0.9
Dividends paid	21.6	21.6	24.0	24.0	24.0	23.9	26.1	25.8	25.8	28.2	28.0	27.6
Shares outstanding	10m	10m	10m	10m	10m	10m	9m	9m	9m	9m	9m	9m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0001282637-24-000011: the filing on EDGAR. All of Newmarket Corp.'s filings: EDGAR company page.

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