Newmarket Corporation (NEU) has reported 15.29 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $45.67 million, or $3.86 a share in the quarter, compared with $53.91 million, or $4.50 a share for the same period last year.
Revenue during the quarter grew 4.59 percent to $501.63 million from $479.62 million in the previous year period. Gross margin for the quarter contracted 218 basis points over the previous year period to 29.79 percent. Total expenses were 86.41 percent of quarterly revenues, up from 85.33 percent for the same period last year. That has resulted in a contraction of 109 basis points in operating margin to 13.59 percent.
Operating income for the quarter was $68.17 million, compared with $70.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $80.18 million compared with $81.94 million in the prior year period. At the same time, adjusted EBITDA margin contracted 110 basis points in the quarter to 15.98 percent from 17.08 percent in the last year period.
Chairman and chief executive officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the fourth quarter and full year 2016. Net income for the fourth quarter of 2016 was $45.7 million, or $3.86 per share, compared to net income of $53.9 million, or $4.50 per share, for the fourth quarter of 2015. Net income for 2016 was $243.4 million, or $20.54 per share, compared to net income of $238.6 million, or $19.45 per share, for 2015.
Debt moves up marginallyNewmarket Corporation has witnessed an increase in total debt over the last one year. It stood at $507.28 million as on Dec. 31, 2016, up 3.33 percent or $16.35 million from $490.92 million on Dec. 31, 2015. Total debt was 35.81 percent of total assets as on Dec. 31, 2016, compared with 38.06 percent on Dec. 31, 2015. Debt to equity ratio was at 1.05 as on Dec. 31, 2016, down from 1.27 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 15.77 for the quarter from 18.94 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
