Afton Chemical, NewMarket Corp.s petroleum additives segment, posted an operating profit of $75.8 million for the three months ending Sept. 30, down 10 percent from $84.2 million in the year-earlier period. The decrease was due mainly to higher raw material and conversion costs plus unfavorable changes in foreign currency rates, which were only partially offset by increased selling prices, NewMarket noted in its earnings news release.
Additives segment revenue increased 2.6 percent to $560.5 million, primarily due to changes in selling prices. Shipments between quarterly periods were down 3.6 percent from the same period last year, with decreases in both lubricant additives and fuel additives shipments. All regions except Asia-Pacific showed decreases in both lubricant additives and fuel additives shipments, NewMarket stated.
As a whole, Richmond, Virginia-based NewMarket reported net income of $58.5 million, down 2.2 percent from $59.8 million during last years third quarter. Earnings per diluted share increased 1.6 percent to $5.12, compared to $5.04 in 2017s third quarter.
Cincinnati-based Milacrons Fluid Technologies segment - which supplies metalworking and industrial fluids - posted operating earnings of $6.1 million for the third quarter, a 29.8 percent increase from $4.7 million during the same period last year.
Sales for the quarter ending Sept. 30 totaled $32.6 million, up 6.2 percent from $30.7 million a year earlier. Excluding [$600,000] of unfavorable effects of currency movements, sales increased 8.1 percent over the prior year period, the earnings report noted.
These results are in spite of the continued geopolitical uncertainty the U.S. tariff initiatives have introduced to our global end markets," Milacron CEO Tom Goeke said in an earnings news release.