Afton Chemical, NewMarkets petroleum additives segment, posted $80.6 million in operating profit for the quarter ending March 31, up 14.5 percent from $70.4 million in the year-ago quarter.
The petroleum additives segment reported $502.7 million in revenue for the first quarter, up more than 29 percent from $389.3 million in 2010s first quarter. NewMarket said the increase in sales reflects a 17 percent increase in shipments during the period.
Our business continues to experience the adverse effects of increasing raw material costs, said Thomas Gottwald, NewMarket president and CEO. We continue to work to recover those increases in the marketplace.
NewMarket of Richmond, Va., posted $49.6 million in net income overall, or $3.57 per diluted share in the first quarter, up almost 18 percent from $42.1 million, or $2.78 per share, in 2010s first quarter.