The improvement in petroleum additives results for the first nine months of 2011 continue to reflect strong performance in the lubricant additives product line as well as improved fuel additive results, said Thomas Gottwald, president and CEO of Afton parent NewMarket.

Newmarket of Richmond, Va., as a whole reported $71.4 million in net income, or $5.22 per diluted share in the third quarter. The figure is up 56.2 percent from net income of $45.7 million, or $3.18 per diluted share in the year-earlier quarter.

SK
Operating profit for Seoul-based base oil refiner SK Lubricants totaled 198.5 billion South Korean won (U.S. $180.1 million), up 76 percent from 112.8 billion won in the year-earlier period. Sales for SK Lubricants reached 698.3 billion won, improving 20 percent from 582.1 billion won in 2010s third quarter.

In its quarterly earnings presentation, SK Lubricants cited a strong earnings trend and continued strength in base oil price from sustained supply tightness in developed markets such as the U.S. and Europe.

S-Oil
Operating income for Seoul-based S-Oils lubricants segment reached 219.2 billion won (U.S. $198.3 million) in the third quarter, up 92.6 percent from 113.9 billion won in the year-earlier period. Sales revenue for the base oil refiner totaled 694.7 billion won in the third quarter, up 44.5 percent from 480.9 billion won in 2010s third quarter.

Based on findings by consultant Chemical Market Associates, S-Oil said in its second quarter earnings presentation, a tight API Group II and III base oil market was expected to soften during the fourth quarter because of considerable supply increase. The company expects a sizeable Group III supply increase from new capacities in the Middle East, and slower demand growth in the United States and Europe. It expects sustainable demand growth in Group II in Asia, offset by supply increase from China.

Quaker Chemical
Conshohocken, Pa.-based industrial lubricant manufacturer Quaker Chemical posted $13.4 million net income in the third quarter, up 113 percent from $6.3 million in 2010s third quarter. Net sales for the third quarter reached $182.3 million, up 32.4 percent from $137.7 million in the year-earlier period.

Our product volumes were an all-time record even excluding our 2011 acquisitions, said Michael Barry, chairman, chief executive officer and president. The companys acquisitions included specialty grease manufacturer Summit Lubricants and die casting lubricants company G.W. Smith & Sons Inc. While demand in some countries has softened, our overall volumes have grown as we have increased our market share. In addition, we are making progress in restoring our margins. While our raw material costs remain at or near record levels, we implemented additional price increases in the third quarter and are finally seeing sequential improvement in our gross margin.