4Q Strong for Afton, Valvoline


NewMarket’s Afton Chemical additives subsidiary and Ashlands Valvoline division each reported strong increases in operating profit and revenue for the quarter ending Dec. 31, 2012, compared to the year-earlier period.

Afton turned a $71.6 million operating profit during 2012s fourth quarter, up 20.7 percent from $59.3 million in the year-earlier period. For the full year 2012, Afton reported a record $372 million in operating profit, up 20.2 percent from 2011.

The petroleum additives segment posted $511.2 million in revenue for the quarter, up 2.5 percent from $499 million in 2011s fourth quarter. For the full year 2012, the segments revenue reached $2.2 billion, up from $2.1 billion for 2011.

Our petroleum additives business continues to deliver excellent results, said NewMarket President and CEO Thomas Gottwald. We continue to increase our investment in research and development and regional presence as evidence of our commitment to our customers.

NewMarket of Richmond, Va., reported $53.1 million in overall net income or $3.94 per diluted share in the fourth quarter, up 57.6 percent from $33.7 million in net income, or $2.51 per share, in the year-ago period. For the full year 2012, NewMarkets net income reached a record $239.6 million, or $17.85 per diluted share, up 15.8 percent from $206.9 million, or $15.09 per share, for 2011.

Lubricant blender Valvoline reported $66 million in operating income for the three months ending Dec. 31, parent company Ashland said, up more than 40 percent from $47 million in the year-earlier period. Sales reached $481 million, up 1.2 percent from the year-ago quarter.

Total lubricant sales volume amounted to 37.1 million gallons for the quarter, which is the first quarter of Ashlands fiscal year, up slightly from 36.7 million gallons in the year-ago period, Ashland reported.

Ashland stated that Valvoline reported strong results versus the year ago period, with higher earnings driven by lower raw-material costs and a 13-percent volume increase within the international business.

Covington, Ky.-based Ashland as a whole posted operating income of $176 million, on revenues of $1.9 billion.

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