NewMarket Corp (NYSE:NEU) Q3 2022 Earnings Conference Call October 25, 2022 3:00 PM ET
Company Participants
Brian Paliotti - VP & CFO
Conference Call Participants
Operator
Good afternoon, ladies and gentlemen, and welcome to the NewMarket Corporation Conference Call and Webcast to review Third Quarter 2022 Financial Results. It is now my pleasure to turn the floor over to your host, Mr. Brian Paliotti, Vice President and Chief Financial Officer of NewMarket Corporation. Sir, the floor is yours. Mr. Paliotti?
Brian Paliotti
Yes.
Operator
Sorry, sir, I think you were on mute.
Brian Paliotti
Okay. Thank you, Ali. Thanks, Ali. And thanks to everyone for joining us. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause results to differ materially from those forward-looking statements are contained in our earnings release in our SEC filings, including our most recent Form 10-K.
During this call, I may also discuss the non-GAAP financial measure included in our earnings release. The earnings release can be found on our website, including a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure.
We filed our 10-Q this morning that contains significantly more detail on the operations and performance of our company. Please take time to review it. I will be referring to the data that was included in last night's earnings release.
Net income was $63 million or $6.32 a share compared to the net income of $52 million or $4.80 a share for the third quarter of last year. Petroleum additives net sales for the third quarter of 2022 were $693 million compared to $619 million for the same period in 2021. Petroleum additives operating profit for the quarter was $83 million, higher than the third quarter operating profit of $72 million last year.
The profit increase was mainly due to increased selling prices, partially offset by higher raw material costs, decreased shipments and higher operating costs. Shipments between quarterly periods were down 8.5%, with decreases in both lubricant additives and fuel additives shipments across all regions, except Latin America, which reported an increase in fuel additive shipments.
Year-to-date, shipments decreased 1.3% between periods, with decreases in both lubricant additive and fuel additive shipments. All regions, except Europe, contributed to the decrease in lubricant additive shipments.
Europe and Asia Pacific were the primary drivers for the decrease in fuel additive shipments, partially offset by increases in both North America and Latin America. We're pleased with the strong petroleum additive sales in 2022. However, our operating margins for the first 9 months of 2022 were 12.6% compared to 13.6% in the prior year 9-month period.