Afton Chemical (NewMarket Corporation Petroleum additives) sales for this year’s first quarter were $574.0 million, up 2.8% versus the same period last year, and shipments were up 5.9%. Petroleum additives operating profit for the quarter was $96.2 million, or 5.7% lower than last year’s very strong first quarter of $102.0 million. Foreign currency exchange had a small unfavorable effect in the first quarter of 2014 versus a larger favorable effect in last year’s first quarter, resulting in a total decrease in operating profit between periods of about $6 million. The operating profit margin for the quarter was 16.8% and the margin for the four quarters ended March 31, 2014 was 16.2%.

Parent company NewMarket's net income for the first quarter of 2014 was $57.5 million compared to net income of $67.8 million for the first quarter of last year. Earnings for both the first quarter of this year and the first quarter of last year included the impact of valuing an interest rate swap at fair value, while the first quarter of last year also included income from operations of a discontinued business. Excluding these items, EPS for the first quarter of 2014 was $4.54, compared to $4.97 for the first quarter of last year.

Newmarket Corporation President and Chief Executive Officer, Thomas E. Gottwald said "We are pleased with the operating performance of our business. The last few years have been marked by upward trends in costs as we have worked to meet our customers’ needs through technological advances in research and development, and through investments in facilities and human capital to drive our business forward. Through these periods, we have continued to manage our business to satisfy our customers’ needs while maintaining profitability. We expect to see increased demand in the petroleum additives market in 2014 and beyond, and we are optimistic about continuing to grow our business and to deliver increased shareholder value".