Sales for Afton Chemical, the petroleum additives segment of NewMarket Corporation, for the first quarter of 2017 were $540.0 million, up 6.7% versus the same period last year, mainly due to higher shipments, partially offset by changes in selling prices.

Petroleum additives operating profit for the first quarter of 2017 was $99.1 million, slightly lower than first quarter operating profit last year of $100.4 million. The decrease was due to unfavorable selling prices and raw material cost variances, partially offset by increased shipments.

Petroleum additives shipments for the first quarter of 2017 were up 13.9% from the same period last year. This increase was primarily due to increases in lubricant additives shipments in Europe and Asia Pacific and fuel additives shipments in Europe and North America.

Parent company NewMarket Corporation Chairman and Chief Executive Officer, Thomas E. Gottwald, said "We are continuing to use our capital to achieve our long-term growth plans. We announced our intent to acquire Aditivos Mexicanos, S.A. de C.V. (“AMSA”) which is a petroleum additives manufacturing, sales and distribution company based in Mexico City, Mexico. We expect to close the transaction in the first half of 2017, pending a regulatory review in Mexico. In addition, construction continues on phase two of our manufacturing facility in Singapore which is expected to be completed in the second half of 2017, and we are continuing to invest in research and development in order to meet our customers’ ever-changing business needs."

"We are pleased with our performance and earnings results in the first quarter of this year. We continue to make decisions to promote the greatest long-term value for our shareholders and customers, and we remain focused on our long-term objectives. We believe the fundamentals of the industry as a whole remain unchanged, with the petroleum additives market growing at 1% to 2% annually for the foreseeable future. We continue to believe that we will exceed that growth rate over the long term", said Gottwald.

NewMarket's net income for the first quarter of 2017 was $63.9 million compared to net income of $61.9 million for the first quarter of 2016.