NewMarket Corp. (NEU) announced that its third-quarter net income increased to $56.7 million or $3.72 per share, from $16.5 million or $1.07 per share in the year ago quarter.
Net income for both the third quarter of this year included a charge from recording at fair value an interest rate swap agreement related to financing on Foundry Park. The loss amounted to $2.4 million, or $0.16 per share, for the third quarter.
Excluding this charge, third quarter earnings were $59.1 million or $3.88 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $2.15 per share. Analysts' estimates typically exclude special items.
Total sales for the quarter were $417.8 million, compared to $440.6 million in the prior year quarter. Three analysts had consensus revenue estimate of $396.45 million for the quarter.
NewMarket declared a quarterly dividend in the amount of 37.5 cents per share on the common stock of the Corporation. The dividend is payable January 1, 2010 to NewMarket shareholders of record at the close of business on December 15, 2009. This represents an increase of 12.5 cents per share over the previously paid dividend.
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