* Q3 EPS $3.88 vs est. of $2.15
* Q3 revenue $417.8 mln vs est. of $396.5 mln
* Shares up 5 pct in after-market trade
Oct 22 (Reuters) - Specialty chemicals company NewMarket Corp posted third-quarter earnings that handily beat analyst estimates, helped by sequentially higher results at its petroleum additives segment.
Going forward, demand for the company's petroleum additives -- used to improve the performance of various petroleum-related products -- appears to have returned to levels seen before the economic slowdown, it said.
In the latest quarter, the company posted a more than three-fold rise in net income to $56.7 million, or $3.72 a share, from $16.5 million, or $1.07 a share, a year ago.
Excluding a charge from an interest rate swap agreement, the company said it earned $3.88 a share.
Total revenue for the quarter, however, dropped 5 percent to $417.8 million.
Analysts, on average, were expecting earnings of $2.15 cents a share, before items, on revenue of $396.5 million, according to Thomson Reuters I/B/E/S.
The construction of the petroleum additives supply facility in Singapore is on schedule with the majority of the expenditure in 2009 and production expected during the first half of 2010, NewMarket added.
Shares of the Richmond, Virginia-based company closed at $97.01 Thursday on the New York Stock Exchange. They rose as much as 5 percent to $102.22 in trading after the bell.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Aradhana Aravindan) Keywords: NEWMARKET/ (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: antonita.madonna.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q3 revenue $417.8 mln vs est. of $396.5 mln
* Shares up 5 pct in after-market trade
Oct 22 (Reuters) - Specialty chemicals company NewMarket Corp posted third-quarter earnings that handily beat analyst estimates, helped by sequentially higher results at its petroleum additives segment.
Going forward, demand for the company's petroleum additives -- used to improve the performance of various petroleum-related products -- appears to have returned to levels seen before the economic slowdown, it said.
In the latest quarter, the company posted a more than three-fold rise in net income to $56.7 million, or $3.72 a share, from $16.5 million, or $1.07 a share, a year ago.
Excluding a charge from an interest rate swap agreement, the company said it earned $3.88 a share.
Total revenue for the quarter, however, dropped 5 percent to $417.8 million.
Analysts, on average, were expecting earnings of $2.15 cents a share, before items, on revenue of $396.5 million, according to Thomson Reuters I/B/E/S.
The construction of the petroleum additives supply facility in Singapore is on schedule with the majority of the expenditure in 2009 and production expected during the first half of 2010, NewMarket added.
Shares of the Richmond, Virginia-based company closed at $97.01 Thursday on the New York Stock Exchange. They rose as much as 5 percent to $102.22 in trading after the bell.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Aradhana Aravindan) Keywords: NEWMARKET/ (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: antonita.madonna.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.