Operator

Greetings. Welcome to the NewMarket Corporation Conference Call and Webcast to review First Quarter 2026 Financial Results. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Tim Fitzgerald, CFO at NewMarket. You may begin.

Timothy Fitzgerald
VP & CFO

Thank you, and thanks to everyone for joining me this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause actual results to differ materially from those forward-looking statements are contained in our earnings release and in our SEC filings, including our most recent Form 10-K.

During this call, we will also discuss the non-GAAP financial measures included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. We filed our 10-Q for the first quarter of 2026 today and it contains significantly more details on the operations and performance of our company.

Today, I will be referring to the data that was included in last night's press release. Net income for the first quarter of 2026 was $118 million or $12.62 per share compared to net income of $126 million or $13.26 per share for the first quarter of 2025. Petroleum Additives sales for the first quarter of 2026 were $610 million compared to $646 million for the same period in 2025. Petroleum Additives operating profit for the first quarter of 2026 was $135 million compared to operating profit of $142 million in 2025. The decrease in operating profit was mainly due to the decline in shipments of 7% due to softening in the market and our strategic decision to reduce