Petroleum additive maker Afton Chemical Corp.’s parent NewMarket Corp. reported a 15% rise in net income for the third quarter of 2016 to USD71.4 million, or USD6.03 per share, compared to net income of USD62.0 million, or USD5.08 per share, during the same period last year.

This brings net income for the first nine months of 2016 to USD197.8 million, or USD16.68 per share, up 7% from the net income of USD184.7 million, or USD14.94 per share, during the same period a year ago.

Petroleum additives operating profit for the third quarter of 2016 was USD106.4 million, up 5.8% from the same period a year ago of USD100.5 million, primarily due to lower raw material and conversion costs, though this was partially offset by lower selling prices.

However,  sales of petroleum additives during the third quarter of 2016 declined by 4.4% to USD512.4 million, compared to USD536.1 million during the same period a year ago.

Shipments between the quarterly periods were flat compared to the same period last year. The decline in lubricant additive shipments was offset, however, by an increase in fuel additive shipments.

Likewise, the decline in lubricant additive shipments to North America, Latin America and Europe were partially offset by an increase in shipments to Asia Pacific. In terms of fuel additive shipments, North America was the primary driver for the increase, the company reported.

For the first nine months of the year, operating profit for the petroleum additives segment was USD309.3 million compared to USD299.6 million for the first nine months of 2015, or an increase of 3.2%.

Despite the rosy third quarter figure, sales for the first nine months of the year declined by 6.9% to USD1,535 million, from USD1,648 million during the same period a year ago. The company cited lower selling prices, mix and lower volumes for the decline.

Based in Richmond, Va., U.S.A., NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends and delivers chemical additives that enhance the performance of petroleum products.