NewMarket Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales were $589,245,000 compared to $542,818,000 a year ago. Operating profit was $81,575,000 compared to $90,232,000 a year ago. Income before income tax expense was $71,311,000 compared to $88,233,000 a year ago. Net income was $60,565,000 compared to $63,937,000 a year ago. Basic and diluted earnings per share were $5.14 compared to $5.39 a year ago. Capital expenditures were $22,797,000 compared to $46,346,000 a year ago. EBITDA was $103,854,000 compared to $105,839,000 a year ago. The increase in net sales is across all regions with most -- with almost half of the increase from European region with the other regions contributing about equal amounts of the remaining increase.

For 2018, the company expects to see a significant decrease in its level of capital expenditure versus 2017, reflecting the completion of Singapore plant. CapEx will be in the $100 million to $125 million range, company's lowest level since 2014. For the full year, the company expects to have an effective tax rate in the 24% range.