Afton Chemical posted sales for the fourth quarter of 2016 slightly over $500.0 million, up 4.9% versus the same period last year, due to higher shipments and product mix, partially offset by changes in selling prices. Operating profit for the fourth quarter of 2016 was $75.6 million, about even with fourth quarter operating profit last year of $75.3 million.

For the year, sales were $2.0 billion compared to sales in 2015 of $2.1 billion, a decrease of 4.3%. The company stated this decrease was primarily due to changes in selling prices and foreign currency exchange, partially offset by higher shipments and product mix. Operating profit for 2016 increased 2.7% to $384.9 million, compared to $374.9 million for 2015. The increase was mainly due to higher sales volume, product mix, and lower raw material and conversion costs, partially offset by changes in selling prices and foreign currency exchange.

Petroleum additives shipments for the fourth quarter of 2016 were up from the same period last year. According to the company, this increase was primarily due to increases in lubricant additives shipments in Europe and Asia Pacific and fuel additives shipments in North America and Latin America. For the year, shipments increased 1.1% versus 2015, primarily due to increases in fuel additives shipments in North America and Asia Pacific that were partially offset by a decrease in Europe. Lubricant additives shipments also increased between the years mainly due to increases in Asia Pacific and Europe which were largely offset by lower shipments in North America and Latin America.

Parent company NewMarket reported net income for the fourth quarter of 2016 of $45.7 million compared to net income of $53.9 million for the fourth quarter of 2015. Net income for 2016 was $243.4 million compared to net income of $238.6 million for 2015.