Financial Data and Key Metrics Changes - Net income for Q1 2025 was $126 million or $13.26 per share, compared to $108 million or $11.23 per share for Q1 2024, reflecting a year-over-year increase in net income [5] - Petroleum additive sales for Q1 2025 were $646 million, down from $677 million in Q1 2024, indicating a decline in sales [5] - Operating profit for petroleum additives in Q1 2025 was $142 million, compared to a record $151 million in Q1 2024, primarily due to lower shipments [5] Business Line Data and Key Metrics Changes - Lubricant additive shipments decreased in Asia Pacific and North America, while Europe and Latin America reported slight increases [6] - Specialty Materials sales were $54 million for Q1 2025, up from $17 million in Q1 2024, with operating profit rising to $23 million from an operating loss of $5 million in the same period [8] Market Data and Key Metrics Changes - Fuel additive shipments were lower in all regions except Asia Pacific, which reported a small increase [6] - The company continues to focus on operational efficiency despite lower shipments, maintaining strong operating profit levels [6] Company Strategy and Development Direction - The company is committed to investing in technology and supply networks to meet customer demands, enhance operational efficiency, and improve portfolio profitability [8] - A capital investment of up to $100 million is planned for the Ampac facility to increase production capacity by more than 50%, aimed at meeting growing demand for solid rocket motors [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the petroleum additives business performance but acknowledged challenges from the ongoing macroeconomic environment and uncertainties around international trade relations and tariffs [7] - The company generated solid cash flows, returning $83 million to shareholders through share repurchases and dividends, with a net debt to EBITDA ratio improving to 1.1% from 1.9% year-over-year [11] Other Important Information - The projected completion date for the Ampac facility investment is 2026, which is expected to enhance capacity and security of supply [10] - The company emphasizes core principles such as a long-term perspective, safety-first culture, customer-focused solutions, and technology-driven products [11] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [12][13]

Financial Performance - Consolidated net sales for Q1 2025 totaled $700.9 million, a slight increase of $4.2 million, or 0.6%, from Q1 2024[89] - Petroleum additives segment net sales decreased by 4.7% to $645.5 million in Q1 2025, primarily due to lower product shipments[92] - Specialty materials segment reported net sales of $53.7 million in Q1 2025, significantly higher than $17.0 million in the same period of 2024, driven by higher product volumes[96] - Operating profit for petroleum additives decreased by 5.8% to $142.1 million in Q1 2025, reflecting lower product shipments and higher operating costs[100] - Specialty materials segment achieved an operating profit of $23.2 million in Q1 2025, compared to an operating loss of $5.0 million in the same period of 2024[107] Cash Flow and Capital Management - Cash and cash equivalents increased by $40.8 million to $118.3 million as of March 31, 2025, compared to December 31, 2024[114] - Cash provided from operating activities for Q1 2025 was $120.3 million, including $26.6 million of higher working capital requirements[118] - Cash used in investing activities totaled $13.0 million in Q1 2025, with total capital spending expected to be between $70 million and $100 million for the year[122] - Cash used in financing activities was $68.5 million in Q1 2025, including $57.1 million for stock repurchases and $50.0 million principal payment on senior notes[125] - Long-term debt increased to $990.6 million at March 31, 2025, compared to $971.3 million at December 31, 2024[126] - The leverage ratio was 1.31 at March 31, 2025, well below the maximum requirement of 3.75 to 1.00[128] - Total long-term debt as a percentage of total capitalization decreased from 39.9% at December 31, 2024, to 39.5% at March 31, 2025[130] Investment and Growth Strategy - Research and development investment increased by $2.0 million in Q1 2025, representing 5.1% of net sales compared to 4.6% in Q1 2024[105] - The company continues to prioritize investments in technology and operational efficiency to enhance portfolio profitability throughout 2025[86] - A capital investment of up to $100 million is planned to expand AMPAC's ammonium perchlorate production capacity by over 50%, scheduled for completion in 2026[123] - Significant investments in the petroleum additives business focus on operational efficiencies and technology development to enhance global reach[136] - The petroleum additives segment is expected to grow at an annual rate of up to 2%, with the company aiming to exceed this growth rate[135] Tax and Shareholder Value - The effective tax rate increased to 23.3% in Q1 2025 from 21.8% in Q1 2024, primarily due to prior year tax items[112] - The company continues to evaluate cash utilization strategies, including stock repurchases and dividends, to enhance shareholder value[139]

Financial Performance - Net income for Q1 2025 was $125.9 million, or $13.26 per share, up from $107.7 million, or $11.23 per share in Q1 2024, representing a 16.1% increase in net income[3][21] - Net income for Q1 2025 increased to $125,949,000, up from $107,732,000 in Q1 2024, representing a growth of 16.8%[23] - EBITDA for Q1 2025 was $203,207,000, compared to $178,602,000 in Q1 2024, reflecting an increase of 13.8%[24] Sales Performance - Petroleum additives sales decreased to $645.6 million in Q1 2025 from $677.3 million in Q1 2024, a decline of 4.7%[4][20] - Specialty materials sales surged to $53.7 million in Q1 2025, compared to $17.0 million in Q1 2024, marking a significant increase of 215.3%[5][20] Operating Profit - Operating profit for petroleum additives was $142.1 million in Q1 2025, down from $150.9 million in Q1 2024, a decrease of 5.2%[4][20] - Specialty materials operating profit improved to $23.2 million in Q1 2025 from an operating loss of $5.0 million in Q1 2024[5][20] Cash Flow and Dividends - Cash flows generated in Q1 2025 allowed for stock repurchases of $57.1 million and dividends of $26.1 million[6][9] - Dividends paid in Q1 2025 totaled $26,057,000, compared to $23,986,000 in Q1 2024, marking an increase of 8.7%[23] Debt and Financial Ratios - Net Debt was reduced by $21.5 million in Q1 2025, resulting in a Net Debt to EBITDA ratio of 1.1[6][12] - Net Debt decreased to $872,302,000 as of March 31, 2025, down from $893,805,000 at the end of 2024, indicating a reduction of 2.8%[25] - The Net Debt to EBITDA ratio improved to 1.1 in Q1 2025, compared to 1.2 in Q4 2024, showing enhanced financial leverage[25] Capital Expenditures and Investments - A capital investment of up to $100 million was approved to expand ammonium perchlorate production capacity by over 50%, projected for completion in 2026[7] - Capital expenditures for Q1 2025 were $13,016,000, slightly down from $13,564,000 in Q1 2024[23] Asset Management - Total assets increased to $3.23 billion as of March 31, 2025, compared to $3.13 billion at the end of 2024[22] - The company reported an increase in cash and cash equivalents by $40,777,000 in Q1 2025, compared to an increase of $5,130,000 in Q1 2024[23] Interest and Financing - Interest and financing expenses for Q1 2025 were $10,700,000, down from $15,654,000 in Q1 2024, a decrease of 31.3%[24] Working Capital Management - Working capital changes resulted in a cash outflow of $26,590,000 in Q1 2025, compared to $21,434,000 in Q1 2024, indicating a worsening in working capital management[23] Business Acquisitions - The company did not acquire any businesses in Q1 2025, contrasting with a significant acquisition cost of $683,924,000 in Q1 2024[23] Operational Focus - The company is focused on enhancing operational efficiency and investing in technology to meet customer needs throughout 2025[8][10]

Financial Performance - Consolidated net sales for 2024 amounted to $2.8 billion, an increase of $88 million, or 3.3%, from 2023[167]. - Net sales for 2024 were $2,786,558 thousand, an increase from $2,698,419 thousand in 2023, representing a growth of approximately 3.3%[281]. - Gross profit for 2024 was $886,346 thousand, up from $772,513 thousand in 2023, indicating a gross margin improvement[281]. - Operating profit increased to $590,036 thousand in 2024 from $483,045 thousand in 2023, reflecting a growth of about 22.2%[281]. - Net income for 2024 reached $462,413 thousand, compared to $388,864 thousand in 2023, marking an increase of approximately 18.9%[281]. - Earnings per share for 2024 were $48.22, up from $40.44 in 2023, representing a growth of about 19.4%[281]. - Comprehensive income for 2024 was $516,354,000, compared to $439,788,000 in 2023, reflecting a growth of 17%[285]. - Total assets increased to $3,129,541,000 in 2024, up from $2,308,871,000 in 2023, representing a 36% growth[287]. - Cash flows from operating activities of $519,592,000 in 2024, down from $576,823,000 in 2023[292]. Segment Performance - Petroleum additives net sales for 2024 were $2.6 billion, approximately 2.0% lower than 2023, with a decrease of $54 million attributed to lower selling prices and unfavorable foreign currency impact[169][172]. - The petroleum additives segment generated net sales of $2,636,242 in 2024, a decrease of 2.0% from $2,689,709 in 2023[355]. - Segment operating profit for petroleum additives was $591,854 in 2024, an increase of 14.9% from $514,428 in 2023[355]. - The specialty materials segment reported operating profit of $17 million for the period from the AMPAC acquisition date of January 16, 2024, to December 31, 2024[183]. - Specialty materials revenue is mainly derived from U.S. government contractors, with total sales of $141,243 in 2024[339]. Acquisition and Investments - The company completed the acquisition of AMPAC for approximately $697 million on January 16, 2024[161]. - The acquisition of AMPAC Intermediate Holdings, LLC was completed on January 16, 2024, for approximately $697 million, expanding the company's presence in mission-critical sectors[327]. - The fair value of net assets acquired from AMPAC included $650 million in intangibles and goodwill, with $256 million recognized as goodwill attributable to access to resilient sectors[330]. - The identified intangible assets from the AMPAC acquisition included a customer base valued at $275 million and formulas and technology valued at $60 million[328]. - The company acquired a business for $681,479,000 in 2024, marking a significant investment in growth[292]. Expenses and Costs - Interest and financing expenses increased to $57 million in 2024 from $37 million in 2023, primarily due to higher average debt outstanding and interest rates[184]. - Selling, general, and administrative expenses (SG&A) increased by $5 million, or 4.2%, in 2024 compared to 2023, with SG&A as a percentage of net sales at 4.8%[181]. - Research and development (R&D) investment decreased by approximately $13 million, representing 4.7% of net sales in 2024 compared to 5.1% in 2023[182]. - Environmental operating and clean-up costs were approximately $37 million in 2024, down from $41 million in 2023[210]. - Research, development, and testing expenses for 2024 were $124,898 thousand, a decrease from $137,998 thousand in 2023[281]. Cash Flow and Capital Structure - Cash generated from operating activities was $520 million in 2024, down from $577 million in 2023[188]. - Cash and cash equivalents decreased from $112 million at the end of 2023 to $77 million at December 31, 2024[191]. - Long-term debt increased from $644 million at December 31, 2023 to $971 million at December 31, 2024, representing an increase in total long-term debt percentage from 37.4% to 39.9%[205]. - The company had working capital of $655 million at December 31, 2024, with a current ratio of 2.75 to 1, down from $675 million and a current ratio of 2.85 to 1 at the end of 2023[206]. - Cash dividends paid in 2024 were $95,902,000, up from $85,034,000 in 2023, reflecting a 10% increase[289]. Pension and Retirement Plans - The pension benefit obligation was reported at $561 million as of December 31, 2024[272]. - The company expects net periodic benefit income for its pension and postretirement plans during 2025, with a discount rate assumption of 5.875% as of December 31, 2024[222]. - The expected aggregate cash contributions to the U.S. pension plans are projected to be approximately $4 million in 2025, with an additional $1 million for postretirement benefit plans[225]. - An actuarial gain of $16 million occurred during 2024, while an actuarial loss of $3 million was recorded in 2023 on plan liabilities due to changes in assumptions[229]. Market and Growth Outlook - The petroleum additives segment is expected to grow annually up to 2%, with the company planning to exceed that growth rate[236]. - The company aims to provide a 10% compounded return per year for shareholders over any ten-year period, focusing on a customer-centric strategy and technology-driven product offerings[235].

Financial Data and Key Metrics Changes - Net income for Q4 2024 was $111 million or $11.56 per share, compared to $80 million or $8.38 per share for Q4 2023, indicating a significant increase [3] - Full year net income for 2024 was $462 million or $48.22 per share, compared to $389 million or $40.44 per share for 2023, showing a strong year-over-year growth [3] Business Line Data and Key Metrics Changes - Petroleum additives sales for Q4 2024 were $626 million, down from $642 million in Q4 2023, while operating profit increased to $136 million from $110 million due to lower operating costs [4] - For the full year 2024, Petroleum Additives sales were $2.6 billion, down from $2.7 billion in 2023, but operating profit rose to $592 million from $514 million, driven by efficiency efforts and lower raw material costs [5] - Specialty Materials sales were $27 million for Q4 2024 and $141 million for the full year, with operating profit of $1.5 million for Q4 and $17.5 million for the full year, surpassing pre-acquisition expectations [7] Market Data and Key Metrics Changes - Shipments in the Petroleum Additives segment were flat year-over-year, with a small increase in lubricant additives offset by a decline in fuel additives [5] - The company faced challenges from an ongoing inflationary environment, impacting operational costs despite efficiency improvements [6] Company Strategy and Development Direction - The company completed the acquisition of American Pacific Corporation on January 16, 2024, enhancing its Specialty Materials segment with critical performance additives for space and military applications [6] - The company is focused on long-term value creation for shareholders and customers, emphasizing a safety-first culture, customer-focused solutions, and technology-driven products [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued strength in the Petroleum Additives and Specialty Materials segments moving into 2025 and beyond [8] - The company is committed to optimizing inventory levels and improving portfolio profitability while investing in technology to meet customer needs [6] Other Important Information - The company generated solid cash flows throughout the year and made significant payments on its revolving credit facility, returning $128 million to shareholders through dividends and share repurchases [7] - As of December 31, 2024, the net debt to EBITDA ratio improved to 1.2 from 1.9 at the end of Q1 [7] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded with an invitation for questions via email or phone [10]

Financial Performance - Net income for Q4 2024 was $110.7 million, or $11.56 per share, up from $80.4 million, or $8.38 per share in Q4 2023, representing a 37.5% increase in net income year-over-year[4] - Full year net income for 2024 was $462.4 million, or $48.22 per share, compared to $388.9 million, or $40.44 per share in 2023, reflecting a 19% increase in net income[4] - Net income for the twelve months ended December 31, 2024, was $462,413 thousand, up from $388,864 thousand in 2023, reflecting a year-over-year increase of about 19%[25] - EBITDA for the twelve months ended December 31, 2024, reached $758,430 thousand, compared to $602,941 thousand in 2023, indicating a growth of approximately 25.7%[26] Sales and Revenue - Petroleum additives sales for Q4 2024 were $626.1 million, a decrease from $642.0 million in Q4 2023, while operating profit increased to $135.7 million from $110.4 million due to lower operating costs[5] - Total petroleum additives sales for 2024 were $2.6 billion, down from $2.7 billion in 2023, but operating profit rose to $591.9 million from $514.4 million, driven by efficiency efforts[6] - Specialty materials sales for Q4 2024 were $27.1 million, with full year sales reaching $141.2 million, exceeding pre-acquisition expectations[8] Acquisitions and Investments - The company completed the acquisition of American Pacific Corporation (AMPAC) on January 16, 2024, contributing positively to the specialty materials segment[8] - The company plans to continue investing in technology and enhancing operational efficiency in 2025 to meet customer needs and improve portfolio profitability[7] Debt and Cash Management - The company reduced net debt by $373 million since the AMPAC acquisition, with a Net Debt to EBITDA ratio of 1.2, below the target range of 1.5 to 2.0[11] - Long-term debt rose to $971,281 thousand in 2024 from $643,622 thousand in 2023, an increase of about 50.9%[27] - Net Debt to EBITDA ratio increased to 1.2 in 2024 from 0.9 in 2023, indicating a higher leverage position[27] - Cash and cash equivalents decreased to $77,476 thousand in 2024 from $111,936 thousand in 2023, a decline of approximately 30.8%[24] Capital Expenditures and Dividends - Capital expenditures for 2024 were $57,319 thousand, compared to $48,293 thousand in 2023, reflecting an increase of approximately 18.5%[25] - Cash dividends declared per share increased to $2.50 for Q4 2024, up from $2.25 in Q4 2023, and for the full year, dividends were $10.00 compared to $8.85 in 2023[23] - Dividends paid increased to $95,902 thousand in 2024 from $85,034 thousand in 2023, a rise of about 12.5%[25] Asset Management - Total assets increased to $3,129,541 thousand in 2024 from $2,308,871 thousand in 2023, representing a growth of approximately 35.5%[24] - Inventories increased to $505,426 thousand in 2024, up from $456,234 thousand in 2023, representing an increase of about 10.8%[24] - Accumulated other comprehensive income improved to $32,870 thousand in 2024 from a loss of $21,071 thousand in 2023, indicating a significant recovery[24]

Financial Performance - Net sales for the petroleum additives segment decreased by 1.8% to $2.0 billion for the first nine months of 2024 compared to the same period in 2023, primarily due to lower selling prices[61] - Consolidated net sales for the third quarter of 2024 totaled $724.9 million, an increase of 8.7% from $667.2 million in the third quarter of 2023[64] - The acquisition of AMPAC was completed for approximately $697 million on January 16, 2024, contributing $59.1 million to net sales in the third quarter of 2024[61] - Specialty materials segment net sales for the first nine months of 2024 were $114.2 million, reflecting the operations of AMPAC since acquisition[71] - The company reported a negligible decrease of 0.1% in petroleum additives net sales for the third quarter of 2024 compared to the same quarter in 2023[66] - The volume of product shipments for petroleum additives increased by 1.8% when comparing the first nine months of 2024 to the same period in 2023[70] Profitability and Costs - Petroleum additives operating profit increased by 12.9% for the first nine months of 2024, reflecting lower raw material and operating costs[61] - The petroleum additives segment gross profit increased by $47.7 million for the first nine months of 2024 compared to the same period in 2023[75] - Cost of goods sold as a percentage of net sales decreased to 66.6% in Q3 2024 from 69.6% in Q3 2023, contributing to an operating profit margin increase to 23.8% from 21.1%[77] - SG&A expenses increased by $1.4 million in Q3 2024 compared to Q3 2023, representing 4.8% of net sales for both periods[77] - R&D investment increased by $0.3 million in Q3 2024 compared to Q3 2023, accounting for 4.9% of net sales, while it decreased by $7.0 million for the first nine months of 2024 compared to the same period in 2023[77] Financing and Debt - The company entered into a new $900 million revolving credit facility and a $250 million unsecured term loan on January 22, 2024[61] - Long-term debt increased to $1.1 billion as of September 30, 2024, compared to $643.6 million at December 31, 2023[87] - As of September 30, 2024, the company had $191 million outstanding under its revolving credit facility and $250 million under the term loan[92] - The company had no outstanding variable rate debt under its revolving credit facility as of December 31, 2023, indicating no interest rate risk at that time[92] - Interest and financing expenses rose to $14.2 million in Q3 2024 from $9.2 million in Q3 2023, primarily due to higher average debt and interest rates[79] Tax and Other Income - Income tax expense for Q3 2024 was $36.8 million, up from $23.2 million in Q3 2023, with an effective tax rate increase to 21.8% from 17.3%[81] - Other income increased to $13.8 million in Q3 2024 from $11.3 million in Q3 2023, reflecting components of net periodic benefit cost[80] Cash Flow and Investments - Cash and cash equivalents decreased by $31.6 million to $80.3 million as of September 30, 2024, compared to December 31, 2023[82] - Cash used in investing activities totaled $724.2 million in the first nine months of 2024, primarily for the acquisition of AMPAC for $681.5 million[85] Market Outlook - The company anticipates a long-term growth rate of up to 2% in the petroleum additives market and plans to exceed this growth rate[91] - If the variable portion of interest rates hypothetically increased by 10%, the effect on the company's earnings and cash flow would be $2.3 million[92]

Financial Performance - Third quarter net income was $132.3 million, or $13.79 per share, compared to $111.2 million, or $11.60 per share, in the same period last year, representing a 19.0% increase in net income [1] - Net income for the nine months ended September 30, 2024, was $351,674 thousand, compared to $308,454 thousand for the same period in 2023, reflecting a year-over-year increase of about 14% [16] - EBITDA for the nine months ended September 30, 2024, was $579,151 thousand, up from $471,212 thousand in 2023, marking a growth of around 23% [17] Sales and Operating Profit - Petroleum additives sales for the third quarter of 2024 were $663.0 million, slightly down from $663.7 million in the same period of 2023 [2] - Operating profit for petroleum additives in the third quarter of 2024 was $157.5 million, up from $139.8 million in the same period last year, reflecting a 12.8% increase [2] - For the first nine months of 2024, petroleum additives operating profit was $456.2 million, compared to $404.0 million in the same period of 2023, indicating a 12.9% increase [2] - Specialty materials sales were $59.1 million for the third quarter of 2024 and $114.2 million for the first nine months of 2024, with an operating profit of $16.0 million [3] Debt and Leverage - The company reduced debt by $259 million since the acquisition of American Pacific Corporation (AMPAC) on January 16, 2024 [4] - Long-term debt rose significantly to $1,085,006 thousand as of September 30, 2024, compared to $643,622 thousand at December 31, 2023, indicating an increase of approximately 68.5% [18] - Net debt increased to $1,004,696 thousand as of September 30, 2024, from $531,686 thousand at December 31, 2023, which is an increase of approximately 88.8% [18] - The net debt to EBITDA ratio increased to 1.4 as of September 30, 2024, compared to 0.9 in the previous year, indicating a higher leverage position [19] Cash and Assets - Cash and cash equivalents decreased to $80,310 thousand as of September 30, 2024, down from $111,936 thousand at December 31, 2023, representing a decline of approximately 28.3% [15] - Total assets increased to $3,166,284 thousand as of September 30, 2024, up from $2,308,871 thousand at December 31, 2023, representing a growth of approximately 37.2% [15] - Total current liabilities increased to $401,953 thousand as of September 30, 2024, from $364,164 thousand at December 31, 2023, which is an increase of about 10.4% [15] - The company reported a decrease in cash and cash equivalents of $31,626 thousand for the nine months ended September 30, 2024, compared to an increase of $33,848 thousand in the same period of 2023 [16] Capital Expenditures and Dividends - The company reported capital expenditures of $42,700 thousand for the nine months ended September 30, 2024, compared to $34,793 thousand in the same period of 2023, reflecting an increase of about 22.5% [16] - Cash dividends declared per share increased to $2.50 in the third quarter of 2024, up from $2.25 in the same period last year [14] Strategic Focus - The company remains focused on margin management, operating costs, inventory levels, and portfolio profitability as priorities throughout 2024 [3]

Group 1 - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, emphasizing capital gains and dividend income for continuous cash flow [1] - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] - An active chat room is available for discussions on the latest developments of the portfolio holdings [1] Group 2 - The article does not provide any specific investment recommendations or advice regarding suitability for particular investors [2] - It highlights that past performance is not indicative of future results, emphasizing the importance of independent analysis [2]

Financial Performance - Net sales for the second quarter of 2024 totaled $710.2 million, an increase of $25.1 million, or 3.7%, from the second quarter of 2023[67] - Petroleum additives net sales for the first six months of 2024 were $1.3 billion, a decrease of 2.7% compared to $1.4 billion in the same period of 2023[68] - The operating profit for the petroleum additives segment increased by 13.1% for the first six months of 2024, reflecting lower raw material and operating costs[60] - Petroleum additives segment gross profit increased by $12.1 million in the second quarter of 2024 compared to the same period in 2023[77] - The company experienced a 2.1% decrease in petroleum additives net sales for the second quarter of 2024 compared to the same quarter in 2023[68] - The operating profit margin for petroleum additives was 20.7% for the rolling four quarters ended June 30, 2024, consistent with historical ranges[80] Financial Position and Debt - The company maintains a strong financial position with sufficient access to capital and does not anticipate issues meeting debt covenants[60] - The company entered into a new $900 million revolving credit facility and a $250 million unsecured term loan on January 22, 2024[60] - Total long-term debt increased to $1.2 billion at June 30, 2024, compared to $643.6 million at December 31, 2023[92] Expenses and Income - SG&A expenses for Q2 2024 increased by $1.7 million compared to Q2 2023, representing 4.7% of net sales[80] - R&D investment decreased by $5.3 million in Q2 2024 compared to Q2 2023, accounting for 4.3% of net sales[80] - Interest and financing expenses rose to $15.9 million in Q2 2024 from $10.3 million in Q2 2023, primarily due to higher average debt and interest rates[83] - Other income increased to $12.0 million in Q2 2024 from $10.7 million in Q2 2023, reflecting components of net periodic benefit cost[84] - Income tax expense for Q2 2024 was $31.4 million, with an effective tax rate of 21.9%, up from $25.1 million and 20.1% in Q2 2023[85] Cash Flow - Cash and cash equivalents decreased by $24.3 million to $87.6 million as of June 30, 2024[88] - Cash provided from operating activities was $217.8 million for the first six months of 2024, including $40.7 million of higher working capital requirements[89] Market Outlook - The company anticipates a long-term growth rate of up to 2% in the petroleum additives market and plans to exceed this growth rate[104] Acquisition - The acquisition of AMPAC was completed for approximately $697 million on January 16, 2024, contributing to the specialty materials segment[60] Specialty Materials - The specialty materials segment reported net sales of $38.0 million for the second quarter of 2024[72] Cost of Goods Sold - The cost of goods sold as a percentage of net sales for the second quarter of 2024 was 68.9%, down from 71.3% in the second quarter of 2023[78]