You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: It contains significantly more details on the operations and performances -- performance of our Company.
Please take time to review it.
Net income was $69.7 million or $6.38 a share compared to net income of $85.5 million or $7.67 a share for the first quarter of last year was our performance.
Petroleum additives net sales for the first three months of 2021 were $564.9 million compared to $557.4 million for the same period in 2020 or an increase of 1.4%.
Sales increased about $8 million mainly due to a 2.6% increase in shipments with increases in lubricant additive shipments partially offset by decreases in fuel additive shipments.
All regions, except for Europe contributed to the increase in lubricant additive shipments, and Asia Pacific was the only region reporting an increase in fuel additive shipments.
Petroleum additives operating profit for the quarter was $94.1 million lower than the first quarter operating profit last year of $113.7 million.
This decrease was mainly due to the lower selling prices and higher raw materials and conversion costs partially offset by increased shipments.
The operating margin was 15.6% for the rolling four quarters for the first quarter of 2021.
Margin improvement will continue to be a priority in 2021 as we see continuing upward pressure in our raw material costs.
During the quarter, we funded capital expenditures of $20.5 million and paid dividends of $20.8 million.
In March, we also issued new 10 year -- a new 10 year $400 million bond, pre-funding our current $350 million bond that come due in the fourth quarter of 2022.
We continue to operate with very little leverage with net debt to EBITDA ending the quarter at 1.1 times.
For 2021, we expect to see capital expenditures in the range of $75 million to $85 million.
We hope you're all healthy and staying safe.
And while we expect another challenging year ahead, we continue to see a bright future ahead for our Company.
Melinda, that concludes our planned comments.
So, please feel free to contact us directly.

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newmarket corporation q1 earnings per share $6.38.
q1 earnings per share $6.38.

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