* Q1 EPS $2.78 vs est. of $2.62/shr
* Q1 revenue $389.3 million vs est. of $390.3 mln
* Shipments up 21 pct
April 21 (Reuters) - Specialty chemicals company NewMarket Corp (NEU.N) posted first-quarter earnings that beat analyst estimates, helped by higher product shipments.
The company posted a net income of $42.1 million, or $2.78 a share, compared with $28.7 million, or $1.88 a share a year ago.
Revenue rose 16 percent to $389.3 million.
Analysts on average were looking for earnings of $2.62 a share, before items, on revenue of $390.3 million, according to Thomson Reuters I/B/E/S.
The company's petroleum additives, which increase the efficiency of engines and industrial machinery and make up almost all of its sales, saw shipments jump 21 percent in the quarter.
NewMarket competes with Lubrizol LZ.N, Chevron's (CVX.N) unit Oronite and Infineum International Ltd, a joint venture between units of Exxon (XOM.N) and Royal Dutch Shell (RDSa.L).
Shares of the Richmond, Virginia-based company closed at $112.17 Wednesday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Don Sebastian)