Business
Innospec Reports First Quarter 2020 Financial Results
Liquidity maintained by positive operating cash flow and conservative cash managementIncrease in GAAP EPS of 15 percent; Adjusted non-GAAP EPS up 14
About this update from Innospec Inc.
[{"type":"text","content":"Liquidity maintained by positive operating cash flow and conservative cash managementIncrease in GAAP EPS of 15 percent; Adjusted non-GAAP EPS up 14 percentGAAP EPS $1.34 and adjusted EPS of $1.42 benefit by 18 cents from lower share-based compensationInnospec adapting to the economic challenges of the COVID-19 pandemic and low oil pricesSemi-annual dividend held at 52 cents per share\n ENGLEWOOD, Colo., May 05, 2020 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the first quarter ended March 31, 2020. The Company also announced the declaration of its semi-annual dividend of $0.52 per common share for the first half of 2020, the same as the payment for the second half of 2019. This dividend will be paid on May 26, 2020, to shareholders of record on May 18, 2020. Total net sales for the quarter were $372.3 million, a 4 percent decrease from the $388.3 million reported in the corresponding quarter last year. Net income was $33.1 million, or $1.34 per diluted share, compared to $28.7 million, or $1.17 per diluted share, recorded a year ago. EBITDA for the quarter was $56.7 million, a 10 percent increase from $51.7 million in the first quarter of 2019. Results for the quarter include special items summarized in the table below. Excluding these items, adjusted non-GAAP EPS was $1.42 per diluted share, compared to $1.25 per diluted share a year ago, a 14 percent increase. Innospec closed the quarter in a net cash position of $8.2 million with net cash provided by operating activities of $2.4 million, before capital expenditures of $7.8 million. EBITDA, income before income taxes and net income excluding special items, and related per-share amounts, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below. Quarter ended March 31, 2020 Quarter ended March 31, 2019(in millions, except share and per share data) Incomebeforeincometaxes Netincome DilutedEPS Incomebeforeincometaxes Netincome DilutedEPS Reported GAAP amounts$44.2 $33.1 $1.34 $38.8 $28.7 $1.17 Amortization of acquired intangible assets 4.6 3.6 0.15 4.6 3.6 0.14 Foreign currency exchange gains (2.5) (1.9) (0.08) (2.3) (1.7) (0.07)Adjustment of income tax provisions - 0.2 0.01 - 0.2 0.01 2.1 1.9 0.08 2.3 2.1 0.08 Adjusted non-GAAP amounts$46.3 $35.0 $1.42 $41.1 $30.8 $1.25 Comm...