Business
Innospec Reports First Quarter 2023 Financial Results
Good start to the year benefitting from a balanced business portfolio Revenues up 8 percent driven by strong growth in Oilfield Services Dividend increased by
About this update from Innospec Inc.
[{"type":"text","content":"Good start to the year benefitting from a balanced business portfolio Revenues up 8 percent driven by strong growth in Oilfield Services Dividend increased by 10 percent GAAP EPS of $1.33 and adjusted non-GAAP EPS of $1.38 ENGLEWOOD, Colo., May 03, 2023 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the first quarter ended March 31, 2023. The Company also announced the declaration of its semi-annual dividend of 69 cents per common share for the first half of 2023, representing an increase of 10 percent. This dividend will be paid on May 31, 2023 to shareholders of record on May 22, 2023. Total revenues for the first quarter were $509.6 million, an increase of 8 percent from $472.4 million in the corresponding period last year. Net income for the quarter was $33.2 million or $1.33 per diluted share compared to $36.5 million or $1.46 cents per diluted share recorded last year. EBITDA for the quarter was $53.9 million compared to $59.0 million reported in the same period a year ago. Results for this quarter include some special items, which are summarized in the table below. Excluding these items, adjusted non-GAAP EPS in the first quarter was $1.38 per diluted share, compared to $1.53 per diluted share a year ago. Cash generation was broadly neutral for the quarter with cash from operating activities of $21.8 million before capital expenditures of $17.7 million and internally developed ERP software costs of $4.3 million. The quarter closed with net cash of $147.5 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, 2023Quarter ended March 31, 2022(in millions, except share and per share data) Income beforeincome taxes Netincome Diluted EPS Income beforeincome taxes Net income Diluted EPS Reported GAAP amounts$45.0 $33.2 $1.33 $48.2 $36.5 $1.46 Amortization of acquired intangible assets 2.6 2.0 0.08 3.6 2.9 0.12 Foreign currency exchange gains (2.0) (1.5) (0.06) (3.1) (2.3) (0.09)Legacy costs of closed operations 0.8 0.6 0.02 1.1 0.9 0.04 Adjustment of income tax provisions - 0.2 0.01 - - - 1.4 1.3 0.05 1.6 1.5 0.07 Adjusted non-GAAP amounts$46.4 $34.5 $1.38 $49.8 $38.0 $1.53 Commenting on...