Business
Innospec Reports Fourth Quarter and Full Year 2019 Financial Results
Oilfield Services revenues up 12 percent and operating income up 48 percent Gross margin improvement in Performance Chemicals drives record operating income
About this update from Innospec Inc.
[{"type":"text","content":"Oilfield Services revenues up 12 percent and operating income up 48 percent\n Gross margin improvement in Performance Chemicals drives record operating income Fuel Specialties impacted by supply disruption and expect operations to normalize by the end of Q1 GAAP EPS $1.26 and adjusted EPS of $1.47 impacted by 19 cents from higher share based compensation Strong operating cash generation of $58.4 million; Net cash position of $15.6 million ENGLEWOOD, Colo., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the fourth quarter and full year ended December 31, 2019. Total revenues for the fourth quarter were $390.7 million, a decrease of 1 percent from $395.0 million in the corresponding period last year. Net income for the quarter was $31.1 million or $1.26 per diluted share compared to $20.4 million or $0.83 per diluted share for the fourth quarter of 2018 which included a tax charge due to U.S. Tax Reform. EBITDA for the quarter was $55.2 million compared to $55.1 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 fourth quarter was $1.47 per diluted share, compared to $1.62 per diluted share a year ago. Innospec closed the year with net cash of $15.6 million, a substantial improvement on our net debt position of $22.7 million at the end of the third quarter. The Company paid its semi-annual dividend of $0.52 per common share in the quarter and generated significant cash with net cash provided by operating activities of $58.4 million before capital expenditures of $7.3 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 December 31, 2019 Quarter ended December, 2018(in millions, except share and per share data) Income beforeincome taxes Netincome Diluted EPS Income beforeincome taxes Net income Diluted EPS Reported GAAP amounts$43.3$31.1$1.26$42.0$20.4$0.83 Amortization of acquired intangible assets 4.5 3.6 0.15 4.7 3.7 0.15Foreign currency exchange losses 1.8 1.4 0.06 0.7 0.6 0.02Adjustment of income tax provisions - 0.1 - - 1.1 0.05U.S. Tax Re...