Business
Innospec Reports Fourth Quarter and Full Year 2022 Financial Results
Strong operating income growth; 31 percent for the quarter and 42 percent for the year Margin improvement in the quarter and full year $78.4 million net cash
About this update from Innospec Inc.
[{"type":"text","content":"Strong operating income growth; 31 percent for the quarter and 42 percent for the year Margin improvement in the quarter and full year $78.4 million net cash generated from operations in the quarter; Net cash improves to $147.1 million GAAP EPS $1.02; Adjusted non-GAAP EPS $1.20 both adversely impacted by 36 cents from higher tax charges ENGLEWOOD, Colo., Feb. 21, 2023 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the fourth quarter and full year ended December 31, 2022. Total revenues for the fourth quarter were $510.7 million, an increase of 24 percent from $413.2 million in the corresponding period last year. Net income for the quarter was $25.5 million or $1.02 per diluted share compared to $23.9 million or 96 cents per diluted share recorded last year. EBITDA for the quarter was $54.3 million compared to $44.8 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 $1.20 per diluted share, compared to $1.30 per diluted share a year ago. Innospec generated cash from operating activities of $78.4 million before capital expenditures of $15.1 million in the quarter. Innospec closed the quarter with net cash of $147.1 million, a substantial improvement on its position of $100.5 million at the end of the third quarter. In the fourth quarter, the Company paid its semi-annual dividend of 65 cents per common share and repurchased 8,514 of its common shares at a cost of $0.7 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, 2022Quarter ended December 31, 2021(in millions, except share and per share data) Income beforeincome taxes Netincome Diluted EPS Income beforeincome taxes Net income Diluted EPS Reported GAAP amounts$45.2$25.5$1.02$32.7$23.9$0.96 Amortization of acquired intangible assets 2.6 2.0 0.08 3.6 2.9 0.12Foreign currency exchange losses 2.9 1.7 0.07 3.6 2.6 0.10Legacy costs of closed operations 0.9 0.7 0.03 0.5 0.4 0.02Tax on closure of legacy operations - - - - 2.2 0.09Adjustment of income tax provisions - - - - 0.2 ...