Business
Innospec Reports Second Quarter 2023 Financial Results
Continued strong results from our balanced portfolio with exceptional results in Oilfield Services $55.0 million cash generated from operations in the
About this update from Innospec Inc.
[{"type":"text","content":"Continued strong results from our balanced portfolio with exceptional results in Oilfield Services $55.0 million cash generated from operations in the quarter; Net cash improves to $165.9 million GAAP EPS $1.16 and adjusted non-GAAP EPS $1.28 $8.0 million charge to exit Brazil trading relationship reduced EPS by 21 cents; No further related costs expected ENGLEWOOD, Colo., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the second quarter ended June 30, 2023. Total revenues for the second quarter were $480.4 million, an increase of 3 percent from $467.6 million in the corresponding period last year. Net income for the quarter was $28.9 million or $1.16 per diluted share compared to $32.3 million or $1.29 cents per diluted share recorded last year. EBITDA for the quarter was $46.2 million compared to $52.9 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 second quarter was $1.28 per diluted share, compared to $1.58 per diluted share a year ago. Innospec had strong cash generation in the quarter with cash from operating activities of $55.0 million before capital expenditures of $17.3 million. We closed the quarter with net cash of $165.9 million, a substantial improvement on our position of $147.5 million at the end of the first quarter. In the second quarter, the Company paid its semi-annual dividend of 69 cents per common share and repurchased 5,887 of its common shares at a cost of $0.6 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 June 30, 2023 Quarter ended June 30, 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$36.6 $28.9 $1.16 $42.3$32.3$1.29 Amortization of acquired intangible assets 2.6 2.0 0.08 3.6 2.9 0.12Acquisition related costs 1.5 1.1 0.04 - - -Foreign currency exchange (gains)/losses (1.2) (0.9) (0.04) 4.8 3.7 0.15Legacy costs of closed operations 0.9 0.7 0.03 0.8 0.6 0.02Adjustment of income tax pro...