Business
Innospec Reports Second Quarter 2024 Financial Results
Performance Chemicals operating income more than doubles on personal care growth Fuel Specialties operating income up double digits with margin expansion As
About this update from Innospec Inc.
[{"type":"text","content":"Performance Chemicals operating income more than doubles on personal care growth Fuel Specialties operating income up double digits with margin expansion As expected, Oilfield Services results impacted by lower production chemical activity Debt-free balance sheet with over $240 million in net cash GAAP EPS $1.24 and adjusted non-GAAP EPS $1.39 ENGLEWOOD, Colo., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the second quarter ended June 30, 2024. Total revenues for the second quarter were $435.0 million, a decrease of 9 percent from $480.4 million in the corresponding period last year. Net income for the quarter was $31.2 million or $1.24 per diluted share compared to $28.9 million or $1.16 per diluted share recorded last year. Adjusted EBITDA for the quarter was $54.1 million compared to $47.4 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 $1.39 per diluted share, compared to $1.28 per diluted share a year ago. Cash from operating activities was $4.7 million before capital expenditures of $15.2 million. The quarter closed with net cash of $240.2 million and in the second quarter, the Company paid its semi-annual dividend of 76 cents per common share. Adjusted EBITDA, income before income taxes excluding special items and net income excluding special items and related per-share amounts together with net cash, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below. Quarter ended June 30, 2024Quarter ended June 30, 2023 (in millions, except share and per share data) Income beforeincome taxes Netincome Diluted EPS Income beforeincome taxes Net income Diluted EPS Reported GAAP amounts$43.7 $31.2 $1.24 $36.6 $28.9 $1.16 Amortization of acquired intangible assets 3.2 2.4 0.10 2.6 2.0 0.08 Legacy costs of closed operations 0.8 0.6 0.02 0.9 0.7 0.03 Adjustment to fair value of contingent consideration 0.6 0.4 0.02 - - - Adjustment of income tax provisions - 0.2 0.01 - 0.3 0.01 Foreign currency exchange losses/(gains) 0.1 0.1 - (1.2) (0.9) (0.04)Acquisition related costs - - - 1.5 1.1 0.04 4.7 3.7 0.15 Adjusted non-GAAP amounts$48.4 $34.9 $1.39 $40.4 $32.1 $...