Business
Innospec Reports Third Quarter 2021 Financial Results
Performance Chemicals achieves record quarterly sales with operating income up 44 percent Strong sales and operating income growth in Fuel Specialties and
About this update from Innospec Inc.
[{"type":"text","content":"Performance Chemicals achieves record quarterly sales with operating income up 44 percent Strong sales and operating income growth in Fuel Specialties and Oilfield Services GAAP EPS 94 cents and adjusted non-GAAP EPS of $1.15 Dividend for full year increased by 12 percent ENGLEWOOD, Colo., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the third quarter ended September 30, 2021. At the same time, the Company announced that it has declared a semi-annual dividend of $0.59 per common share for the second half of 2021 which will be paid on November 24 to shareholders of record as of November 16, 2021. This brings the annual dividend to $1.16 per share, a 12 percent increase over 2020. Total revenues for the third quarter were $376.1 million, an increase of 42 percent from $265.1 million in the corresponding period last year. Net income for the quarter was $23.4 million or 94 cents per share compared to $12.7 million or 51 cents per share a year ago. EBITDA for the quarter was $41.4 million compared to $31.5 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 third quarter was $1.15 per share, compared to 71 cents per share a year ago. Cash generation for the quarter was impacted by an increase in working capital due to higher levels of trading and protective quantities of inventory to offset supply-chain disruption. This resulted in net cash from operating activities of $2.8 million before capital expenditures of $7.9 million. We closed the quarter with net cash of $89.2 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 September 30, 2021 Quarter ended September 30, 2020(in millions, except share and per share data) Income beforeincome taxes Netincome Diluted share Income beforeincome taxes Net income Diluted share Reported GAAP amounts$30.8$23.4$0.94$20.2 $12.7 $0.51 Amortization of acquired intangible assets 3.7 3.0 0.12 3.5 2.8 0.11 Foreign currency exchange losses/(gains) 1.6 1.2 0.05 (2.4) (1.8) (0.07)Legacy costs of closed operations 1.1 ...