Business
Innospec Reports Third Quarter 2022 Financial Results
All businesses contributing to sales growth of 36 percent and operating income growth of 60 percent Dividend for full year increased by 10 percent; $2.3
About this update from Innospec Inc.
[{"type":"text","content":"All businesses contributing to sales growth of 36 percent and operating income growth of 60 percent Dividend for full year increased by 10 percent; $2.3 million of share repurchases in the quarter $39.8 million cash generated from operations; Net cash position improves to $100.5 million GAAP EPS of $1.55 and adjusted non-GAAP EPS of $1.74 ENGLEWOOD, Colo., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the third quarter ended September 30, 2022. At the same time, the Company announced that it has declared a semi-annual dividend of 65 cents per common share for the second half of 2022 which will be paid on November 28, 2022 to shareholders of record as of November 21, 2022. This brings the annual dividend to $1.28 per share, a 10 percent increase over 2021. Total revenues for the third quarter were $513.0 million, an increase of 36 percent from $376.1 million in the corresponding period last year. Net income for the quarter was $38.7 million or $1.55 per diluted share compared to $23.4 million or 94 cents per diluted share recorded last year. EBITDA for the quarter was $59.2 million compared to $41.4 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 third quarter was $1.74 per diluted share, compared to $1.15 per diluted share a year ago. Innospec generated cash from operating activities of $39.8 million before capital expenditures of $9.7 million in the quarter. We closed the quarter with net cash of $100.5 million. In the third quarter, the Company repurchased 25,000 of its common shares at a cost of $2.3 million as part of the board-authorized share repurchase program. 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, 2022Quarter ended September 30, 2021(in millions, except share and per share data) Incomebeforeincometaxes Netincome DilutedEPS Incomebeforeincometaxes Netincome DilutedEPS Reported GAAP amounts$48.9$38.7$1.55$30.8$23.4$0.94 Amortization of acquired intangible assets 3.2 2.5 0.10 3.7 3.0 0.12Foreign currency exchange ...