Innospec Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Ended September 30, 2017; Provides Tax Rate Guidance for 2017; Provides Capital Expenditure Guidance for 2018
November 07, 2017 at 04:45 pm EST
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Innospec Inc. announced consolidated earnings results for the third quarter and nine ended September 30, 2017. For the quarter, the company reported net sales of $332.4 million against $205.5 million a year ago. Operating income was $30.2 million against $18.9 million a year ago. Income before income taxes was $29.9 million against $13.2 million a year ago. Net income was $23.3 million against $11.4 million a year ago. Diluted earnings per share were $0.95 against $0.47 a year ago. Adjusted EBITDA was $44.5 million against $21.2 million a year ago. Non- GAAP income before income taxes was $33.1 million against $22.9 million a year ago. Non- GAAP net income was $24.6 million against $19.1 million a year ago. Excluding special items adjusted EPS was $1.00 per share compared to $0.78 reported in the third quarter of 2016.
For the nine months, the company reported net sales of $953.0 million against $645.6 million a year ago. Operating income was $91.3 million against $73.1 million a year ago. Income before income taxes was $87.9 million against $74.1 million a year ago. Net income was $66.6 million against $59.2 million a year ago. Diluted earnings per share were $2.71 against $2.42 a year ago. Adjusted EBITDA was $132.6 million against $98.3 million a year ago. Net cash provided by operating activities was $35.2 million against $87.0 million a year ago. Capital expenditures were $16.4 million against $12.2 million a year ago. The company closed the quarter with net debts of $169.6 million compared to $206.1 million at the end of the last quarter.
For the year 2017, the expected tax rate is at 25%.
For the year 2018, the company announced that the maintenance capital expenditure to be around about $25 million to $30 million unless there's a specific project that it want to invest in.
Innospec Inc. develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Company operates through three segments: Performance Chemicals, Fuel Specialties and Oilfield Services. The Companyâs Performance Chemicals business creates technology-based solutions for the personal care, home care, agrochemical, construction, mining, and other industrial markets. This segment serves multinational companies, manufacturers of personal care and home care products and global mining, agricultural and building products and other industrial companies. The Companyâs Fuel Specialties segment develops, manufactures, blends, markets and supplies a range of specialty chemical products used as additives in diesel, jet, marine, fuel oil and other fuels. The Companyâs Oilfield Services business supplies drilling, completion and production chemicals.
Innospec Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Ended September 30, 2017; Provides Tax Rate Guidance for 2017; Provides Capital Expenditure Guidance for 2018