Innospec Inc. announced consolidated financial results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net sales of $228.0 million against $242.9 million a year ago. Operating income was $28.6 million against $57.4 million a year ago. Income before income taxes was $36.4 million against $51.8 million a year ago. Net income was $28.9 million or $1.18 per diluted share against $34.5 million or $1.40 per diluted share a year ago. EBITDA was $44.3 million against $34.7 million a year ago. Adjusted non-GAAP EPS was $1.03 per diluted share, compared to $1.02 per diluted share a year ago. Net debt was $4.7 million. Cash generation was strong with operating cash inflows of $50.4 million, before capital expenditures of $4.4 million.

For the six months, the company reported net sales of $440.1 million against $512.1 million a year ago. Operating income was $54.2 million against $80.8 million a year ago. Income before income taxes was $60.9 million against $75.7 million a year ago. Net income was $47.8 million or $1.95 per diluted share against $52.4 million or $2.12 per diluted share a year ago. EBITDA was $77.1 million against $71.4 million a year ago. Net cash provided by operating activities was $57.0 million against $55.1 million a year ago. Capital expenditures were $7.5 million against $7.3 million a year ago.

The company provided earnings guidance for the second half and tax rate guidance for the full year 2016. The company expects to enter the second half of the year with a positive outlook, and believes there are continued clear signs that strategy is right on track to deliver further growth and shareholder value.

The expected tax rate for the full year remains at 20%.