Innospec Inc. Announces Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Second Half and Tax Rate Guidance for the Full Year 2016
August 02, 2016 at 04:45 pm EDT
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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%.
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 Financial Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Second Half and Tax Rate Guidance for the Full Year 2016