Innospec Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Cash Generation Guidance for the Second Half of the Year 2018; Provides Tax Rate Guidance for Full Year of 2018
August 07, 2018 at 04:45 pm EDT
Share
Innospec Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales were $358.1 million against $326.3 million a year ago. Operating income was $28.3 million against $33.5 million a year ago. Income before income taxes was $29.5 million against $34.8 million a year ago. Net income was $21.8 million against $26.1 million a year ago. Diluted earnings per share were $0.89 against $1.06 a year ago. Adjusted EBITDA was $43.7 million against $48.9 million a year ago. Adjusted non-GAAP income before income taxes was $32.7 million against $38.7 million a year ago. Adjusted non-GAAP net income was $24.4 million against $28.7 million a year ago. Adjusted non-GAAP diluted earnings per share were $1 against $1.16 a year ago. Net cash provided by operating activities in the quarter was $2.3 million, compared to $9.0 million a year ago. Capital expenditure of $6.7 million included investment in new plant for Drag Reducing Agents.
For the six months, the company reported net sales were $718.8 million against $620.6 million a year ago. Operating income was $57.2 million against $58.8 million a year ago. Income before income taxes was $59.2 million against $58 million a year ago. Net income was $44 million against $43.3 million a year ago. Diluted earnings per share were $1.79 against $1.76 a year ago. Adjusted EBITDA was $87.6 million against $88.1 million a year ago. Net cash provided by operating activities was $0.3 million against net cash used in operating activities of $10.9 million a year ago. Capital expenditures were $10.5 million against $13.1 million a year ago.
The company anticipates improved cash generation in the second half of the year 2018.
For full year the company expected effective tax rate to be 26%.
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 Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Cash Generation Guidance for the Second Half of the Year 2018; Provides Tax Rate Guidance for Full Year of 2018