Innospec Inc. reported consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales of $360.7 million against $294.3 million a year ago. Operating income was $28.9 million against $25.3 million a year ago. Income before income taxes was $29.7 million against $23.2 million a year ago. Net income was $22.2 million against $17.2 million a year ago. Diluted earnings per share were $0.90 against $0.70 per share a year ago. Adjusted EBITDA was $43.9 million against $39.2 million a year ago. Net cash used in operating activities was $2.0 million against $19.9 million a year ago. Capital expenditures were $3.8 million against $6.7 million a year ago. Non-GAAP income before income taxes was $33.3 million against $32.8 million a year ago. Non-GAAP net income was $25.1 million against $24.4 million a year ago. Non-GAAP diluted earnings per share were $1.02 against $1.0 per share a year ago. The effective tax rate for the quarter was 25.3% compared to 25.9% in the same quarter last year. Total debt was $218.8 million, resulting in net debt of $140.7 million.

The company provided effective rate guidance for the year 2018. The company expected the full year effective rate to be approximately 25%.