Innospec Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Rate Guidance for the Year 2018
May 08, 2018 at 09:45 pm
Share
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%.
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.