Innospec Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Tax Rate Guidance for the Full Year of 2016
November 02, 2016 at 08:45 pm
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Innospec Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company's total net sales were $205.5 million against $254.2 million a year ago. Operating income was $18.9 million against $41.2 million a year ago. Income before income taxes was $13.2 million compared to $41.4 million a year ago. Net income was $11.4 million or $0.47 per diluted share against $35.6 million or $1.45 per diluted share a year ago. Adjusted EBITDA was $21.2 million against $42.1 million a year ago. Net cash generated from operations was strong in the quarter at $29.8 million, compared to $35.5 million reported a year ago. Adjusted non-GAAP income before income taxes was $21.7 million compared to $31.7 million a year ago. Adjusted non-GAAP net income was $19.1 million or $0.78 per diluted share against $29.0 million or $1.18 per diluted share a year ago. Capital expenditures during the quarter were $4.7 million.
For the nine months, the company reported total net sales of $645.6 million against $766.3 million a year ago. Operating income was $73.1 million compared to $122.0 million a year ago. Income before income taxes was $74.1 million compared to $117.1 million a year ago. Net income was $59.2 million or $2.42 per diluted share against $88.0 million or $3.57 per diluted share a year ago. Adjusted EBITDA was $98.3 million against $113.5 million a year ago. Net cash provided by operating activities was $86.8 million compared to $90.6 million a year ago. Capital expenditures were $12.2 million compared to $12.0 million a year ago.
For the full year of 2016, the expected tax rate is anticipated to be 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. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Tax Rate Guidance for the Full Year of 2016