Innospec Inc. (NASDAQ: IOSP) today announced its financial results
for the second quarter ended June 30, 2019.
Total net sales for the quarter were $362.4
million, up 1 percent from the $358.1 million reported in the
corresponding quarter last year. Net income was $22.3 million, or
$0.90 per diluted share, compared to $21.8 million, or $0.89 per
diluted share, recorded a year ago. EBITDA for the quarter was
$43.8 million compared to $43.7 million in 2018’s second
quarter.
Results for this quarter include special items
summarized in the table below. Excluding these items, adjusted
non-GAAP EPS was $1.12 per diluted share, compared to $1.00 per
diluted share a year ago. Excluding Octane Additives from both
periods, adjusted non-GAAP EPS was $1.12 compared to $0.80 in the
same period last year, a 40 percent increase. Innospec closed the
quarter in a net debt position of $54.8 million. Cash generation
for the quarter was positive with net cash provided by operating
activities of $50.0 million before capital expenditures and
software capitalization totaling $5.7 million.
EBITDA, income before income taxes and net
income excluding special items, and related per-share amounts, are
non-GAAP financial measures that are defined and reconciled with
GAAP results herein and in the schedules below.
|
|
|
|
|
|
|
Quarter ended June 30, 2019 |
|
Quarter ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
share and per share data) |
|
Incomebeforeincometaxes |
|
Netincome |
|
DilutedEPS |
|
Incomebeforeincometaxes |
|
Net income |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
30.5 |
$ |
22.3 |
$ |
0.90 |
$ |
29.5 |
$ |
21.8 |
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired
intangible assets |
|
4.6 |
|
3.6 |
|
0.15 |
|
4.8 |
|
3.8 |
|
|
0.16 |
Foreign currency exchange
losses/(gains) |
|
1.8 |
|
1.3 |
|
0.05 |
|
(1.6) |
|
(1.2) |
|
|
(0.05) |
Adjustment of income tax
provisions |
|
- |
|
0.4 |
|
0.02 |
|
- |
|
- |
|
|
- |
|
|
6.4 |
|
5.3 |
|
0.22 |
|
3.2 |
|
2.6 |
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
amounts |
$ |
36.9 |
$ |
27.6 |
$ |
1.12 |
$ |
32.7 |
$ |
24.4 |
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commenting on the second quarter results,
Patrick S. Williams, President and Chief Executive Officer,
said,
“This has been another good quarter for
Innospec, showing the strength and balance of our portfolio.
Operating income increased by 12 percent despite a significant
reduction from our Octane Additives business and increased
share-based compensation accruals driven by the increase in our
share price. Adjusted non-GAAP EPS excluding Octane Additives is up
40 percent, which demonstrates the quality of our businesses and
the successful execution of our strategy.”
“Fuel Specialties operating income was similar
to a strong comparative quarter, despite having to deal with some
raw material disruptions. The strategy of this business remains on
track and the organic growth opportunities continue to offer
attractive future potential.”
“In Performance Chemicals, raw material prices
fell, which fed through to lower selling prices for some of our
contractual business. While this resulted in lower revenue, it
contributed to improved margins and overall operating income, which
rose 13 percent compared to the same period last year.”
“Oilfield Services has outperformed the market
and again delivered very positive results. Our combination of good
technology and service continues to be attractive to customers in
this market. I am also pleased that our focus on margins and
product mix has contributed to a significant improvement in
operating income.”
“As we expected there were minimal sales in
Octane Additives, which resulted in operating income for the
quarter of $0.1 million compared to $5.2 million a year ago.”
“Overall, excluding Octane Additives, a 37
percent improvement in operating income demonstrates the strength
of our portfolio and positions us well for the future.”
Revenues in Fuel Specialties were $133.3 million
for the quarter down by 1 percent from last year as a positive
price/mix of 5 percent was offset by an adverse currency impact of
4 percent combined with a 2 percent reduction in volumes. Gross
margins of 33.5 percent were similar to the second quarter of 2018,
although slightly weaker sequentially due to sales mix. Operating
income for the quarter was $24.1 million up slightly from $23.7
million in the same quarter last year.
In Performance Chemicals, revenues of $104.7
million were down 12 percent from $118.9 million year ago driven by
a 5 percent reduction in volumes, a negative currency impact of 4
percent and an adverse price/mix of 3 percent as lower raw material
costs fed through into lower prices. Gross margins were up by 2.9
percentage points on prior year, driven by raw material movements,
product mix and other improvement actions. Operating income was up
by 13 percent from last year at $11.0 million.
In Oilfield Services, revenues of $122.5 million
were up 29 percent on the second quarter of 2018, driven by
continued improvement in customer activity, in production and in
stimulation. Gross margins were up 3.8 percentage points on the
second quarter of 2018, largely as a result of a favorable sales
mix. Operating income of $10.1 million more than doubled from $4.1
million in the same quarter last year.
In Octane Additives, revenues for the quarter
were $1.9 million compared to $10.0 million a year ago. Operating
income of $0.1 million compared to $5.2 million in last year’s
second quarter.
Corporate costs for the quarter were $13.6
million, compared to the $14.4 million recorded a year ago. The
effective tax rate for the quarter was 26.9 percent compared to
26.1 percent last year, as a consequence of the geographical
location of taxable profits.
Net cash provided by operating activities in the
quarter was $50.0 million, compared to $2.3 million a year ago. In
the quarter, the Company also distributed $12.2 million to
shareholders for the semi-annual dividend. As of June 30, 2019,
Innospec had $106.1 million in cash and cash equivalents, and total
debt of $160.9 million, further strengthening our balance sheet and
moving our net debt to approximately 0.3x EBITDA.
Mr. Williams concluded,
“We have faced some challenges during this
quarter as a result of the cyber security incident which we
disclosed in a Form 8-K. I am very grateful to our customers,
suppliers, employees, and other partners, who have shown us great
support through this period. We believe that this issue is
transitionary and short-term and Innospec will emerge a stronger
company.”
We believe our underlying markets remain in good
shape and our businesses continue to deliver high quality products
and services, which has resulted in another strong set of
results.”
“Our strategic businesses continue to perform
well. Excluding Octane Additives, operating income growth of 37
percent and strong cash generation of $50 million are both
excellent results.”
Use of Non-GAAP Financial
Measures
The information presented in this press release
includes financial measures that are not calculated or presented in
accordance with Generally Accepted Accounting Principles in the
United States (GAAP). These non-GAAP financial measures
comprise EBITDA, income before income taxes excluding special
items, net income excluding special items and related per share
amounts together with net debt. EBITDA is net income per our
consolidated financial statements adjusted for the exclusion of
charges for interest expense, net, income taxes, depreciation, and
amortization. Income before income taxes, net income and
diluted EPS, excluding special items, per our consolidated
financial statements are adjusted for the exclusion of amortization
of acquired intangible assets, foreign currency exchange
losses/(gains) and adjustment of income tax provisions. Net debt is
total debt less cash and cash equivalents. Reconciliations of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures are provided herein and in the schedules
below. The Company believes that such non-GAAP financial
measures provide useful information to investors and may assist
them in evaluating the Company’s underlying performance and
identifying operating trends. In addition, these non-GAAP
measures address questions the Company routinely receives from
analysts and investors and the Company has determined that it is
appropriate to make this data available to all investors.
While the Company believes that such measures are useful in
evaluating the Company’s performance, investors should not consider
them to be a substitute for financial measures prepared in
accordance with GAAP. In addition, these non-GAAP financial
measures may differ from similarly-titled non-GAAP financial
measures used by other companies and do not provide a comparable
view of the Company’s performance relative to other companies in
similar industries. Management uses adjusted EPS (the most
directly comparable GAAP financial measure for which is GAAP EPS)
and adjusted net income and EBITDA (the most directly comparable
GAAP financial measure for which is GAAP net income) to allocate
resources and evaluate the performance of the Company’s
operations. Management believes the most directly comparable
GAAP financial measure is GAAP net income and has provided a
reconciliation of EBITDA and net income excluding special items,
and related per share amounts, to GAAP net income herein and in the
schedules below.
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 2000 employees in 23
countries. Innospec manufactures and supplies a wide range of
specialty chemicals to markets in the Americas, Europe, the Middle
East, Africa and Asia-Pacific. The Fuel Specialties business
specializes in manufacturing and supplying fuel additives that
improve fuel efficiency, boost engine performance and reduce
harmful emissions. Oilfield Services provides specialty chemicals
to all elements of the oil & gas exploration and production
industry. The Performance Chemicals business creates
innovative technology-based solutions for our customers in the
Personal Care, Home Care, Agrochemical, Mining and Industrial
markets. Octane Additives produces octane improvers to
enhance gasoline.
Forward-Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included or incorporated
herein may constitute forward-looking statements. Such
forward-looking statements include statements (covered by words
like “expects,” “estimates,” “anticipates,” “may,” “believes,”
“feels” or similar words or expressions, for example) which relate
to earnings, growth potential, operating performance, events or
developments that we expect or anticipate will or may occur in the
future. Although forward-looking statements are believed by
management to be reasonable when made, they are subject to certain
risks, uncertainties and assumptions, and our actual performance or
results may differ materially from these forward-looking
statements. Additional information regarding risks,
uncertainties and assumptions relating to Innospec and affecting
our business operations and prospects are described in Innospec’s
Annual Report on Form 10-K for the year ended December 31, 2018 and
other reports filed with the U.S. Securities and Exchange
Commission. You are urged to review our discussion of risks
and uncertainties that could cause actual results to differ from
forward-looking statements under the heading "Risk Factors” in such
reports. Innospec undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Contacts:
Brian WattInnospec
Inc.+44-151-355-3611Brian.Watt@innospecinc.com
|
|
Schedule 1 |
INNOSPEC INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
(in millions, except share and per share
data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
|
$ |
362.4 |
|
|
$ |
358.1 |
|
|
$ |
750.7 |
|
|
$ |
718.8 |
|
Cost of goods sold |
|
|
(251.3 |
) |
|
|
(255.3 |
) |
|
|
(521.8 |
) |
|
|
(511.5 |
) |
Gross profit |
|
|
111.1 |
|
|
|
102.8 |
|
|
|
228.9 |
|
|
|
207.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
(71.2 |
) |
|
|
(65.8 |
) |
|
|
(143.7 |
) |
|
|
(133.1 |
) |
Research and development |
|
|
(8.2 |
) |
|
|
(8.7 |
) |
|
|
(17.3 |
) |
|
|
(17.0 |
) |
Total operating expenses |
|
|
(79.4 |
) |
|
|
(74.5 |
) |
|
|
(161.0 |
) |
|
|
(150.1 |
) |
Operating income |
|
|
31.7 |
|
|
|
28.3 |
|
|
|
67.9 |
|
|
|
57.2 |
|
Other income, net |
|
|
- |
|
|
|
3.0 |
|
|
|
4.1 |
|
|
|
5.5 |
|
Interest expense, net |
|
|
(1.2 |
) |
|
|
(1.8 |
) |
|
|
(2.7 |
) |
|
|
(3.5 |
) |
Income before income
taxes |
|
|
30.5 |
|
|
|
29.5 |
|
|
|
69.3 |
|
|
|
59.2 |
|
Income taxes |
|
|
(8.2 |
) |
|
|
(7.7 |
) |
|
|
(18.3 |
) |
|
|
(15.2 |
) |
Net income |
|
$ |
22.3 |
|
|
$ |
21.8 |
|
|
$ |
51.0 |
|
|
$ |
44.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.91 |
|
|
$ |
0.89 |
|
|
$ |
2.08 |
|
|
$ |
1.80 |
|
Diluted |
|
$ |
0.90 |
|
|
$ |
0.89 |
|
|
$ |
2.07 |
|
|
$ |
1.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,483 |
|
|
|
24,409 |
|
|
|
24,468 |
|
|
|
24,389 |
|
Diluted |
|
|
24,678 |
|
|
|
24,591 |
|
|
|
24,671 |
|
|
|
24,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INNOSPEC INC. AND SUBSIDIARIES |
Schedule 2A |
|
SEGMENTAL ANALYSIS OF
RESULTS |
|
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
(in
millions) |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel Specialties |
|
$ |
133.3 |
|
|
$ |
134.2 |
|
|
$ |
289.3 |
|
|
$ |
277.6 |
|
Performance Chemicals |
|
|
104.7 |
|
|
|
118.9 |
|
|
|
222.8 |
|
|
|
242.9 |
|
Oilfield Services |
|
|
122.5 |
|
|
|
95.0 |
|
|
|
236.7 |
|
|
|
187.9 |
|
Octane Additives |
|
|
1.9 |
|
|
|
10.0 |
|
|
|
1.9 |
|
|
|
10.4 |
|
|
|
|
362.4 |
|
|
|
358.1 |
|
|
|
750.7 |
|
|
|
718.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel Specialties |
|
|
44.7 |
|
|
|
44.5 |
|
|
|
100.4 |
|
|
|
93.0 |
|
Performance Chemicals |
|
|
24.0 |
|
|
|
23.8 |
|
|
|
50.6 |
|
|
|
49.2 |
|
Oilfield Services |
|
|
41.5 |
|
|
|
28.6 |
|
|
|
79.2 |
|
|
|
60.0 |
|
Octane Additives |
|
|
0.9 |
|
|
|
5.9 |
|
|
|
(1.3 |
) |
|
|
5.1 |
|
|
|
|
111.1 |
|
|
|
102.8 |
|
|
|
228.9 |
|
|
|
207.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel Specialties |
|
|
24.1 |
|
|
|
23.7 |
|
|
|
57.0 |
|
|
|
51.9 |
|
Performance Chemicals |
|
|
11.0 |
|
|
|
9.7 |
|
|
|
24.5 |
|
|
|
21.8 |
|
Oilfield Services |
|
|
10.1 |
|
|
|
4.1 |
|
|
|
17.9 |
|
|
|
7.1 |
|
Octane Additives |
|
|
0.1 |
|
|
|
5.2 |
|
|
|
(2.7 |
) |
|
|
3.8 |
|
Corporate costs |
|
|
(13.6 |
) |
|
|
(14.4 |
) |
|
|
(28.8 |
) |
|
|
(27.4 |
) |
Total operating income |
|
$ |
31.7 |
|
|
$ |
28.3 |
|
|
$ |
67.9 |
|
|
$ |
57.2 |
|
Schedule 2B |
|
NON-GAAP
MEASURES |
|
|
Three Months Ended June 30 |
|
|
Six Months Ended June
30 |
(in
millions) |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
22.3 |
|
|
$ |
21.8 |
|
|
$ |
51.0 |
|
|
$ |
44.0 |
|
Interest expense, net |
|
|
1.2 |
|
|
|
1.8 |
|
|
|
2.7 |
|
|
|
3.5 |
|
Income taxes |
|
|
8.2 |
|
|
|
7.7 |
|
|
|
18.3 |
|
|
|
15.2 |
|
Depreciation and
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel Specialties |
|
|
1.0 |
|
|
|
0.9 |
|
|
|
1.9 |
|
|
|
1.9 |
|
Performance Chemicals |
|
|
4.9 |
|
|
|
4.7 |
|
|
|
9.6 |
|
|
|
9.7 |
|
Oilfield Services |
|
|
4.5 |
|
|
|
4.4 |
|
|
|
8.8 |
|
|
|
8.5 |
|
Octane Additives |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.6 |
|
|
|
0.6 |
|
Corporate costs |
|
|
1.4 |
|
|
|
2.1 |
|
|
|
2.6 |
|
|
|
4.2 |
|
EBITDA |
|
|
43.8 |
|
|
|
43.7 |
|
|
|
95.5 |
|
|
|
87.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel Specialties |
|
|
25.1 |
|
|
|
24.6 |
|
|
|
58.9 |
|
|
|
53.8 |
|
Performance Chemicals |
|
|
15.9 |
|
|
|
14.4 |
|
|
|
34.1 |
|
|
|
31.5 |
|
Oilfield Services |
|
|
14.6 |
|
|
|
8.5 |
|
|
|
26.7 |
|
|
|
15.6 |
|
Octane Additives |
|
|
0.4 |
|
|
|
5.5 |
|
|
|
(2.1 |
) |
|
|
4.4 |
|
Corporate costs |
|
|
(12.2 |
) |
|
|
(12.3 |
) |
|
|
(26.2 |
) |
|
|
(23.2 |
) |
|
|
|
43.8 |
|
|
|
40.7 |
|
|
|
91.4 |
|
|
|
82.1 |
|
Other income, net |
|
|
- |
|
|
|
3.0 |
|
|
|
4.1 |
|
|
|
5.5 |
|
EBITDA |
|
$ |
43.8 |
|
|
$ |
43.7 |
|
|
$ |
95.5 |
|
|
$ |
87.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA by segment includes operating income relating to the
segments, excluding depreciation and amortization. |
|
Schedule 3 |
INNOSPEC INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(in millions) |
|
|
June 30,2019 |
|
|
December 31,2018 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
106.1 |
|
$ |
123.1 |
Trade and other accounts receivable |
|
|
280.0 |
|
|
279.7 |
Inventories |
|
|
248.2 |
|
|
248.0 |
Prepaid expenses |
|
|
11.9 |
|
|
11.6 |
Prepaid income taxes |
|
|
4.3 |
|
|
1.5 |
Total current assets |
|
|
650.5 |
|
|
663.9 |
|
|
|
|
|
|
|
Net property, plant and
equipment |
|
|
200.3 |
|
|
196.4 |
Goodwill |
|
|
364.3 |
|
|
364.9 |
Operating lease right-of-use
assets |
|
|
36.0 |
|
|
- |
Other intangible assets |
|
|
125.1 |
|
|
136.3 |
Deferred tax assets |
|
|
8.6 |
|
|
8.8 |
Pension asset |
|
|
99.4 |
|
|
95.9 |
Other non-current assets |
|
|
5.4 |
|
|
7.2 |
Total assets |
|
$ |
1,489.6 |
|
$ |
1,473.4 |
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Overdraft |
|
$ |
0.7 |
|
$ |
- |
Accounts payable |
|
|
117.1 |
|
|
126.8 |
Accrued liabilities |
|
|
132.0 |
|
|
132.1 |
Current portion of long-term debt |
|
|
21.5 |
|
|
21.4 |
Current portion of finance leases |
|
|
1.3 |
|
|
1.8 |
Current portion of plant closure provisions |
|
|
5.3 |
|
|
5.9 |
Current portion of accrued income taxes |
|
|
14.2 |
|
|
8.6 |
Current portion of operating lease liabilities |
|
|
11.6 |
|
|
- |
Total current liabilities |
|
|
303.7 |
|
|
296.6 |
|
|
|
|
|
|
|
Long-term debt, net of current
portion |
|
|
136.5 |
|
|
186.2 |
Finance leases, net of current
portion |
|
|
0.9 |
|
|
1.5 |
Plant closure provisions, net
of current portion |
|
|
44.1 |
|
|
43.6 |
Accrued income taxes, net of
current portion |
|
|
36.3 |
|
|
40.0 |
Unrecognized tax benefits, net
of current portion |
|
|
14.6 |
|
|
14.0 |
Operating lease liabilities,
net of current portion |
|
|
24.4 |
|
|
- |
Deferred tax liabilities |
|
|
48.1 |
|
|
48.2 |
Pension liabilities and
post-employment benefits |
|
|
16.0 |
|
|
15.7 |
Other non-current
liabilities |
|
|
1.9 |
|
|
2.1 |
Equity |
|
|
863.1 |
|
|
825.5 |
Total liabilities and
equity |
|
$ |
1,489.6 |
|
$ |
1,473.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 4 |
INNOSPEC INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
|
Six Months Ended |
|
|
|
June 20 |
(in
millions) |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
Cash Flows from Operating
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
51.0 |
|
|
$ |
44.0 |
|
Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
23.8 |
|
|
|
25.3 |
|
Deferred taxes |
|
|
0.1 |
|
|
|
1.7 |
|
Cash contributions to defined benefit pension plans |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
Non-cash movements on defined benefit pension plans |
|
|
(3.1 |
) |
|
|
(2.2 |
) |
Stock option compensation |
|
|
3.2 |
|
|
|
1.9 |
|
Changes in working capital |
|
|
(11.4 |
) |
|
|
(65.7 |
) |
Movements in accrued income taxes |
|
|
(0.6 |
) |
|
|
(5.7 |
) |
Movements in plant closure provisions |
|
|
- |
|
|
|
1.8 |
|
Movements in unrecognized tax benefits |
|
|
0.7 |
|
|
|
0.6 |
|
Movements in other assets and liabilities |
|
|
- |
|
|
|
(0.9 |
) |
Net cash provided by operating
activities |
|
|
63.2 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(16.2 |
) |
|
|
(10.5 |
) |
Business combinations, net of
cash acquired |
|
|
- |
|
|
|
(5.8 |
) |
Internally developed
software |
|
|
(0.7 |
) |
|
|
(0.8 |
) |
Net cash used in investing
activities |
|
|
(16.9 |
) |
|
|
(17.1 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (repayment)/receipt of
revolving credit facility |
|
|
(50.0 |
) |
|
|
5.0 |
|
Receipt of short-term
borrowing |
|
|
0.7 |
|
|
|
- |
|
Repayment of finance
leases |
|
|
(0.9 |
) |
|
|
(1.4 |
) |
Dividend paid |
|
|
(12.2 |
) |
|
|
(10.7 |
) |
Issue of treasury stock |
|
|
1.3 |
|
|
|
1.1 |
|
Repurchase of common
stock |
|
|
(2.1 |
) |
|
|
(1.2 |
) |
Net cash used in financing
activities |
|
|
(63.2 |
) |
|
|
(7.2 |
) |
Effect of foreign currency
exchange rate changes on cash |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
Net change in cash and cash
equivalents |
|
|
(17.0 |
) |
|
|
(24.2 |
) |
Cash and cash equivalents at
beginning of period |
|
|
123.1 |
|
|
|
90.2 |
|
Cash and cash equivalents at
end of period |
|
$ |
106.1 |
|
|
$ |
66.0 |
|
|
|
|
|
|
|
|
|
|
Amortization of deferred finance costs of $0.3 million (2018 -
$0.3 million) are included in depreciation and amortization in the
condensed consolidated statements of cash flows and in interest
expense, net in the condensed consolidated statements of
income.
Innospec (NASDAQ:IOSP)
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