Innospec Inc. (NASDAQ: IOSP) today announced its financial results
for the third quarter ended September 30, 2021. At the same time,
the Company announced that it has declared a semi-annual dividend
of $0.59 per common share for the second half of 2021 which will be
paid on November 24 to shareholders of record as of November 16,
2021. This brings the annual dividend to $1.16 per share, a 12
percent increase over 2020.
Total revenues for the third quarter were $376.1
million, an increase of 42 percent from $265.1 million in the
corresponding period last year. Net income for the quarter was
$23.4 million or 94 cents per share compared to $12.7 million or 51
cents per share a year ago. EBITDA for the quarter was $41.4
million compared to $31.5 million reported in the same period a
year ago.
Results for this quarter include some special
items, which are summarized in the table below. Excluding these
items, adjusted non-GAAP EPS in the third quarter was $1.15 per
share, compared to 71 cents per share a year ago.
Cash generation for the quarter was impacted by
an increase in working capital due to higher levels of trading and
protective quantities of inventory to offset supply-chain
disruption. This resulted in net cash from operating activities of
$2.8 million before capital expenditures of $7.9 million. We closed
the quarter with net cash of $89.2 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 September 30, 2021 |
|
Quarter ended September 30, 2020 |
(in millions, except
share and per share data) |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted share |
|
Income beforeincome taxes |
|
Net income |
|
Diluted share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
30.8 |
$ |
23.4 |
$ |
0.94 |
$ |
20.2 |
|
$ |
12.7 |
|
$ |
0.51 |
|
Amortization of acquired
intangible assets |
|
3.7 |
|
3.0 |
|
0.12 |
|
3.5 |
|
|
2.8 |
|
|
0.11 |
|
Foreign currency exchange
losses/(gains) |
|
1.6 |
|
1.2 |
|
0.05 |
|
(2.4 |
) |
|
(1.8 |
) |
|
(0.07 |
) |
Legacy costs of closed
operations |
|
1.1 |
|
0.9 |
|
0.04 |
|
1.1 |
|
|
0.9 |
|
|
0.04 |
|
Change in UK statutory tax
rate |
|
- |
|
- |
|
- |
|
- |
|
|
2.6 |
|
|
0.11 |
|
Adjustment of income tax
provisions |
|
- |
|
- |
|
- |
|
- |
|
|
0.3 |
|
|
0.01 |
|
|
|
6.4 |
|
5.1 |
|
0.21 |
|
2.2 |
|
|
4.8 |
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
amounts |
$ |
37.2 |
$ |
28.5 |
$ |
1.15 |
$ |
22.4 |
|
$ |
17.5 |
|
$ |
0.71 |
|
Commenting on the third quarter results, Patrick
S. Williams, President and Chief Executive Officer, said,
“Despite the extremely challenging supply chain
and inflationary backdrop in the quarter, we held gross margins at
historical levels and maintained an excellent standard of service
for our customers. We expect these cost and supply chain headwinds
to continue into 2022, and we anticipate that additional price
actions may be required across all businesses as we maintain close
coordination with our suppliers and customers.
Performance Chemicals again delivered excellent
results with record quarterly sales and a 44 percent increase in
operating income over the prior year. Gross margins and operating
leverage both improved which drove an operating margin expansion.
The multi-year outlook continues to be strong due to what we
believe are secular shifts in consumer preferences towards clean
and sustainable formulations and packaging. Our industry-leading
technologies are direct enablers of those trends. The previously
announced new global technology center and significant production
capacity expansions are on track and expected to be online by the
first quarter of 2022. Collectively these represent a material
advance in our ability to support our customers’ global
initiatives.
In Fuel Specialties sales continued to improve
sequentially in all regions other than Asia where lingering effects
of the Delta variant have slowed the economic recovery. Gross
margins were slightly below our expected range due to a combination
of below-average jet fuel additive demand and the timing lag of our
on-going price actions. Global average diesel demand is now broadly
similar to 2019 levels while jet fuel demand remains depressed due
to the impact of COVID-19 related restrictions on global flight
activity. We expect continued growth in both diesel and jet fuel
consumption as economies fully reopen.
In Oilfield Services sequential sales, operating
income and operating margin continued to improve. While our growth
rate this quarter lagged behind our internal expectations, we have
been disciplined with our pricing, maintained our gross margins and
continue to see significant potential for operating income growth
and margin expansion in the coming quarters. We believe that
overall activity levels and market conditions will continue to
improve and support our execution of this plan.”
Revenues in Performance Chemicals reached a
quarterly record of $132.8 million, up 30 percent from $102.0
million in the third quarter last year. Volumes grew 10 percent
with a positive price/mix of 19 percent and a favorable currency
impact of 1 percent. Gross margins increased 1.0 percentage point
from the same quarter last year to 24.5 percent. Operating income
for the quarter was $17.8 million, up 44 percent from $12.4 million
a year ago.
Revenues in Fuel Specialties were $156.4 million
for the quarter, a 30 percent increase from $120.0 million last
year. Volumes grew 17 percent with a positive price/mix of 12
percent and a favorable currency impact of 1 percent. Gross margins
of 31.4 percent were slightly below our expected range and down 2.2
percentage points on the same quarter last year. Operating income
for the quarter was $26.6 million, up 20 percent from $22.2 million
a year ago.
Revenues in Oilfield Services for the quarter
were $86.9 million, double the $43.1 million in the third quarter
last year as customer activity continued to increase. Gross margins
improved by 2.5 percentage points to 35.9 percent and operating
income increased $7.2 million to $2.7 million.
Corporate costs for the quarter were $15.7
million, compared with $13.3 million a year ago, due mainly to
higher share-based compensation accruals.
The effective tax rate for the quarter was 24.0
percent compared to 37.1 percent last year which included the
adverse impact of the change in the UK tax rate. The adjusted
effective tax rate was 22.3 percent compared to 23.0 percent a year
ago.
For the quarter, net cash provided by operating
activities was $2.8 million, adversely impacted by the increase in
net working capital on sequential sales and inventory growth to
offset supply-chain disruption. As of September 30, 2021, Innospec
had $89.2 million in cash and cash equivalents and no debt.
Mr. Williams concluded,
“Innospec’s third quarter performance was very
pleasing given the significant supply chain and inflation
challenges. We believe we are well positioned to navigate the
expected continuation of these conditions.
In Performance Chemicals, we recently raised our
medium-term volume growth outlook from mid single to high
single-digits. We expect to further step-up organic growth capital
expenditures in 2022 to support increasing demand for our industry
leading mild, sustainable and natural personal care and home care
technologies.
In Fuel Specialties, we believe that our medium
term outlook for global diesel, jet and sustainable fuel demand is
for growth above 2019 levels. In the shorter-term, the on-going
relaxation of travel restrictions is expected to support above
average sales growth for our higher margin jet fuel additives.
In Oilfield Services, while we have delivered
sequential improvements since the second quarter of last year, the
rate of these improvements is below our internal expectations. We
remain focused on driving further growth in operating income and
margin improvement as we move through year-end and the first half
of 2022.
Our balance sheet remains strong, and we believe
that we have the capacity to support both our organic growth
strategies and meaningful targeted acquisitions. I am delighted the
Board has decided to again increase our semi-annual dividend to
$0.59 bringing our dividend to $1.16 for the full year, an annual
increase of 12 percent.”
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 cash. 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), legacy costs of closed operations, change in the UK
statutory tax rate and adjustment of income tax provisions. Net
cash is cash and cash equivalents less total debt. 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 1900 employees in 24
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 and 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.
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,” “could,”
“believes,” “feels,” “plans,” “intends” 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, including, the effects of the
COVID-19 pandemic, such as its duration, its unknown long-term
economic impact, measures taken by governmental authorities to
address it, the effectiveness, acceptance and distributions of
COVID-19 vaccines and the manner in which the pandemic may
precipitate or exacerbate other risks and/or uncertainties, 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, 2020 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:
Corbin BarnesInnospec
Inc.+44-151-355-3611corbin.barnes@innospecinc.com
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME
Schedule 1
(in
millions, except share and per share data)
|
|
Three Months EndedSeptember
30 |
|
Nine Months EndedSeptember 30 |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
376.1 |
|
$ |
265.1 |
|
$ |
1,070.2 |
|
$ |
882.3 |
|
Cost of goods sold |
|
(263.2 |
) |
|
(186.4 |
) |
|
(748.2 |
) |
|
(630.6 |
) |
Gross profit |
|
112.9 |
|
|
78.7 |
|
|
322.0 |
|
|
251.7 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
(71.2 |
) |
|
(54.2 |
) |
|
(197.5 |
) |
|
(182.1 |
) |
Research and development |
|
(10.3 |
) |
|
(7.7 |
) |
|
(27.9 |
) |
|
(24.4 |
) |
Restructuring charge |
|
- |
|
|
- |
|
|
- |
|
|
(21.1 |
) |
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(19.8 |
) |
Total operating expenses |
|
(81.5 |
) |
|
(61.9 |
) |
|
(225.4 |
) |
|
(247.4 |
) |
Operating income |
|
31.4 |
|
|
16.8 |
|
|
96.6 |
|
|
4.3 |
|
Other (loss)/income, net |
|
(0.2 |
) |
|
3.8 |
|
|
6.2 |
|
|
7.8 |
|
Interest expense, net |
|
(0.4 |
) |
|
(0.4 |
) |
|
(1.1 |
) |
|
(1.5 |
) |
Income before income
taxes |
|
30.8 |
|
|
20.2 |
|
|
101.7 |
|
|
10.6 |
|
Income taxes |
|
(7.4 |
) |
|
(7.5 |
) |
|
(32.5 |
) |
|
(4.5 |
) |
Net income |
$ |
23.4 |
|
$ |
12.7 |
|
$ |
69.2 |
|
$ |
6.1 |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.95 |
|
$ |
0.52 |
|
$ |
2.81 |
|
$ |
0.25 |
|
Diluted |
$ |
0.94 |
|
$ |
0.51 |
|
$ |
2.78 |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
Basic |
|
24,643 |
|
|
24,570 |
|
|
24,624 |
|
|
24,555 |
|
Diluted |
|
24,864 |
|
|
24,720 |
|
|
24,872 |
|
|
24,758 |
|
|
|
|
|
|
|
|
|
|
INNOSPEC INC. AND
SUBSIDIARIES
Schedule
2A
SEGMENTAL ANALYSIS OF RESULTS |
|
Three Months EndedSeptember 30 |
|
Nine Months EndedSeptember 30 |
(in millions) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net
sales: |
|
|
|
|
|
|
|
|
Fuel Specialties |
$ |
156.4 |
|
$ |
120.0 |
|
$ |
438.8 |
|
$ |
374.4 |
|
Performance Chemicals |
|
132.8 |
|
|
102.0 |
|
|
386.9 |
|
|
310.8 |
|
Oilfield Services |
|
86.9 |
|
|
43.1 |
|
|
244.5 |
|
|
197.1 |
|
|
|
376.1 |
|
|
265.1 |
|
|
1,070.2 |
|
|
882.3 |
|
|
|
|
|
|
|
|
|
|
Gross
profit/(loss): |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
49.1 |
|
|
40.3 |
|
|
144.1 |
|
|
116.9 |
|
Performance Chemicals |
|
32.6 |
|
|
24.0 |
|
|
95.6 |
|
|
76.5 |
|
Oilfield Services |
|
31.2 |
|
|
14.4 |
|
|
82.3 |
|
|
60.5 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.2 |
) |
|
|
112.9 |
|
|
78.7 |
|
|
322.0 |
|
|
251.7 |
|
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
26.6 |
|
|
22.2 |
|
|
78.9 |
|
|
59.0 |
|
Performance Chemicals |
|
17.8 |
|
|
12.4 |
|
|
54.0 |
|
|
40.2 |
|
Oilfield Services |
|
2.7 |
|
|
(4.5 |
) |
|
6.1 |
|
|
(9.7 |
) |
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.8 |
) |
Corporate costs |
|
(15.7 |
) |
|
(13.3 |
) |
|
(42.4 |
) |
|
(41.5 |
) |
|
|
31.4 |
|
|
16.8 |
|
|
96.6 |
|
|
45.2 |
|
Restructuring charge |
|
- |
|
|
- |
|
|
- |
|
|
(21.1 |
) |
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(19.8 |
) |
Total
operating income |
$ |
31.4 |
|
$ |
16.8 |
|
$ |
96.6 |
|
$ |
4.3 |
|
Schedule 2B
NON-GAAP MEASURES |
|
Three Months EndedSeptember 30 |
|
Nine Months EndedSeptember 30 |
(in millions) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
23.4 |
|
$ |
12.7 |
|
$ |
69.2 |
|
$ |
6.1 |
|
Interest
expense, net |
|
0.4 |
|
|
0.4 |
|
|
1.1 |
|
|
1.5 |
|
Income
taxes |
|
7.4 |
|
|
7.5 |
|
|
32.5 |
|
|
4.5 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
1.5 |
|
|
1.0 |
|
|
4.1 |
|
|
3.0 |
|
Performance Chemicals |
|
5.2 |
|
|
5.3 |
|
|
15.9 |
|
|
15.4 |
|
Oilfield Services |
|
3.1 |
|
|
3.2 |
|
|
9.3 |
|
|
11.8 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
0.6 |
|
Corporate costs |
|
0.4 |
|
|
1.4 |
|
|
1.3 |
|
|
4.0 |
|
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
19.8 |
|
Impairment of tangible assets |
|
- |
|
|
- |
|
|
- |
|
|
2.0 |
|
EBITDA |
|
41.4 |
|
|
31.5 |
|
|
133.4 |
|
|
68.7 |
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
28.1 |
|
|
23.2 |
|
|
83.0 |
|
|
62.0 |
|
Performance Chemicals |
|
23.0 |
|
|
17.7 |
|
|
69.9 |
|
|
55.6 |
|
Oilfield Services |
|
5.8 |
|
|
(1.3 |
) |
|
15.4 |
|
|
2.1 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.2 |
) |
Corporate costs |
|
(15.3 |
) |
|
(11.9 |
) |
|
(41.1 |
) |
|
(37.5 |
) |
|
|
41.6 |
|
|
27.7 |
|
|
127.2 |
|
|
80.0 |
|
Restructuring excluding impairment of tangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(19.1 |
) |
Other
(loss)/income, net |
|
(0.2 |
) |
|
3.8 |
|
|
6.2 |
|
|
7.8 |
|
EBITDA |
$ |
41.4 |
|
$ |
31.5 |
|
$ |
133.4 |
|
$ |
68.7 |
|
EBITDA by segment includes operating income
relating to the segments, excluding depreciation and
amortization.
Schedule 3
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions) |
|
September 30,2021 |
|
December 31,2020 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
89.2 |
$ |
105.3 |
Trade and other accounts receivable |
|
302.8 |
|
221.4 |
Inventories |
|
274.1 |
|
220.0 |
Prepaid expenses |
|
12.3 |
|
14.9 |
Prepaid income taxes |
|
3.8 |
|
4.2 |
Other current assets |
|
0.8 |
|
0.4 |
Total current assets |
|
683.0 |
|
566.2 |
|
|
|
|
|
Net property, plant and
equipment |
|
213.0 |
|
210.8 |
Operating lease right-of-use
assets |
|
33.4 |
|
40.1 |
Goodwill |
|
366.0 |
|
371.2 |
Other intangible assets |
|
61.9 |
|
75.3 |
Deferred tax assets |
|
7.3 |
|
7.6 |
Pension asset |
|
122.8 |
|
118.0 |
Other non-current assets |
|
5.0 |
|
8.2 |
Total assets |
$ |
1,492.4 |
$ |
1,397.4 |
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
137.1 |
$ |
98.7 |
Accrued liabilities |
|
147.6 |
|
129.8 |
Current portion of finance leases |
|
- |
|
0.5 |
Current portion of operating lease liabilities |
|
13.3 |
|
11.3 |
Current portion of plant closure provisions |
|
5.7 |
|
6.6 |
Current portion of accrued income taxes |
|
4.6 |
|
5.5 |
Total current liabilities |
|
308.3 |
|
252.4 |
|
|
|
|
|
Finance leases, net of current
portion |
|
- |
|
0.1 |
Operating lease liabilities,
net of current portion |
|
20.2 |
|
28.9 |
Plant closure provisions, net
of current portion |
|
50.8 |
|
51.9 |
Accrued income taxes, net of
current portion |
|
27.8 |
|
32.4 |
Unrecognized tax benefits |
|
16.4 |
|
16.0 |
Deferred tax liabilities |
|
54.4 |
|
46.9 |
Pension liabilities and
post-employment benefits |
|
19.1 |
|
20.5 |
Other non-current
liabilities |
|
2.3 |
|
3.4 |
Equity |
|
993.1 |
|
944.9 |
Total liabilities and
equity |
$ |
1,492.4 |
$ |
1,397.4 |
Schedule 4
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
Nine Months EndedSeptember
30 |
(in millions) |
|
2021 |
|
|
2020 |
|
Cash
Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
69.2 |
|
$ |
6.1 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
30.9 |
|
|
35.3 |
|
Impairment of intangible assets |
|
- |
|
|
19.8 |
|
Impairment of tangible assets |
|
- |
|
|
2.0 |
|
Deferred taxes |
|
8.0 |
|
|
(3.3 |
) |
Non-cash movements on defined benefit pension plans |
|
(2.4 |
) |
|
(3.3 |
) |
Stock option compensation |
|
4.6 |
|
|
4.4 |
|
Changes in working capital |
|
(82.6 |
) |
|
30.9 |
|
Movements in accrued income taxes |
|
(3.8 |
) |
|
(12.9 |
) |
Movements in plant closure provisions |
|
(1.5 |
) |
|
8.2 |
|
Movements in unrecognized tax benefits |
|
0.4 |
|
|
(0.9 |
) |
Movements in other assets and liabilities |
|
1.6 |
|
|
1.4 |
|
Net cash
provided by operating activities |
|
24.4 |
|
|
87.7 |
|
Cash
Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
(27.4 |
) |
|
(21.7 |
) |
Proceeds
on disposal of property, plant and equipment |
|
0.4 |
|
|
- |
|
Net cash
used in investing activities |
|
(27.0 |
) |
|
(21.7 |
) |
Cash
Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
0.1 |
|
|
0.1 |
|
Net
repayment of revolving credit facility |
|
- |
|
|
(60.0 |
) |
Repayment of finance leases |
|
(0.5 |
) |
|
(0.9 |
) |
Refinancing costs |
|
- |
|
|
(0.3 |
) |
Dividend
paid |
|
(14.0 |
) |
|
(12.8 |
) |
Issue of
treasury stock |
|
2.0 |
|
|
1.2 |
|
Repurchase of common stock |
|
(0.8 |
) |
|
(2.1 |
) |
Net cash
used in financing activities |
|
(13.2 |
) |
|
(74.8 |
) |
Effect of foreign currency
exchange rate changes on cash |
|
(0.3 |
) |
|
(0.3 |
) |
Net
change in cash and cash equivalents |
|
(16.1 |
) |
|
(9.1 |
) |
Cash and
cash equivalents at beginning of period |
|
105.3 |
|
|
75.7 |
|
Cash and
cash equivalents at end of period |
$ |
89.2 |
|
$ |
66.6 |
|
Amortization of deferred finance costs of $0.3
million (2020 - $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.
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