Innospec Inc. (NASDAQ: IOSP) today announced its financial results
for the fourth quarter and full year ended December 31,
2022.
Total revenues for the fourth quarter were
$510.7 million, an increase of 24 percent from $413.2 million in
the corresponding period last year. Net income for the quarter was
$25.5 million or $1.02 per diluted share compared to $23.9 million
or 96 cents per diluted share recorded last year. EBITDA for the
quarter was $54.3 million compared to $44.8 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 fourth quarter was $1.20 per
diluted share, compared to $1.30 per diluted share a year ago.
Innospec generated cash from operating
activities of $78.4 million before capital expenditures of $15.1
million in the quarter. Innospec closed the quarter with net cash
of $147.1 million, a substantial improvement on its position of
$100.5 million at the end of the third quarter. In the fourth
quarter, the Company paid its semi-annual dividend of 65 cents per
common share and repurchased 8,514 of its common shares at a cost
of $0.7 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 December 31, 2022 |
Quarter ended December 31, 2021 |
(in millions, except share and per share
data) |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted EPS |
|
Income beforeincome taxes |
|
Net income |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
45.2 |
$ |
25.5 |
$ |
1.02 |
$ |
32.7 |
$ |
23.9 |
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangible assets |
|
2.6 |
|
2.0 |
|
0.08 |
|
3.6 |
|
2.9 |
|
0.12 |
Foreign currency
exchange losses |
|
2.9 |
|
1.7 |
|
0.07 |
|
3.6 |
|
2.6 |
|
0.10 |
Legacy costs of
closed operations |
|
0.9 |
|
0.7 |
|
0.03 |
|
0.5 |
|
0.4 |
|
0.02 |
Tax on closure of
legacy operations |
|
- |
|
- |
|
- |
|
- |
|
2.2 |
|
0.09 |
Adjustment of
income tax provisions |
|
- |
|
- |
|
- |
|
- |
|
0.2 |
|
0.01 |
Change in UK
statutory tax rate |
|
- |
|
- |
|
- |
|
- |
|
(0.1) |
|
- |
|
|
6.4 |
|
4.4 |
|
0.18 |
|
7.7 |
|
8.2 |
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
non-GAAP amounts |
$ |
51.6 |
$ |
29.9 |
$ |
1.20 |
$ |
40.4 |
$ |
32.1 |
$ |
1.30 |
For the full year, total revenues of $1.96
billion increased 32 percent from $1.48 billion in the prior year.
Net income for 2022 was $133.0 million or $5.32 per diluted share
compared to the prior year net income of $93.1 million, or $3.75
per diluted share. EBITDA for the year was $225.4 million up 26
percent from $178.2 million in 2021.
Results for the full year include some special
items, which are summarized in the table below. Excluding these
items, adjusted non-GAAP EPS for the full year was $6.04 per
diluted share, compared to $4.80 per diluted share a year ago.
|
|
Year ended December 31, 2022 |
|
Year ended December 31, 2021 |
(in millions, except share and per share
data) |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted EPS |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP
amounts |
$ |
184.6 |
$ |
133.0 |
$ |
5.32 |
$ |
134.4 |
$ |
93.1 |
$ |
3.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired
intangible assets |
|
13.0 |
|
10.3 |
|
0.41 |
|
14.7 |
|
11.7 |
|
0.47 |
Foreign currency exchange
losses |
|
6.7 |
|
4.9 |
|
0.20 |
|
1.5 |
|
1.1 |
|
0.04 |
Legacy costs of closed
operations |
|
3.5 |
|
2.8 |
|
0.11 |
|
3.4 |
|
2.7 |
|
0.11 |
Change in UK statutory tax
rate |
|
- |
|
- |
|
- |
|
- |
|
7.3 |
|
0.29 |
Tax on closure of legacy
operations |
|
- |
|
- |
|
- |
|
- |
|
2.2 |
|
0.09 |
Acquisition related costs |
|
- |
|
- |
|
- |
|
0.9 |
|
0.7 |
|
0.03 |
Adjustment of income tax
provisions |
|
- |
|
- |
|
- |
|
- |
|
0.5 |
|
0.02 |
|
|
23.2 |
|
18.0 |
|
0.72 |
|
20.5 |
|
26.2 |
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
amounts |
$ |
207.8 |
$ |
151.0 |
$ |
6.04 |
$ |
154.9 |
$ |
119.3 |
$ |
4.80 |
Commenting on the fourth quarter results,
Patrick S. Williams, President and Chief Executive Officer,
said,
“This was another very strong quarter for
Innospec. In the quarter and the full-year we delivered
double-digit sales and operating income growth with expanded
margins. We again benefited from our balanced end-market exposure
as some negative impact of year-end customer destocking in
Performance Chemicals was offset by continued sequential growth in
Oilfield Services and steady results in Fuel Specialties.
In Performance Chemicals, despite aggressive
customer destocking which drove lower volumes and margins in the
quarter, full-year operating income increased by 34 percent, and
operating margin improved for the fifth consecutive year. Our
industry-leading personal care technologies drove the majority of
operating income growth in 2022, and we expect that trend to
continue. We believe destocking will continue to
negatively impact volumes and margins into the first half of 2023.
However, as new customer contracts commence and additional capacity
from our $70 million expansion comes online, we remain confident
that we can deliver volume growth in the second half of 2023.
Fuel Specialties delivered mid single-digit
operating income growth in the quarter and strong double-digit
operating income growth for the full year. Gross margins remained
below our expected range, but improvement continues to be a key
focus and opportunity for our business in 2023. We believe there is
potential for gross margin expansion once inflation normalizes and
demand for our higher margin jet fuel additives recovers.
Oilfield Services delivered better than expected
results. Continued strength in production chemicals and further
sequential improvements in our other segments drove significant
growth in the quarter. In the coming quarters, we anticipate that a
portion of these production sales will moderate versus the
extremely strong third and fourth quarters. However, we anticipate
potential for further improvement in our other segments within our
oilfield business. We feel optimistic that we can deliver full year
operating income growth in 2023.”
In Performance Chemicals, revenues of $143.9
million were up 4 percent from $138.4 million in the fourth quarter
last year. A positive price/mix of 18 percent was offset by a 5
percent volume decline and an adverse currency impact of 9 percent.
Gross margins of 18.4 percent were down 3.0 percentage points
versus last year on lower production volumes due to customer
destocking and high raw material costs. Operating income for the
quarter of $15.8 million was down 7 percent on the prior year. For
the full year, revenues were up 22 percent to $639.7 million and
operating income increased 34 percent to $95.3 million.
In Fuel Specialties, revenues of $183.3 million
grew by 2 percent from $179.5 million a year ago. A favorable
price/mix of 25 percent was offset by a reduction in volumes of 14
percent and a negative currency impact of 9 percent. Gross margins
of 27.8 percent were slightly better than the 27.4 percent last
year. Operating income for the quarter of $26.8 million was up 4
percent on last year. For the full year, revenues were up 18
percent to $730.2 million and operating income increased 16 percent
to $121.7 million.
Revenues in Oilfield Services of $183.5 million
for the quarter increased 93 percent from the $95.3 million in the
fourth quarter last year. Gross margins improved by 4.5 percentage
points from a year ago to 40.4 percent. Operating income of $20.5
million was up $16.2 million from $4.3 million last year. For the
full year, revenues were up 75 percent to $593.8 million and
operating income increased $31.3 million to $41.7 million.
Corporate costs for the quarter were $16.5
million compared to $13.2 million a year ago, due mainly to higher
performance related remuneration accruals.
The full year adjusted effective tax rate was
27.0 percent compared to 22.7 percent last year. The increase is
primarily a consequence of having operations outside of the U.S.,
where they are exposed to foreign currency fluctuations. This and
other items have caused an increase in the tax rate in the year and
specifically in the fourth quarter causing a 36 cents negative
impact on earnings per share.
For the quarter, cash from operations after net
capital expenditures was $63.3 million compared to $59.6 million a
year ago. For the full year, cash from operations after net capital
expenditures was $39.6 million compared to $57.0 million in 2021.
As of December 31, 2022, Innospec had net cash of $147.1 million
compared to net cash of $141.7 million a year ago.
Mr. Williams concluded,
“This quarter capped a strong full year
performance for Innospec. All businesses delivered double-digit
operating income growth for the year, and each contributed
meaningfully to our 2022 results. Despite the general recessionary
outlook for 2023, we continue to expect technology-based organic
growth opportunities across all our businesses. Over the medium to
long-term, we do not anticipate any change in our customers’ drive
towards cleaner formulations, lower carbon footprint and
operational efficiency. Our innovative chemistries and highly
responsive technical service directly support our customers’
priorities.
Cash generation was excellent in the quarter,
and our net cash position strengthened to over $147 million. Our
debt-free balance sheet allows us to continue to follow our growth
strategy and enhance returns to shareholders. In 2023, we expect to
complete our $70 million Performance Chemicals expansion while
continuing dividend growth and share repurchases. In parallel, we
intend to continue to pursue M&A that complements and expands
our geographic, technology and end-market footprint.”
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,
legacy costs of closed operations, change in the UK statutory tax
rate, tax on the closure of legacy operations, acquisition related
costs 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 2,100 employees in 25
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 Performance Chemicals business
creates innovative technology-based solutions for our customers in
the Personal Care, Home Care, Agrochemical, Mining and Industrial
markets. 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.
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, 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, 2021,
Innospec’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2022 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 EndedDecember
31 |
|
Twelve Months EndedDecember 31 |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
510.7 |
|
$ |
413.2 |
|
$ |
1,963.7 |
|
$ |
1,483.4 |
|
Cost of goods sold |
|
(359.1 |
) |
|
(300.3 |
) |
|
(1,377.0 |
) |
|
(1,048.5 |
) |
Gross profit |
|
151.6 |
|
|
112.9 |
|
|
586.7 |
|
|
434.9 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
(96.6 |
) |
|
(69.7 |
) |
|
(360.7 |
) |
|
(267.2 |
) |
Research and development |
|
(8.4 |
) |
|
(9.5 |
) |
|
(38.7 |
) |
|
(37.4 |
) |
Profit on disposal |
|
- |
|
|
1.8 |
|
|
- |
|
|
1.8 |
|
Total operating expenses |
|
(105.0 |
) |
|
(77.4 |
) |
|
(399.4 |
) |
|
(302.8 |
) |
Operating income |
|
46.6 |
|
|
35.5 |
|
|
187.3 |
|
|
132.1 |
|
Other (expense)/income,
net |
|
(1.4 |
) |
|
(2.4 |
) |
|
(1.6 |
) |
|
3.8 |
|
Interest expense, net |
|
- |
|
|
(0.4 |
) |
|
(1.1 |
) |
|
(1.5 |
) |
Income before income
taxes |
|
45.2 |
|
|
32.7 |
|
|
184.6 |
|
|
134.4 |
|
Income taxes |
|
(19.7 |
) |
|
(8.8 |
) |
|
(51.6 |
) |
|
(41.3 |
) |
Net income |
$ |
25.5 |
|
$ |
23.9 |
|
$ |
133.0 |
|
$ |
93.1 |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.03 |
|
$ |
0.97 |
|
$ |
5.37 |
|
$ |
3.78 |
|
Diluted |
$ |
1.02 |
|
$ |
0.96 |
|
$ |
5.32 |
|
$ |
3.75 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
Basic |
|
24,766 |
|
|
24,716 |
|
|
24,787 |
|
|
24,647 |
|
Diluted |
|
24,958 |
|
|
24,888 |
|
|
24,982 |
|
|
24,854 |
|
|
|
|
|
|
|
|
|
|
INNOSPEC INC. AND
SUBSIDIARIES
Schedule 2A
SEGMENTAL ANALYSIS OF
RESULTS |
|
Three Months EndedDecember 31 |
|
Twelve Months EndedDecember 31 |
(in millions) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Performance Chemicals |
$ |
143.9 |
|
$ |
138.4 |
|
$ |
639.7 |
|
$ |
525.3 |
|
Fuel Specialties |
|
183.3 |
|
|
179.5 |
|
|
730.2 |
|
|
618.3 |
|
Oilfield Services |
|
183.5 |
|
|
95.3 |
|
|
593.8 |
|
|
339.8 |
|
|
|
510.7 |
|
|
413.2 |
|
|
1,963.7 |
|
|
1,483.4 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
26.5 |
|
|
29.6 |
|
|
150.0 |
|
|
125.2 |
|
Fuel Specialties |
|
50.9 |
|
|
49.1 |
|
|
221.9 |
|
|
193.2 |
|
Oilfield Services |
|
74.2 |
|
|
34.2 |
|
|
214.8 |
|
|
116.5 |
|
|
|
151.6 |
|
|
112.9 |
|
|
586.7 |
|
|
434.9 |
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
15.8 |
|
|
16.9 |
|
|
95.3 |
|
|
70.9 |
|
Fuel Specialties |
|
26.8 |
|
|
25.7 |
|
|
121.7 |
|
|
104.6 |
|
Oilfield Services |
|
20.5 |
|
|
4.3 |
|
|
41.7 |
|
|
10.4 |
|
Corporate costs |
|
(16.5 |
) |
|
(13.2 |
) |
|
(71.4 |
) |
|
(55.6 |
) |
|
|
46.6 |
|
|
33.7 |
|
|
187.3 |
|
|
130.3 |
|
Profit on disposal |
|
- |
|
|
1.8 |
|
|
- |
|
|
1.8 |
|
Total operating income |
$ |
46.6 |
|
$ |
35.5 |
|
$ |
187.3 |
|
$ |
132.1 |
|
Schedule
2B
NON-GAAP
MEASURES |
|
Three Months EndedDecember 31 |
|
Twelve Months EndedDecember 31 |
(in millions) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
25.5 |
|
$ |
23.9 |
|
$ |
133.0 |
|
$ |
93.1 |
|
Interest expense, net |
|
- |
|
|
0.4 |
|
|
1.1 |
|
|
1.5 |
|
Income taxes |
|
19.7 |
|
|
8.8 |
|
|
51.6 |
|
|
41.3 |
|
Depreciation and
amortization: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
4.0 |
|
|
5.8 |
|
|
19.6 |
|
|
21.7 |
|
Fuel Specialties |
|
1.5 |
|
|
1.9 |
|
|
6.1 |
|
|
6.0 |
|
Oilfield Services |
|
3.0 |
|
|
3.1 |
|
|
11.9 |
|
|
12.4 |
|
Corporate costs |
|
0.6 |
|
|
0.9 |
|
|
2.1 |
|
|
2.2 |
|
EBITDA |
|
54.3 |
|
|
44.8 |
|
|
225.4 |
|
|
178.2 |
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
19.8 |
|
|
22.7 |
|
|
114.9 |
|
|
92.6 |
|
Fuel Specialties |
|
28.3 |
|
|
27.6 |
|
|
127.8 |
|
|
110.6 |
|
Oilfield Services |
|
23.5 |
|
|
7.4 |
|
|
53.6 |
|
|
22.8 |
|
Corporate costs |
|
(15.9 |
) |
|
(12.3 |
) |
|
(69.3 |
) |
|
(53.4 |
) |
|
|
55.7 |
|
|
45.4 |
|
|
227.0 |
|
|
172.6 |
|
Profit on disposal |
|
- |
|
|
1.8 |
|
|
- |
|
|
1.8 |
|
Other (expense)/income,
net |
|
(1.4 |
) |
|
(2.4 |
) |
|
(1.6 |
) |
|
3.8 |
|
EBITDA |
$ |
54.3 |
|
$ |
44.8 |
|
$ |
225.4 |
|
$ |
178.2 |
|
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) |
|
December 31,2022 |
|
December 31,2021 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
147.1 |
$ |
141.8 |
Trade and other accounts receivable |
|
334.6 |
|
284.5 |
Inventories |
|
373.1 |
|
277.6 |
Prepaid expenses |
|
14.1 |
|
18.0 |
Prepaid income taxes |
|
3.3 |
|
5.8 |
Other current assets |
|
0.4 |
|
0.4 |
Total current assets |
|
872.6 |
|
728.1 |
|
|
|
|
|
Net property, plant and
equipment |
|
220.9 |
|
214.4 |
Operating lease right-of-use
assets |
|
45.3 |
|
35.4 |
Goodwill |
|
358.8 |
|
364.3 |
Other intangible assets |
|
45.0 |
|
57.5 |
Deferred tax assets |
|
5.9 |
|
6.4 |
Pension asset |
|
48.1 |
|
159.8 |
Other non-current assets |
|
7.1 |
|
5.0 |
Total assets |
$ |
1,603.7 |
$ |
1,570.9 |
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
165.3 |
$ |
148.7 |
Accrued liabilities |
|
202.9 |
|
166.5 |
Finance leases |
|
- |
|
0.1 |
Current portion of operating lease liabilities |
|
13.9 |
|
12.4 |
Current portion of plant closure provisions |
|
5.3 |
|
5.2 |
Current portion of accrued income taxes |
|
18.4 |
|
3.7 |
Total current liabilities |
|
405.8 |
|
336.6 |
|
|
|
|
|
Operating lease liabilities,
net of current portion |
|
31.4 |
|
23.1 |
Plant closure provisions, net
of current portion |
|
51.9 |
|
51.3 |
Accrued income taxes, net of
current portion |
|
21.0 |
|
30.6 |
Unrecognized tax benefits |
|
13.4 |
|
16.3 |
Deferred tax liabilities |
|
26.2 |
|
60.8 |
Pension liabilities and
post-employment benefits |
|
12.2 |
|
17.8 |
Other non-current
liabilities |
|
1.4 |
|
1.4 |
Equity |
|
1,040.4 |
|
1,033.0 |
Total liabilities and
equity |
$ |
1,603.7 |
$ |
1,570.9 |
Schedule 4
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
Twelve Months EndedDecember
31 |
(in millions) |
|
2022 |
|
|
2021 |
|
|
|
|
|
|
Cash Flows from Operating
Activities |
|
|
|
|
|
|
|
|
|
Net income |
$ |
133.0 |
|
$ |
93.1 |
|
Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
40.1 |
|
|
42.7 |
|
Deferred taxes |
|
(5.5) |
|
|
6.4 |
|
Profit on disposal |
|
- |
|
|
(1.8) |
|
Non-cash movements on defined benefit pension plans |
|
(2.5) |
|
|
(3.5) |
|
Stock option compensation |
|
6.7 |
|
|
4.4 |
|
Changes in working capital |
|
(95.2) |
|
|
(45.6) |
|
Movements in accrued income taxes |
|
9.4 |
|
|
(3.2) |
|
Movements in plant closure provisions |
|
1.1 |
|
|
(1.4) |
|
Movements in unrecognized tax benefits |
|
(2.9) |
|
|
0.3 |
|
Movements in other assets and liabilities |
|
(2.5) |
|
|
1.8 |
|
Net cash provided by operating
activities |
|
81.7 |
|
|
93.2 |
|
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(39.6) |
|
|
(39.1) |
|
Proceeds on disposal of
property, plant and equipment |
|
0.2 |
|
|
2.9 |
|
Internally developed
software |
|
(2.7) |
|
|
- |
|
Net cash used in investing
activities |
|
(42.1) |
|
|
(36.2) |
|
|
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
1.8 |
|
|
0.1 |
|
Repayment of finance
leases |
|
(0.1) |
|
|
(0.6) |
|
Dividend paid |
|
(31.7) |
|
|
(28.8) |
|
Issue of treasury stock |
|
2.2 |
|
|
10.1 |
|
Repurchase of common
stock |
|
(5.9) |
|
|
(0.8) |
|
Net cash used in financing
activities |
|
(33.7) |
|
|
(20.0) |
|
Effect of foreign currency
exchange rate changes on cash |
|
(0.6) |
|
|
(0.5) |
|
Net change in cash and cash
equivalents |
|
5.3 |
|
|
36.5 |
|
Cash and cash equivalents at
beginning of year |
|
141.8 |
|
|
105.3 |
|
Cash and cash equivalents at
end of year |
$ |
147.1 |
|
$ |
141.8 |
|
Amortization of deferred finance costs of $0.4
million (2021 - $0.4 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)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Innospec (NASDAQ:IOSP)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024