Innospec Inc. (NASDAQ: IOSP) today announced its financial results
for the fourth quarter and full year ended December 31,
2023.
Total revenues for the fourth quarter were
$494.7 million, a decrease of 3 percent from $510.7 million in the
corresponding period last year. Net income for the quarter was
$37.8 million or $1.51 per diluted share compared to $25.5 million
or $1.02 per diluted share recorded last year. EBITDA for the
quarter of $54.0 million compared to $54.3 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 $1.84 per
diluted share, compared to $1.20 per diluted share a year ago.
Innospec generated cash from operating
activities of $72.4 million before capital expenditures of $21.1
million in the quarter and closed the year with net cash of $203.7
million. In the fourth quarter, the Company paid a semi-annual
dividend of 72 cents per common share and completed the acquisition
of QGP Quimica Geral (“QGP”), a specialty chemicals company based
in Brazil.
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, 2023 |
Quarter ended December 31, 2022 |
(in millions, except share and per share
data) |
|
Income beforeincome taxes |
|
Net income |
|
Diluted EPS |
|
Income beforeincome taxes |
|
Net income |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
GAAP amounts |
$ |
45.3 |
$ |
37.8 |
$ |
1.51 |
$ |
45.2 |
$ |
25.5 |
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy costs of
closed operations |
|
3.7 |
|
2.8 |
|
0.11 |
|
0.9 |
|
0.7 |
|
0.03 |
Amortization of
acquired intangible assets |
|
2.6 |
|
2.0 |
|
0.08 |
|
2.6 |
|
2.0 |
|
0.08 |
Foreign currency
exchange losses |
|
2.6 |
|
2.0 |
|
0.08 |
|
2.9 |
|
1.7 |
|
0.07 |
Acquisition
related costs |
|
1.3 |
|
1.0 |
|
0.04 |
|
- |
|
- |
|
- |
Adjustment of
income tax provisions |
|
- |
|
0.5 |
|
0.02 |
|
- |
|
- |
|
- |
|
|
10.2 |
|
8.3 |
|
0.33 |
|
6.4 |
|
4.4 |
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
non-GAAP amounts |
$ |
55.5 |
$ |
46.1 |
$ |
1.84 |
$ |
51.6 |
$ |
29.9 |
$ |
1.20 |
For the full year, total revenues of $1.95
billion decreased by less than 1 percent from $1.96 billion in the
prior year. Net income for 2023 was $139.1 million or $5.56 per
diluted share compared to the prior year net income of $133.0
million, or $5.32 per diluted share. EBITDA for the year was $210.6
million down 7 percent from $225.4 million in 2022.
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 $6.09 per
diluted share, compared to $6.04 per diluted share a year ago.
|
|
Year ended December 31, 2023 |
|
Year ended December 31, 2022 |
(in millions, except
share and per share data) |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted EPS |
|
Income beforeincome taxes |
|
Netincome |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
174.4 |
|
$ |
139.1 |
|
$ |
5.56 |
|
$ |
184.6 |
$ |
133.0 |
$ |
5.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired
intangible assets |
|
10.5 |
|
|
8.0 |
|
|
0.32 |
|
|
13.0 |
|
10.3 |
|
0.41 |
Legacy costs of closed
operations |
|
6.1 |
|
|
4.6 |
|
|
0.18 |
|
|
3.5 |
|
2.8 |
|
0.11 |
Foreign currency exchange
(gains)/losses |
|
(3.8 |
) |
|
(2.9 |
) |
|
(0.12 |
) |
|
6.7 |
|
4.9 |
|
0.20 |
Acquisition related costs |
|
3.1 |
|
|
2.4 |
|
|
0.10 |
|
|
- |
|
- |
|
- |
Adjustment of income tax
provisions |
|
- |
|
|
1.2 |
|
|
0.05 |
|
|
- |
|
- |
|
- |
|
|
15.9 |
|
|
13.3 |
|
|
0.53 |
|
|
23.2 |
|
18.0 |
|
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
amounts |
$ |
190.3 |
|
$ |
152.4 |
|
$ |
6.09 |
|
$ |
207.8 |
$ |
151.0 |
$ |
6.04 |
Commenting on the fourth quarter results,
Patrick S. Williams, President and Chief Executive Officer,
said,
“This was another very good quarter for
Innospec. Performance Chemicals and Fuel Specialties both delivered
double digit operating income growth and improved margins over the
comparative prior year quarter, while Oilfield Services maintained
a strong performance.
I was very pleased to announce our acquisition
of QGP in December. QGP gives us a strong strategic position in
Brazil and will be integrated into our Performance Chemicals
business. We believe that QGP adds meaningful strength to our
manufacturing, customer service and product development base in
South America, with capabilities that compliment most end-markets
that we serve. We expect this transaction to be accretive
immediately and add approximately 8 cents of EPS in 2024 with
further growth thereafter.
Performance Chemicals achieved double-digit
operating income growth over the prior year as margin expansion
more than offset the impact of lower sales. In addition, the
business continued to deliver sequential operating income growth
and margin improvement. While the economic environment remains a
challenge, we expect further improvement in this business in 2024
as activity levels recover.
Fuel Specialties achieved double-digit operating
income growth in the quarter and gross margins were within our
target range of 32 to 35 percent. Adjusting for the Brazil
inventory charges incurred in the first half of 2023, full-year
operating income grew by 3 percent and operating margins improved
to 18 percent. Our target for operating margins continues to be 19
to 21 percent. Sales growth combined with further margin
improvement is a key focus and opportunity for the global Fuel
Specialties team in 2024.
Oilfield Services had another excellent quarter
and for the full year, operating income approximately doubled, and
operating margins expanded above our 10 percent target. While we
expect production chemicals activity to remain at moderate levels
in the coming quarters, we plan to pursue further sales growth and
margin improvement in our other segments.”
In Performance Chemicals, revenues of $137.2
million were down 5 percent from $143.9 million in the fourth
quarter last year. A negative price/mix of 14 percent was offset by
higher volumes of 6 percent and a positive currency impact of 3
percent. Gross margins of 21.3 percent were up 2.9 percentage
points versus last year. Operating income for the quarter of $18.0
million grew 14 percent on the prior year. For the full year,
revenues were down 12 percent to $561.6 million and operating
income decreased 43 percent to $54.5 million.
In Fuel Specialties, revenues of $182.1 million
were down 1 percent from $183.3 million a year ago. Volumes were
flat, and a negative price/mix of 4 percent was offset by a
positive currency impact of 3 percent. Gross margins of 32.9
percent were up 5.1 percentage points on last year. Operating
income for the quarter of $32.6 million was up 22 percent on last
year. For the full year, revenues were down 5 percent to $695.9
million and operating income declined 10 percent to $109.7 million.
Adjusting for the impact of non-recurring Brazil inventory charges
in the first half of 2023, operating income grew by 3 percent to
$125.1 million.
Revenues in Oilfield Services of $175.4 million
for the quarter decreased 4 percent from the $183.5 million in the
fourth quarter last year. Gross margins declined by 2.4 percentage
points from a year ago to 38.0 percent. Operating income of $18.3
million was down 11 percent from $20.5 million last year. For the
full year, revenues were up 16 percent to $691.3 million and
operating income increased 88 percent to $78.6 million.
Corporate costs of $24.4 million increased by
$7.9 million from last year primarily driven by additional
remediation charges for legacy closed operations and acquisition
related costs.
The full year effective tax rate was 20.2
percent compared to 28.0 percent in 2022. The adjusted effective
tax rate was 23.0 percent compared to 27.0 percent last year. The
decrease is primarily a consequence of having operations outside of
the U.S., which exposes the Company to foreign currency
fluctuations, together with the change in profile of our overseas
taxable profits by territory year on year.
For the quarter, cash from operations after
capital expenditures was $51.3 million compared to $63.3 million a
year ago. For the full year, cash from operations after capital
expenditures was $130.2 million compared to $39.6 million in 2022.
As of December 31, 2023, Innospec had net cash of $203.7 million
compared to net cash of $147.1 million a year ago.
Mr. Williams concluded,
“Our business teams delivered a strong overall
result in the quarter and full year. Despite our expectation for
continued economic headwinds in the coming quarters, we enter 2024
with optimism. Our growing pipeline of technology-based organic
opportunities will continue to advance in parallel with our
integration of the QGP acquisition.
Cash generation was again excellent in the
quarter, and our debt-free, net cash position remained over $200
million after funding the QGP acquisition. Entering 2024 we
continue to have significant flexibility and balance sheet strength
for further M&A, dividend growth, and organic investment.”
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, legacy costs of closed operations,
foreign currency exchange (gains)/losses, 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. Also, 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 2,400 employees in 22
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, 2022,
Innospec’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023 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 Ended December 31 |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
494.7 |
|
$ |
510.7 |
|
$ |
1,948.8 |
|
$ |
1,963.7 |
|
Cost of goods sold |
|
(339.0 |
) |
|
(359.1 |
) |
|
(1,357.7 |
) |
|
(1,377.0 |
) |
Gross profit |
|
155.7 |
|
|
151.6 |
|
|
591.1 |
|
|
586.7 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
(102.3 |
) |
|
(96.6 |
) |
|
(387.8 |
) |
|
(360.7 |
) |
Research and development |
|
(8.9 |
) |
|
(8.4 |
) |
|
(41.7 |
) |
|
(38.7 |
) |
Total operating expenses |
|
(111.2 |
) |
|
(105.0 |
) |
|
(429.5 |
) |
|
(399.4 |
) |
Operating income |
|
44.5 |
|
|
46.6 |
|
|
161.6 |
|
|
187.3 |
|
Other (expense)/income,
net |
|
(0.7 |
) |
|
(1.4 |
) |
|
10.5 |
|
|
(1.6 |
) |
Interest income/(expense),
net |
|
1.5 |
|
|
- |
|
|
2.3 |
|
|
(1.1 |
) |
Income before income
taxes |
|
45.3 |
|
|
45.2 |
|
|
174.4 |
|
|
184.6 |
|
Income taxes |
|
(7.5 |
) |
|
(19.7 |
) |
|
(35.3 |
) |
|
(51.6 |
) |
Net income |
$ |
37.8 |
|
$ |
25.5 |
|
$ |
139.1 |
|
$ |
133.0 |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.52 |
|
$ |
1.03 |
|
$ |
5.60 |
|
$ |
5.37 |
|
Diluted |
$ |
1.51 |
|
$ |
1.02 |
|
$ |
5.56 |
|
$ |
5.32 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
Basic |
|
24,867 |
|
|
24,766 |
|
|
24,851 |
|
|
24,787 |
|
Diluted |
|
25,030 |
|
|
24,958 |
|
|
25,022 |
|
|
24,982 |
|
|
|
|
|
|
|
|
|
|
INNOSPEC INC. AND
SUBSIDIARIES
Schedule
2A
SEGMENTAL ANALYSIS OF
RESULTS |
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
(in
millions) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
Performance Chemicals |
$ |
137.2 |
|
$ |
143.9 |
|
$ |
561.6 |
|
$ |
639.7 |
|
Fuel Specialties |
|
182.1 |
|
|
183.3 |
|
|
695.9 |
|
|
730.2 |
|
Oilfield Services |
|
175.4 |
|
|
183.5 |
|
|
691.3 |
|
|
593.8 |
|
|
|
494.7 |
|
|
510.7 |
|
|
1,948.8 |
|
|
1,963.7 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
29.2 |
|
|
26.5 |
|
|
105.6 |
|
|
150.0 |
|
Fuel Specialties |
|
59.9 |
|
|
50.9 |
|
|
215.1 |
|
|
221.9 |
|
Oilfield Services |
|
66.6 |
|
|
74.2 |
|
|
270.4 |
|
|
214.8 |
|
|
|
155.7 |
|
|
151.6 |
|
|
591.1 |
|
|
586.7 |
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
18.0 |
|
|
15.8 |
|
|
54.5 |
|
|
95.3 |
|
Fuel Specialties |
|
32.6 |
|
|
26.8 |
|
|
109.7 |
|
|
121.7 |
|
Oilfield Services |
|
18.3 |
|
|
20.5 |
|
|
78.6 |
|
|
41.7 |
|
Corporate costs |
|
(24.4 |
) |
|
(16.5 |
) |
|
(81.2 |
) |
|
(71.4 |
) |
Total operating income |
$ |
44.5 |
|
$ |
46.6 |
|
$ |
161.6 |
|
$ |
187.3 |
|
Schedule
2B
NON-GAAP
MEASURES |
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
(in
millions) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
37.8 |
|
$ |
25.5 |
|
$ |
139.1 |
|
$ |
133.0 |
|
Interest (income)/expense,
net |
|
(1.5 |
) |
|
- |
|
|
(2.3 |
) |
|
1.1 |
|
Income taxes |
|
7.5 |
|
|
19.7 |
|
|
35.3 |
|
|
51.6 |
|
Depreciation and
amortization: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
4.7 |
|
|
4.0 |
|
|
17.4 |
|
|
19.6 |
|
Fuel Specialties |
|
1.7 |
|
|
1.5 |
|
|
6.2 |
|
|
6.1 |
|
Oilfield Services |
|
3.2 |
|
|
3.0 |
|
|
12.4 |
|
|
11.9 |
|
Corporate costs |
|
0.6 |
|
|
0.6 |
|
|
2.5 |
|
|
2.1 |
|
EBITDA |
|
54.0 |
|
|
54.3 |
|
|
210.6 |
|
|
225.4 |
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
Performance Chemicals |
|
22.7 |
|
|
19.8 |
|
|
71.9 |
|
|
114.9 |
|
Fuel Specialties |
|
34.3 |
|
|
28.3 |
|
|
115.9 |
|
|
127.8 |
|
Oilfield Services |
|
21.5 |
|
|
23.5 |
|
|
91.0 |
|
|
53.6 |
|
Corporate costs |
|
(23.8 |
) |
|
(15.9 |
) |
|
(78.7 |
) |
|
(69.3 |
) |
|
|
54.7 |
|
|
55.7 |
|
|
200.1 |
|
|
227.0 |
|
Other (expense)/income,
net |
|
(0.7 |
) |
|
(1.4 |
) |
|
10.5 |
|
|
(1.6 |
) |
EBITDA |
$ |
54.0 |
|
$ |
54.3 |
|
$ |
210.6 |
|
$ |
225.4 |
|
|
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 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
203.7 |
$ |
147.1 |
Trade and other accounts receivable |
|
359.8 |
|
334.6 |
Inventories |
|
300.1 |
|
373.1 |
Prepaid expenses |
|
18.7 |
|
14.1 |
Prepaid income taxes |
|
2.8 |
|
3.3 |
Other current assets |
|
0.6 |
|
0.4 |
Total current assets |
|
885.7 |
|
872.6 |
|
|
|
|
|
Net property, plant and
equipment |
|
268.3 |
|
220.9 |
Operating lease right-of-use
assets |
|
45.1 |
|
45.3 |
Goodwill |
|
399.3 |
|
358.8 |
Other intangible assets |
|
57.3 |
|
45.0 |
Deferred tax assets |
|
10.4 |
|
5.9 |
Pension asset |
|
35.1 |
|
48.1 |
Other non-current assets |
|
6.2 |
|
7.1 |
Total assets |
$ |
1,707.4 |
$ |
1,603.7 |
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
163.6 |
$ |
165.3 |
Accrued liabilities |
|
185.9 |
|
202.9 |
Current portion of operating lease liabilities |
|
13.6 |
|
13.9 |
Current portion of plant closure provisions |
|
4.6 |
|
5.3 |
Current portion of accrued income taxes |
|
2.6 |
|
18.4 |
Current portion of unrecognized tax benefits |
|
1.2 |
|
- |
Total current liabilities |
|
371.5 |
|
405.8 |
|
|
|
|
|
Operating lease liabilities,
net of current portion |
|
31.6 |
|
31.4 |
Plant closure provisions, net
of current portion |
|
57.0 |
|
51.9 |
Accrued income taxes, net of
current portion |
|
11.6 |
|
21.0 |
Unrecognized tax benefits, net
of current portion |
|
13.6 |
|
13.4 |
Deferred tax liabilities |
|
33.5 |
|
26.2 |
Pension liabilities and
post-employment benefits |
|
13.3 |
|
12.2 |
Acquisition-related contingent
deferred consideration |
|
23.4 |
|
- |
Other non-current
liabilities |
|
2.3 |
|
1.4 |
Equity |
|
1,149.6 |
|
1,040.4 |
Total liabilities and
equity |
$ |
1,707.4 |
$ |
1,603.7 |
Schedule 4
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
Twelve Months EndedDecember
31 |
(in millions) |
|
2023 |
|
|
2022 |
|
Cash Flows from Operating
Activities |
|
|
|
|
|
|
|
|
|
Net income |
$ |
139.1 |
|
$ |
133.0 |
|
Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
39.3 |
|
|
40.1 |
|
Deferred taxes |
|
3.6 |
|
|
(5.5 |
) |
Non-cash movements on defined benefit pension plans |
|
(3.3 |
) |
|
(2.5 |
) |
Stock option compensation |
|
8.0 |
|
|
6.7 |
|
Changes in working capital |
|
39.3 |
|
|
(95.2 |
) |
Movements in plant closure provisions |
|
4.0 |
|
|
1.1 |
|
Movements in accrued income taxes |
|
(25.9 |
) |
|
9.4 |
|
Movements in unrecognized tax benefits |
|
1.4 |
|
|
(2.9 |
) |
Movements in other assets and liabilities |
|
1.8 |
|
|
(2.5 |
) |
Net cash provided by operating
activities |
|
207.3 |
|
|
81.7 |
|
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(62.1 |
) |
|
(39.6 |
) |
Proceeds on disposal of
property, plant and equipment |
|
0.1 |
|
|
0.2 |
|
Business combinations, net of
cash acquired |
|
(34.7 |
) |
|
- |
|
Internally developed
software |
|
(15.1 |
) |
|
(2.7 |
) |
Net cash used in investing
activities |
|
(111.8 |
) |
|
(42.1 |
) |
|
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
- |
|
|
1.8 |
|
Repayment of acquired term
loan |
|
(2.3 |
) |
|
- |
|
Repayment of finance
leases |
|
- |
|
|
(0.1 |
) |
Refinancing costs |
|
(1.4 |
) |
|
- |
|
Dividend paid |
|
(35.1 |
) |
|
(31.7 |
) |
Issue of treasury stock |
|
0.9 |
|
|
2.2 |
|
Repurchase of common
stock |
|
(1.1 |
) |
|
(5.9 |
) |
Net cash used in financing
activities |
|
(39.0 |
) |
|
(33.7 |
) |
Effect of foreign currency
exchange rate changes on cash |
|
0.1 |
|
|
(0.6 |
) |
Net change in cash and cash
equivalents |
|
56.6 |
|
|
5.3 |
|
Cash and cash equivalents at
beginning of year |
|
147.1 |
|
|
141.8 |
|
Cash and cash equivalents at
end of year |
$ |
203.7 |
|
$ |
147.1 |
|
|
Amortization of deferred finance costs of $0.8
million (2022 - $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)
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Innospec (NASDAQ:IOSP)
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