Innospec Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2016 ; Provides Effective Tax Rate Guidance for the Full Year 2016
May 04, 2016 at 04:57 pm IST
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Innospec Inc. reported consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net sales of $212.1 million compared to $269.2 million a year ago. Operating income was $25.6 million compared to $23.4 million a year ago. Income before income taxes was $24.5 million compared to $23.9 million a year ago. Net income was $18.9 million or $0.77 per diluted share compared to $17.9 million or $0.72 per diluted share a year ago. EBITDA was $32.8 million compared to $36.7 million a year ago. Net cash provided by operating activities was $6.6 million compared to $18.2 million a year ago. Capital expenditures were $3.1 million compared to $3.4 million a year ago. Net debt was $41.0 million. Adjusted non-GAAP income before income taxes was $28.8 million compared to $30.3 million a year ago. Adjusted non-GAAP net income was $22.7 million or $0.93 per diluted share compared to $22.7 million or $0.91 per diluted share a year ago.
The company provided effective tax rate guidance for the full year 2016. For the year, the company expects effective tax rate of 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 First Quarter Ended March 31, 2016 ; Provides Effective Tax Rate Guidance for the Full Year 2016