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%.