Innospec Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's total net sales were $246.0 million compared to $290.7 million a year ago. Operating income was $34.3 million compared to $44.0 million a year ago. Income before income taxes was $35.2 million compared to $42.7 million a year ago. Net income was $31.5 million or $1.28 per diluted share compared to $27.9 million or $1.11 per diluted share a year ago. EBITDA was $39.8 million compared to $49.5 million a year ago. During the quarter operating cash inflows were $27.1 million before capital expenditures of $7.2 million. Adjusted non-GAAP income before income taxes was $32.4 million compared to $47.8 million a year ago. Adjusted non-GAAP net income was $30.5 million or $1.24 per diluted share compared to $32.2 million or $1.28 per diluted share a year ago.

For the full year, the company's total net sales were $1,012.3 million compared to $960.9 million a year ago. Operating income was $156.3 million compared to $112.5 million a year ago. Income before income taxes was $152.3 million compared to $110.9 million a year ago. Net income was $119.5 million or $4.86 per diluted share compared to $84.1 million or $3.38 per diluted share a year ago. EBITDA was $153.3 million compared to $140.8 million a year ago. Net cash provided by operating activities was $117.7 million compared to $106.3 million a year ago. Capital expenditures were $17.6 million compared to $13.5 million a year ago. Adjusted non-GAAP income before income taxes was $128.4 million compared to $121.1 million a year ago. Adjusted non-GAAP net income was $107.1 million or $4.36 per diluted share compared to $91.3 million or $3.67 per diluted share a year ago.

The company expect the full year 2016 effective tax rate to be approximately 27%.