Innospec Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for the Full Year 2016
February 17, 2016 at 03:05 am IST
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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%.
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 Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for the Full Year 2016