Innospec Reports Third Quarter 2020 Financial Results
11/03/2020 - 04:45 PM
Performance Chemicals operating income up 33 percent driven by strong demand Sequential improvement for Fuel Specialties and Oilfield Services Excellent cash generation and improvement in net cash to $66.0 million Semi-annual dividend maintained at 52 cents; GAAP EPS of $0.51 and adjusted non-GAAP EPS of $0.71
ENGLEWOOD, Colo., Nov. 03, 2020 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the third quarter ended September 30, 2020. At the same time, the Company announced that it has declared a semi-annual dividend of $0.52 per common share for the second half of 2020, which will be paid on November 25, 2020 to shareholders of record as of November 17, 2020. This brings the annual dividend to $1.04 per share compared to $1.02 per share in 2019.
Total net sales for the quarter were $265.1 million , down 29 percent from the $371.9 million reported in the corresponding quarter last year. Net income was $12.7 million , or $0.51 per share, and EBITDA was $31.5 million , compared to net income of $30.1 million , or $1.22 per share, and EBITDA of $51.1 million in the third quarter of 2019.
Results for this quarter include special items summarized in the table below. Excluding these items, adjusted non-GAAP EPS was $0.71 compared to $1.40 a year ago. Cash generation in the quarter was excellent with net cash provided by operating activities of $55.5 million before capital expenditures of $7.1 million . Innospec closed the quarter in a net cash position of $66.0 million .
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 September 30, 2020 Quarter ended September 30, 2019 (in millions, except share and per share data) Income income Net income Per Income income Net Per Reported GAAP amounts $
IOSP Rankings
#2207 Ranked by Stock Gains
IOSP Stock Data
Industry
All Other Miscellaneous Chemical Product and Preparation Manufacturing
Sector
Manufacturing
Tags
Chemicals: Specialty, Manufacturing, All Other Miscellaneous Chemical Product and Preparation Manufacturing , Process Industries
Country
US
City
Englewood
About IOSP
innospec is a global specialty chemicals company focused on bringing innovative new technologies to market combined with a fast and responsive service. we serve a range of industries across the world, bringing our products to customers in markets from oilfields, fuels, refineries and power stations to personal care. our global team of approximately 1300 employees spans 20 countries, applying their extensive experience and market understanding to customers’ local needs. integrating our global footprint with local service capability enables us to supply quality products that meet and anticipate changing market dynamics.
