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Innospec Reports Third Quarter 2020 Financial Results

Innospec Inc. (NASDAQ: IOSP) reported a 29% decline in net sales for Q3 2020, totaling $265.1 million, compared to $371.9 million in Q3 2019.

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Rhea-AI Summary

Innospec Inc. (NASDAQ: IOSP) reported a 29% decline in net sales for Q3 2020, totaling $265.1 million, compared to $371.9 million in Q3 2019. Net income also decreased to $12.7 million or $0.51 per share, down from $30.1 million or $1.22 per share last year. Despite this, the company maintained a semi-annual dividend of $0.52 per share, raising the annual total to $1.04. Operating cash flow was strong at $55.5 million, with closing net cash of $66.0 million.

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Positive

  • Semi-annual dividend maintained at $0.52 per share.
  • Strong cash generation with operating cash flow of $55.5 million.
  • Improvement in net cash position to $66.0 million.

Negative

  • Net sales decreased by 29% year-over-year.
  • Net income fell to $12.7 million from $30.1 million in Q3 2019.
  • Adjusted non-GAAP EPS dropped to $0.71 from $1.40 in Q3 2019.
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News Market Reaction – IOSP

In the trading session that priced this news, IOSP gained 2.00%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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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
before
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taxes		 Net
income		 Per
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share		 Income
before
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taxes		 Net
income		 Per
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share
                
Reported GAAP amounts$