EPS ahead of Q1 2015 despite tough market
conditions and Aroma divestment
Innospec Inc. (NASDAQ:IOSP) today announced its financial results
for the first quarter ended March 31, 2016. The Company also
announced an increase in its semi-annual dividend to $0.33 per
common share for the first half of 2016, which will be paid on May
25, 2016, to shareholders of record on May 16, 2016.
Total net sales for the quarter were $212.1
million, down 21 percent from the $269.2 million reported in the
corresponding quarter last year. Net income was $18.9
million, or $0.77 per diluted share, compared to $17.9 million, or
$0.72 per diluted share, recorded a year ago. EBITDA
(earnings before interest, taxes, depreciation, amortization and
acquisition fair value adjustments) for the quarter was $32.8
million, an 11 percent decrease from $36.7 million in 2015’s first
quarter. The figures for the first quarter of 2015 included the
Aroma Chemicals business, which was divested in July 2015 and
contributed $13.2 million of sales revenue, EBITDA of $1.9 million
and $0.05 of diluted EPS to the comparative period.
Results for this quarter include special items
summarized in the table below. Excluding these items,
adjusted non-GAAP EPS was $0.93 per diluted share, compared to
$0.91 per diluted share a year ago. Innospec closed the
quarter in a net debt position of $41.0 million. Cash
generation for the quarter resulted in operating cash inflows of
$6.6 million, before capital expenditures of $3.1
million.
EBITDA 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 March 31, 2016 |
|
Quarter ended March 31, 2015 |
(in millions,
except share and per share data) |
|
Incomebeforeincometaxes |
|
NetIncome |
|
DilutedEPS |
|
Incomebeforeincometaxes |
|
Netincome |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP
amounts |
$ |
|
24.5 |
|
$ |
|
18.9 |
|
$ |
|
0.77 |
|
$ |
|
23.9 |
|
$ |
|
17.9 |
|
$ |
|
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangible assets |
|
|
4.2 |
|
|
|
3.2 |
|
|
|
0.13 |
|
|
|
4.3 |
|
|
|
3.2 |
|
|
|
0.13 |
|
Adjustment to fair
value of contingent consideration |
|
|
(1.6 |
) |
|
|
(1.0 |
) |
|
|
(0.04 |
) |
|
|
3.5 |
|
|
|
2.6 |
|
|
|
0.10 |
|
Loss on disposal of
subsidiary |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
0.06 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Foreign currency
exchange losses/(gains) |
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.01 |
|
|
|
(1.5 |
) |
|
|
(1.1 |
) |
|
|
(0.04 |
) |
Adjustment of income
tax provisions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
|
4.3 |
|
|
|
3.8 |
|
|
|
0.16 |
|
|
|
6.4 |
|
|
|
4.8 |
|
|
|
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
non-GAAP amounts |
$ |
|
28.8 |
|
$ |
|
22.7 |
|
$ |
|
0.93 |
|
$ |
|
30.3 |
|
$ |
|
22.7 |
|
$ |
|
0.91 |
|
|
Commenting on the first quarter results, Patrick
S. Williams, President and Chief Executive Officer, said,
“Despite the challenging market conditions, we
have delivered a good EPS performance in the quarter. We have
exceeded our earnings from Q1 2015, which is quite an achievement,
given the market turmoil and the strength of the comparative
quarter. Although our Oilfield Services business continues to
suffer in the face of reduced customer activity, the fundamentals
of Fuel Specialties and Personal Care remain strong. We have
faced headwinds of soft market conditions, unfavorable exchange
rates, and an extended warm winter, and yet both our GAAP and
adjusted earnings were up. When combined with the continued
strength of our balance sheet, this has given us the confidence to
further increase our dividend, and to continue the buyback program
we announced in Q4 2015.”
“Fuel Specialties sales were down, but this was
mainly driven by the industry-wide declines in Oilfield Services.
We have been successful in further extending our customer
base in Oilfield Services, but this has not offset the contraction
in business across most customers. In Fuels, we have also
successfully battled against softer fuel demand, a warmer winter,
continued political instability and a change in refinery crude
slates. With this background, the business has performed well,
showing its robust nature, and, as anticipated, margins remain very
good.”
“Performance Chemicals had a good quarter, and
remains right on plan. Our Personal Care business continues to
deliver good growth driven by the continued development of
innovative new technology, which is aligning very well with our
customer needs. We have been investing in new manufacturing
capacity to underpin this growth, and we are confident that our
track record of success will continue. This business also continues
to be a focus for our acquisition program.”
“In Octane Additives, we delivered the latest
order as previously indicated, although the final small portion was
shipped in early April. We do now have a further order, of similar
size, which we hope to deliver over the next few months. Beyond
that, we have no further visibility.”
Net sales in Fuel Specialties (which includes
our Fuels and Oilfield Services businesses) were $149.8 million for
the quarter, a 25 percent decrease from $199.4 million last year.
Oilfield Services, where sales of $36.2 million were down 46
percent on the first quarter of 2015, was impacted by the
well-publicized reduction in customer activity. This decline
comprised a 39 percent fall in volume, and a 7 percent adverse
price/mix impact. Sales in Fuels were down 14 percent to
$113.6 million driven by a very warm winter, and a strong
comparative quarter. Volume decline was 7 percent, price/mix
accounted for a 5 percent reduction, and foreign exchange movements
accounted for a further 2 percent. The segment‘s gross margin
was 34.2 percent, up from 30.8 percent recorded a year ago, a
reflection of a richer sales mix. Gross margins in Fuels
expanded by 5 percentage points, while Oilfield Services gross
margins declined by only 1 percentage point. Operating income
for the quarter was $16.7 million, down 29 percent from last year’s
$23.5 million with a 2 percent increase in Fuels operating income
offset by a $5.5 million operating loss in Oilfield Services.
In Performance Chemicals, excluding the
divestment of Aroma Chemicals (sales of $13.2 million), net sales
of $44.5 million were flat against 2015’s first quarter.
Underlying growth in the Personal Care business was 3 percent
offset by a 9 percent reduction in the Polymers
business. Overall, volume improvement of 6 percent was offset
by a 5 percent adverse change in price/mix and a negative exchange
rate impact of 1 percent. Adjusting for the divestment of
Aroma Chemicals, the segment’s gross margin was 29.7 percent, up 2
percentage points benefitting from a richer sales mix with
increased sales of higher margin Personal Care products and
operating income of $6.1 million for the quarter was 30 percent
higher than 2015’s first quarter.
In Octane Additives, net sales for the quarter
were $17.8 million as expected compared to $12.2 million a year
ago. The segment’s gross margin was 66.3 percent benefitting
from increased production volumes. Octane Additives reported
operating income of $11.0 million during the quarter, compared to
$5.1 million in last year’s first quarter.
Corporate costs for the quarter were in line
with our expectations at $10.2 million, compared with $8.1 million
a year ago. The effective tax rate for the quarter was 22.9
percent, and the expected tax rate for the full year is 20
percent.
Net cash generated from operations was $6.6
million, compared to the $14.0 million excluding the disposal of
Aroma Chemicals a year ago. During the quarter, we paid $44.0
million of deferred consideration relating to the acquisition of
Independence Oilfield Chemicals. As of March 31, 2016,
Innospec had $115.0 million in cash, cash equivalents and
short-term investments, and total debt of $156.0 million. In
the first quarter, the Company retired 161,029 shares at a cost of
$7.5 million as part of the board-authorized share repurchase
program.
Mr. Williams concluded, “While market
conditions in our Oilfield Services business remain a huge
challenge, we believe that because of our balanced portfolio of
businesses, we are well placed to absorb these downsides and emerge
stronger as the market recovers. There has been some improvement in
Oilfield as the quarter has progressed, where we have gained new
customers, and we have seen the impact of our cost control
measures. However, substantial improvement will only come with a
sustained improvement in crude oil prices. We expect Fuel
Specialties and Personal Care to continue to provide us with growth
and cash flow, while our overall portfolio continues to be cash
generative. We have now increased our dividend by at least 10
percent in every year since we instituted a regular dividend, and
we have acquired shares under our repurchase program. We have the
balance sheet strength to invest in organic growth and to continue
to seek attractive acquisition opportunities.”
“These are difficult times for many in our
industries, but we are confident that our strategy and our
financial prudence will continue to deliver enhanced shareholder
value.”
Use of Non-GAAP Financial
Measures
The information presented in this press release
includes financial measures that are not calculated or presented in
accordance with Generally Accepted Accounting Principles in the
United States (GAAP). These non-GAAP financial measures
comprise EBITDA, income before income taxes excluding special items
and net income excluding special items and related per share
amounts. EBITDA is net income per our consolidated financial
statements adjusted for the exclusion of charges for interest
expense, net, income taxes, depreciation, amortization and
acquisition fair value adjustments. Income before income
taxes, net income and diluted EPS, excluding special items, per our
consolidated financial statements are adjusted for the exclusion of
amortization of acquired intangible assets, adjustment to fair
value of contingent consideration, loss on disposal of subsidiary,
foreign currency exchange losses/(gains) and adjustment of income
tax provisions. Reconciliations of these non-GAAP financial
measures to their most directly comparable GAAP financial measures
are provided herein and in the schedules below. The Company
believes that such non-GAAP financial measures provide useful
information to investors and may assist them in evaluating the
Company’s underlying performance and identifying operating
trends. In addition, management uses these non-GAAP financial
measures internally to allocate resources and evaluate the
performance of the Company’s operations. While the Company
believes that such measures are useful in evaluating the Company’s
performance, investors should not consider them to be a substitute
for financial measures prepared in accordance with GAAP. In
addition, these non-GAAP financial measures may differ from
similarly-titled non-GAAP financial measures used by other
companies and do not provide a comparable view of the Company’s
performance relative to other companies in similar
industries. Management believes the most directly comparable
GAAP financial measure is GAAP net income and has provided a
reconciliation of EBITDA and net income excluding special items,
and related per share amounts, to GAAP net income herein and in the
schedules below.
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 1300 employees in 20
countries. Innospec manufactures and supplies a wide range of
specialty chemicals to markets in the Americas, Europe, the Middle
East, Africa and Asia-Pacific. The Fuel Specialties business
specializes in manufacturing and supplying the fuel additives that
help improve fuel efficiency, boost engine performance and reduce
harmful emissions. This business also contains Oilfield
Services which provides specialty chemicals for oil & gas
drilling and production operations. Innospec's Performance
Chemicals business provides effective technology-based solutions
for our customers’ processes or products focused in the Personal
Care and Polymers markets. Innospec's Octane Additives
business is the world's only producer of tetra ethyl lead.
Forward-Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included or incorporated
herein may constitute forward-looking statements. Such
forward-looking statements include statements (covered by words
like “expects,” “estimates,” “anticipates,” “may,” “believes,”
“feels” or similar words or expressions), for example, which relate
to earnings, growth potential, operating performance, events or
developments that we expect or anticipate will or may occur in the
future. Although forward-looking statements are believed by
management to be reasonable when made, they are subject to certain
risks, uncertainties and assumptions, and our actual performance or
results may differ materially from these forward-looking
statements. Additional information regarding risks,
uncertainties and assumptions relating to Innospec and affecting
our business operations and prospects are described in Innospec’s
Annual Report on Form 10-K for the year ended December 31, 2015,
and other reports filed with the U.S. Securities and Exchange
Commission. You are urged to review our discussion of risks
and uncertainties that could cause actual results to differ from
forward-looking statements under the heading "Risk Factors” in such
reports. Innospec undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
|
Schedule 1 |
|
INNOSPEC INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
Three Months EndedMarch
31 |
(in millions,
except share and per share data) |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
|
212.1 |
|
$ |
|
269.2 |
|
Cost of goods sold |
|
|
(135.9 |
) |
|
|
(187.4 |
) |
Gross profit |
|
|
76.2 |
|
|
|
81.8 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling, general and
administrative |
|
|
(43.9 |
) |
|
|
(48.7 |
) |
Research and development |
|
|
(6.9 |
) |
|
|
(6.2 |
) |
Adjustment to fair value of
contingent consideration |
|
|
1.6 |
|
|
|
(3.5 |
) |
Loss on disposal of subsidiary |
|
|
(1.4 |
) |
|
|
- |
|
Total operating
expenses |
|
|
(50.6 |
) |
|
|
(58.4 |
) |
Operating income |
|
|
25.6 |
|
|
|
23.4 |
|
Other net
(expense)/income |
|
|
(0.3 |
) |
|
|
1.5 |
|
Interest expense, net |
|
|
(0.8 |
) |
|
|
(1.0 |
) |
Income before income
taxes |
|
|
24.5 |
|
|
|
23.9 |
|
Income taxes |
|
|
(5.6 |
) |
|
|
(6.0 |
) |
Net income |
$ |
|
18.9 |
|
$ |
|
17.9 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ |
|
0.79 |
|
$ |
|
0.74 |
|
Diluted |
$ |
|
0.77 |
|
$ |
|
0.72 |
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
Basic |
|
|
24,019 |
|
|
|
24,301 |
|
Diluted |
|
|
24,483 |
|
|
|
24,808 |
|
|
|
|
|
|
|
INNOSPEC INC. AND SUBSIDIARIES |
|
Schedule 2A |
|
SEGMENTAL ANALYSIS
OF RESULTS |
|
Three Months EndedMarch
31 |
(in
millions) |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Net sales: |
|
|
|
|
Fuel Specialties |
$ |
|
149.8 |
|
$ |
|
199.4 |
|
Performance Chemicals |
|
|
44.5 |
|
|
|
57.6 |
|
Octane Additives |
|
|
17.8 |
|
|
|
12.2 |
|
|
|
|
212.1 |
|
|
|
269.2 |
|
|
|
|
|
|
Gross profit: |
|
|
|
|
Fuel Specialties |
|
|
51.2 |
|
|
|
61.5 |
|
Performance Chemicals |
|
|
13.2 |
|
|
|
14.5 |
|
Octane Additives |
|
|
11.8 |
|
|
|
5.8 |
|
|
|
|
76.2 |
|
|
|
81.8 |
|
|
|
|
|
|
Operating income: |
|
|
|
|
Fuel Specialties |
|
|
16.7 |
|
|
|
23.5 |
|
Performance Chemicals |
|
|
6.1 |
|
|
|
6.4 |
|
Octane Additives |
|
|
11.0 |
|
|
|
5.1 |
|
Pension credit |
|
|
1.8 |
|
|
|
- |
|
Corporate costs |
|
|
(10.2 |
) |
|
|
(8.1 |
) |
|
|
|
25.4 |
|
|
|
26.9 |
|
Adjustment to fair value
of contingent consideration |
|
|
1.6 |
|
|
|
(3.5 |
) |
Loss on disposal of
subsidiary |
|
|
(1.4 |
) |
|
|
- |
|
Total operating
income |
$ |
|
25.6 |
|
$ |
|
23.4 |
|
|
Schedule 2B |
|
NON-GAAP
MEASURES |
|
Three Months Ended March
31 |
(in
millions) |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Net income |
$ |
|
18.9 |
|
$ |
|
17.9 |
|
Interest expense, net |
|
|
0.8 |
|
|
|
1.0 |
|
Income taxes |
|
|
5.6 |
|
|
|
6.0 |
|
Depreciation and
amortization |
|
|
9.1 |
|
|
|
8.3 |
|
Adjustment to fair value
of contingent consideration |
|
|
(1.6 |
) |
|
|
3.5 |
|
EBITDA |
|
|
32.8 |
|
|
|
36.7 |
|
|
|
|
|
|
Fuel Specialties |
|
|
22.2 |
|
|
|
28.6 |
|
Performance Chemicals |
|
|
7.6 |
|
|
|
8.2 |
|
Octane Additives |
|
|
11.1 |
|
|
|
5.2 |
|
Pension credit |
|
|
1.8 |
|
|
|
- |
|
Corporate costs |
|
|
(8.2 |
) |
|
|
(6.8 |
) |
|
|
|
34.5 |
|
|
|
35.2 |
|
Loss on disposal of
subsidiary |
|
|
(1.4 |
) |
|
|
- |
|
Other net
(expense)/income |
|
|
(0.3 |
) |
|
|
1.5 |
|
EBITDA |
$ |
|
32.8 |
|
$ |
|
36.7 |
|
|
Schedule 3 |
|
INNOSPEC INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
(in millions) |
|
March 31,2016 |
|
December 31,2015 |
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
113.4 |
$ |
136.9 |
Short-term investments |
|
1.6 |
|
4.8 |
Trade and other accounts
receivable |
|
146.4 |
|
137.4 |
Inventories |
|
152.6 |
|
159.9 |
Current portion of deferred tax
assets |
|
8.7 |
|
8.8 |
Prepaid expenses |
|
5.5 |
|
6.1 |
Prepaid income taxes |
|
4.8 |
|
3.0 |
Other current assets |
|
- |
|
1.8 |
Total current assets |
|
433.0 |
|
458.7 |
|
|
|
|
|
Net property, plant and
equipment |
|
76.6 |
|
76.0 |
Goodwill |
|
267.5 |
|
267.4 |
Other intangible
assets |
|
162.6 |
|
168.7 |
Deferred finance
costs |
|
1.3 |
|
1.4 |
Deferred tax assets, net
of current portion |
|
1.4 |
|
1.4 |
Pension asset |
|
57.9 |
|
55.5 |
Other non-current
assets |
|
0.7 |
|
0.9 |
Total assets |
$ |
1,001.0 |
$ |
1,030.0 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Bank overdraft |
$ |
6.8 |
$ |
- |
Accounts payable |
|
49.9 |
|
52.2 |
Accrued liabilities |
|
65.4 |
|
84.1 |
Current portion of finance
leases |
|
0.9 |
|
0.7 |
Current portion of plant closure
provisions |
|
5.4 |
|
6.4 |
Current portion of accrued income
taxes |
|
9.9 |
|
7.9 |
Current portion of
acquisition-related contingent consideration |
|
8.9 |
|
54.6 |
Current portion of deferred
income |
|
0.2 |
|
0.2 |
Total current
liabilities |
|
147.4 |
|
206.1 |
|
|
|
|
|
Long-term debt, net of
current portion |
|
146.0 |
|
133.0 |
Finance leases, net of
current portion |
|
2.3 |
|
2.4 |
Plant closure provisions,
net of current portion |
|
32.7 |
|
31.3 |
Unrecognized tax benefits,
net of current portion |
|
3.9 |
|
3.9 |
Deferred tax liabilities,
net of current portion |
|
38.1 |
|
37.7 |
Pension liability |
|
10.0 |
|
9.2 |
Deferred income, net of
current portion |
|
0.6 |
|
0.6 |
Other non-current
liabilities |
|
0.9 |
|
0.5 |
Equity |
|
619.1 |
|
605.3 |
Total liabilities and
equity |
$ |
1,001.0 |
$ |
1,030.0 |
|
Schedule 4 |
|
INNOSPEC INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
Three Months Ended
March 31 |
(in
millions) |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Cash Flows from Operating
Activities |
|
|
|
|
|
|
|
|
|
Net income |
$ |
|
18.9 |
|
$ |
|
17.9 |
|
Adjustments to reconcile
net income to cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
9.2 |
|
|
|
8.5 |
|
Adjustment to fair value of
contingent consideration |
|
|
(1.6 |
) |
|
|
3.5 |
|
Deferred taxes |
|
|
0.3 |
|
|
|
1.1 |
|
Changes in working capital |
|
|
(21.6 |
) |
|
|
(11.1 |
) |
Excess tax benefit from stock-based
payment arrangements |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
Accrued income taxes |
|
|
0.4 |
|
|
|
0.2 |
|
Movement on plant closure
provisions |
|
|
0.3 |
|
|
|
0.5 |
|
Loss on disposal of subsidiary |
|
|
1.4 |
|
|
|
- |
|
Cash contributions to defined
benefit pension plans |
|
|
(0.3 |
) |
|
|
(2.7 |
) |
Non-cash expense of defined benefit
pension plans |
|
|
(1.6 |
) |
|
|
0.2 |
|
Stock option compensation |
|
|
0.9 |
|
|
|
0.9 |
|
Movements on unrecognized tax
benefits |
|
|
- |
|
|
|
0.1 |
|
Movements on other non-current
assets and liabilities |
|
|
0.4 |
|
|
|
(0.2 |
) |
Net cash provided by
operating activities |
|
|
6.6 |
|
|
|
18.2 |
|
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(3.1 |
) |
|
|
(3.4 |
) |
Business combinations, net
of cash acquired |
|
|
1.8 |
|
|
|
- |
|
Internally developed
software |
|
|
- |
|
|
|
(2.7 |
) |
Purchase of short-term
investments |
|
|
- |
|
|
|
(1.8 |
) |
Sale of short-term
investments |
|
|
3.1 |
|
|
|
1.1 |
|
Net cash provided
by/(used) in investing activities |
|
|
1.8 |
|
|
|
(6.8 |
) |
|
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
|
|
Proceeds from revolving
credit facility |
|
|
13.0 |
|
|
|
- |
|
Receipt of short-term
borrowing |
|
|
6.8 |
|
|
|
- |
|
Repayments of finance
leases and term loans |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Payment for
acquisition-related contingent consideration |
|
|
(44.0 |
) |
|
|
- |
|
Excess tax benefit from
stock-based payment arrangements |
|
|
0.1 |
|
|
|
0.7 |
|
Issue of treasury
stock |
|
|
0.2 |
|
|
|
0.7 |
|
Repurchase of common
stock |
|
|
(8.2 |
) |
|
|
(6.3 |
) |
Net cash used in financing
activities |
|
|
(32.3 |
) |
|
|
(5.1 |
) |
Effect of foreign
currency exchange rate changes on cash |
|
|
0.4 |
|
|
|
(1.4 |
) |
Net change in cash and
cash equivalents |
|
|
(23.5 |
) |
|
|
4.9 |
|
Cash and cash equivalents
at beginning of period |
|
|
136.9 |
|
|
|
41.6 |
|
Cash and cash equivalents
at end of period |
$ |
|
113.4 |
|
$ |
|
46.5 |
|
|
Amortization of deferred finance costs of $0.1
million (2015 - $0.2 million) are included in depreciation and
amortization in the cash flow statement but in interest expense in
the income statement.
Contacts:
Brian Watt
Innospec Inc.
+44-151-355-3611
Brian.Watt@innospecinc.com
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