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IOSP

Innospec

$104.51 /

-0.18 (-0.17%)

05:31
02/18/20
02/18
05:31
02/18/20
05:31

Innospec reports Q4 adj. EPS $1.47, consensus $1.37

Reports Q4 revenue $390.7M, consensus $400.45M. Commenting on the fourth quarter results, Patrick S. Williams, President and CEO, said, "This has been another very good quarter for Innospec with outstanding performances in Oilfield Services and Performance Chemicals. However there have been short-term supply issues which have negatively impacted our results in Fuel Specialties. Back in August, we alluded to an issue in Fuel Specialties which related to a supplier disruption. At the time, we expected the impact to be minimal, but it has proved to be more complex than we originally anticipated. We have developed long-term solutions to replace this supplier and we expect a return to normal business operations by the end of the first quarter of 2020. In the meantime, we have been working with our insurance providers to ensure that the financial impacts are covered and we believe we have made good progress towards resolving this matter satisfactorily. Because of our share price increase, we had a higher charge related to share-based compensation. This was equivalent to 19 cents of EPS in the quarter. Despite these significant challenges, we have delivered a strong full year performance which has resulted in increases right across the financial spectrum - in revenue, gross profit, operating income and EBITDA. Cash flow has been particularly strong and we finish the year in a net cash position. Fuel Specialties had a difficult quarter managing the continued supply complexities, but focused on minimizing the impact of our supply disruption to our customers. Despite this, volumes only decreased by 3 percentage points from a very strong Q4 2018. We also had a softer quarter in aviation, as we had indicated given the strong Q3 performance, due to the phasing of orders. Performance Chemicals continues to deal with the impact of lower raw material costs translating into lower selling prices and the in-sourcing of two contracts earlier in the year. Despite this, our focus on margin improvement has continued to deliver, with substantial gains in gross margin. Overall, this business remained well ahead of our strategic targets, delivering excellent operating income for the quarter and for the year. Oilfield Services continued to outperform the market and returned another outstanding quarter, with sales recording a 12 percent increase. Gross margins were within our expected range and operating income was up 48 percent in the quarter. Even though market conditions were challenging, our combination of leading technology, customer service and geographical expansion continued to drive growth with full year sales up 20 percent over 2018 and operating income up 80 percent. Octane Additives delivered the latest order as planned, with the revenue for 2019 down 38 percent on prior year, and with a reduction in year-over-year operating income of over $10 million."

  • 19

    Feb

IOSP Innospec
$104.51 /

-0.18 (-0.17%)

09/04/19 CL King
Innospec initiated with a Buy at CL King
04/12/19 KeyBanc
Innospec downgraded to Sector Weight from Overweight at KeyBanc

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