Innospec Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Innospec Inc. has submitted its quarterly 10-Q filing for the period ending March 31, 2024, detailing financial performance and disclosures.</b>

AI Summary

INNOSPEC INC. (IOSP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Innospec Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. Key dates mentioned include March 31, 2024, and December 31, 2023, for comparative financial data. The report references various financial statement line items and segments, including Performance Chemicals, Fuel Specialties, and Oilfield Services. Specific accounting standards and disclosures, such as fair value measurements and accumulated other comprehensive income, are detailed.

Why It Matters

For investors and stakeholders tracking INNOSPEC INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial snapshot of Innospec Inc.'s performance in Q1 2024, crucial for assessing operational health and strategic direction. The detailed segment information and financial disclosures within the report are essential for understanding the company's revenue streams, profitability drivers, and potential risks.

Risk Assessment

Risk Level: medium — INNOSPEC INC. shows moderate risk based on this filing. The filing is a standard 10-Q, indicating regular financial reporting, but the absence of specific financial performance metrics in the provided text necessitates a medium risk assessment due to incomplete data for a full analysis.

Analyst Insight

Investors should review the full 10-Q filing to analyze Innospec Inc.'s Q1 2024 financial results, segment performance, and any new risk factors or disclosures.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 2023-12-31 — Prior Period End Date (Comparison date for financial data)

Key Players & Entities

• INNOSPEC INC. (company) — FILER
• 0000950170-24-057487 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240510 (date) — FILED AS OF DATE
• 0001054905 (company) — CENTRAL INDEX KEY
• DE (location) — STATE OF INCORPORATION
• ENGLEWOOD (location) — CITY
• CO (location) — STATE

FAQ

Industry Context

Innospec Inc. operates in the specialty chemicals sector, providing a range of chemical products and services to various industries globally.

Regulatory Implications

The filing is a Form 10-Q, a mandatory quarterly report filed by public companies with the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements and segment information within the 10-Q for Q1 2024.
2. Analyze any changes in accounting policies or significant disclosures compared to previous filings.
3. Assess the company's liquidity, solvency, and overall financial health based on the reported figures.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for March 31, 2024, providing the latest financial data following the previous year-end report.

Key Financial Figures

• $0.01 — h registered Common stock , par value $0.01 per share IOSP NASDAQ Indicate by

Filing Documents

• iosp-20240331.htm (10-Q) — 1378KB
• iosp-ex10_1.htm (EX-10.1) — 112KB
• iosp-ex10_2.htm (EX-10.2) — 71KB
• iosp-ex31_1.htm (EX-31.1) — 12KB
• iosp-ex31_2.htm (EX-31.2) — 12KB
• iosp-ex32_1.htm (EX-32.1) — 5KB
• iosp-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-057487.txt (&nbsp;) — 6179KB
• iosp-20240331.xsd (EX-101.SCH) — 924KB
• iosp-20240331_htm.xml (XML) — 903KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 25 PART II OTHER INFORMATION 26 Item 1

Legal Proceedings

Legal Proceedings 26 Item 1A

Risk Factors

Risk Factors 26 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3 Defaults Upon Senior Securities 27 Item 4 Mine Safety Disclosures 27 Item 5 Other Information 27 Item 6 Exhibits 28

SIGNATURES

SIGNATURES 29 CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS This Form 10-Q 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," "could," "believes," "feels," "plans," "intends" 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, 2023 and other reports filed with the U.S. Securities and Exchange Commission ("SEC"). 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. 1 PAR T I FINANCIAL INFORMATION

Condensed Consolidated Financial Statem ents

Item 1 Condensed Consolidated Financial Statem ents INNOSPEC INC. AND SUBSIDIARIES CONDENSED CONSOL IDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (in millions, except share and per share data) 2024 2023 Net sales $ 500.2 $ 509.6 Cost of goods sold ( 344.5 ) ( 361.8 ) Gross profit 155.7 147.8 Operating expenses: Selling, general and administrative ( 92.7 ) ( 96.2 ) Research and development ( 11.8 ) ( 10.6 ) Adjustment to fair value of contingent consideration ( 0.8 ) — Profit on disposal of property, plant and equipment 0.1 — Total operating expenses ( 105.2 ) ( 106.8 ) Operating income 50.5 41.0 Other income, net 2.7 3.7 Interest income, net 2.1 0.3 Income before income tax expense 55.3 45.0 Income tax expense ( 13.9 ) ( 11.8 ) Net income $ 41.4 $ 33.2 Earnings per share: Basic $ 1.66 $ 1.34 Diluted $ 1.65 $ 1.33 Weighted average shares outstanding (in thousands): Basic 24,893 24,801 Diluted 25,066 24,962 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. 2 INNOSPEC INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STA TEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (in millions) 2024 2023 Net income $ 41.4 $ 33.2 Other comprehensive income/(loss): Changes in cumulative translation adjustment (1) ( 7.7 ) 5.1 Amortization of prior service cost 0.1 0.1 Amortization of actuarial net gains ( 0.1 ) ( 0.5 ) Other comprehensive income/(loss), before tax ( 7.7 ) 4.7 Income tax income/(expense) related to other comprehensive income 0.4 ( 0.3 ) Total comprehensive income $ 34.1 $ 37.6 (1) Amounts are before tax of $ 0.4 million and $( 0.4 ) million in 2024 and 2023, respectively. The accompanying notes are an integral part o

View Full Filing

View this 10-Q filing on SEC EDGAR