Innospec Inc. Files Q2 2024 10-Q Report

TL;DR

Innospec Q2 10-Q filed. Financials for Personal Care, Performance Chemicals, Oilfield Services out.

AI Summary

Innospec Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its operating segments, including Personal Care, Performance Chemicals, and Oilfield Services. The company's address is 8310 South Valley Highway, Suite 350, Englewood, CO 80112.

Why It Matters

This filing provides investors with an update on Innospec's financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks related to market conditions, operational challenges, or financial performance.

Key Players & Entities

• INNOSPEC INC. (company) — Filer
• 0000950170-24-092351 (other) — Accession Number
• 20240630 (date) — Period of Report
• 8310 SOUTH VALLEY HIGHWAY (address) — Business Address
• ENGLEWOOD, CO 80112 (address) — Business Address City, State, Zip
• OCTEL CORP (company) — Former Company Name
• 19980209 (date) — Date of Name Change
• PersonalCareMember (other) — Operating Segment
• PerformanceChemicalsMember (other) — Operating Segment
• OilfieldServicesMember (other) — Operating Segment

FAQ

Key Financial Figures

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

Filing Documents

• iosp-20240630.htm (10-Q) — 2047KB
• iosp-ex31_1.htm (EX-31.1) — 13KB
• iosp-ex31_2.htm (EX-31.2) — 12KB
• iosp-ex32_1.htm (EX-32.1) — 5KB
• iosp-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-092351.txt ( ) — 7185KB
• iosp-20240630.xsd (EX-101.SCH) — 985KB
• iosp-20240630_htm.xml (XML) — 1168KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION 29 Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3 Defaults Upon Senior Securities 29 Item 4 Mine Safety Disclosures 29 Item 5 Other Information 30 Item 6 Exhibits 31

SIGNATURES

SIGNATURES 32 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 June 30, Six Months Ended June 30, (in millions, except share and per share data) 2024 2023 2024 2023 Net sales $ 435.0 $ 480.4 $ 935.2 $ 990.0 Cost of goods sold ( 308.1 ) ( 330.0 ) ( 652.6 ) ( 691.8 ) Gross profit 126.9 150.4 282.6 298.2 Operating expenses: Selling, general and administrative ( 73.4 ) ( 105.6 ) ( 166.1 ) ( 201.8 ) Research and development ( 12.2 ) ( 10.6 ) ( 24.0 ) ( 21.2 ) Adjustment to fair value of contingent consideration ( 0.6 ) — ( 1.4 ) — Profit on disposal of property, plant and equipment — — 0.1 — Total operating expenses ( 86.2 ) ( 116.2 ) ( 191.4 ) ( 223.0 ) Operating income 40.7 34.2 91.2 75.2 Other income, net 0.9 2.7 3.6 6.4 Interest income/(expense), net 2.1 ( 0.3 ) 4.2 — Income before income tax expense 43.7 36.6 99.0 81.6 Income tax expense ( 12.5 ) ( 7.7 ) ( 26.4 ) ( 19.5 ) Net income $ 31.2 $ 28.9 $ 72.6 $ 62.1 Earnings per share: Basic $ 1.25 $ 1.16 $ 2.91 $ 2.50 Diluted $ 1.24 $ 1.16 $ 2.89 $ 2.48 Weighted average shares outstanding (in thousands): Basic 24,937 24,868 24,918 24,835 Diluted 25,097 24,980 25,091 25,010 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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Net income $ 31.2 $ 28.9 $ 72.6 62.1 Other comprehensive income/(loss): Changes in cumulative translation adjustment ( 6.3 ) 1

View Full Filing

View this 10-Q filing on SEC EDGAR