Innospec Inc. Files Q3 2024 10-Q

TL;DR

Innospec's Q3 2024 10-Q is in. Check financials for Fuel Specialties & Refinery segments.

AI Summary

Innospec Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its operating segments, including Fuel Specialties and Refinery & Performance. It also provides updates on financial positions, such as retained earnings and common stock, and mentions specific dates like September 30, 2024, and November 6, 2024, for reporting and filing.

Why It Matters

This filing provides investors with a detailed look at Innospec's financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data and segment performance, which can reveal underlying business risks and opportunities.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial data presented in the 10-Q.)
• 2024-11-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• INNOSPEC INC. (company) — Filer
• 20240930 (date) — Period of report
• 20241106 (date) — Filing date
• Fuel Specialties (business_segment) — Operating segment
• Refinery & Performance (business_segment) — 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-20240930.htm (10-Q) — 2044KB
• iosp-ex31_1.htm (EX-31.1) — 13KB
• iosp-ex31_2.htm (EX-31.2) — 13KB
• iosp-ex32_1.htm (EX-32.1) — 6KB
• iosp-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-121901.txt ( ) — 7372KB
• iosp-20240930.xsd (EX-101.SCH) — 991KB
• iosp-20240930_htm.xml (XML) — 1173KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION 30 Item 1

Legal Proceedings

Legal Proceedings 30 Item 1A

Risk Factors

Risk Factors 30 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3 Defaults Upon Senior Securities 30 Item 4 Mine Safety Disclosures 30 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," "outlook" 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 September 30, Nine Months Ended September 30, (in millions, except share and per share data) 2024 2023 2024 2023 Net sales $ 443.4 $ 464.1 $ 1,378.6 $ 1,454.1 Cost of goods sold ( 319.3 ) ( 326.9 ) ( 971.9 ) ( 1,018.7 ) Gross profit 124.1 137.2 406.7 435.4 Operating expenses: Selling, general and administrative ( 66.8 ) ( 83.7 ) ( 232.9 ) ( 285.5 ) Research and development ( 11.1 ) ( 11.6 ) ( 35.1 ) ( 32.8 ) Adjustment to fair value of contingent consideration ( 0.7 ) — ( 2.1 ) — Profit on disposal of property, plant and equipment 0.1 — 0.2 — Total operating expenses ( 78.5 ) ( 95.3 ) ( 269.9 ) ( 318.3 ) Operating income 45.6 41.9 136.8 117.1 Other income/(expense), net ( 3.5 ) 4.8 0.1 11.2 Interest income, net 2.7 0.8 6.9 0.8 Income before income tax expense 44.8 47.5 143.8 129.1 Income tax expense ( 11.4 ) ( 8.3 ) ( 37.8 ) ( 27.8 ) Net income $ 33.4 $ 39.2 $ 106.0 $ 101.3 Earnings per share: Basic $ 1.34 $ 1.58 $ 4.25 $ 4.08 Diluted $ 1.33 $ 1.57 $ 4.22 $ 4.05 Weighted average shares outstanding (in thousands): Basic 24,941 24,866 24,926 24,845 Diluted 25,101 25,006 25,103 25,000 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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Net income $ 33.4 $ 39.2 $ 106.0 101.3 Other comprehensive income/(loss): Changes in cumulative

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View this 10-Q filing on SEC EDGAR