innospec inc (IOSP) Key Developments
Innospec Inc. Provides Sales Guidance for the Fourth Quarter of 2014; Provides Tax Rate Guidance for the Years 2014 and 2015
Nov 5 14
Innospec Inc. announced that in the fourth quarter of 2014, The company expects sales to be broadly $20 million.
Full year 2014 adjusted effective tax rate is anticipated to be around 23%.
For the year 2015, the company expecting it to be about 25%.
Innospec Inc. Declares Biannual Dividend for the Second Half of 2014, Payable on November 26, 2014; Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 4 14
Innospec Inc. announced that it is declaring a biannual dividend of $0.28 per common share for the second half of 2014, which will be paid on November 26, 2014 to shareholders of record on November 17, 2014. This brings the annual dividend to 55 cents per share, a 10% increase on 2013.
The company reported consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s total net sales were $228.2 million, an 18% increase from $192.8 million in the corresponding period last year. Net income was $20.8 million, or $0.83 per diluted share, compared to $14.0 million, or $0.58 per diluted share, recorded a year ago. EBITDA was $32.6 million, a 38% increase from the $23.6 million posted in 2013's third quarter. Results for this quarter include after-tax foreign currency exchange gains of $0.8 million, or $0.03 per diluted share, gains from adjustments to income tax provisions of $1.8 million, or $0.07 per diluted share, and after-tax acquisition related costs of $1.0 million, or $0.04 per diluted share. Operating income was $25.2 million compared to $19.5 million a year ago. Income before income taxes was $25.4 million compared to $18.3 million a year ago. Adjusted non-GAAP income was $19.2 million or $0.7 per share compared to $15.7 million or $0.65 per share a year ago. The company closed the quarter with a net debt position of $19.7 million. Net cash generated from operations in the quarter was $25.2 million driven by a strong trading performance.
For the first nine months, the company reported total net sales of $670.2 million increased 16% from $577.2 million in the corresponding period last year. Net income was $56.2 million, or $2.26 per diluted share, compared with $49.1 million, or $2.04 per diluted share, a year ago. Excluding special items, diluted earnings per share were $2.08, broadly similar to the $2.12 reported a year ago. EBITDA was $91.3 million, 18% higher than $77.3 million a year ago. Operating income was $68.5 million compared to $64.0 million a year ago. Income before income taxes was $68.2 million compared to $62.1 million a year ago. Net cash provided by operating activities was $59.0 million compared to $31.8 million a year ago. Capital expenditures were $9.5 million compared to $6.6 million a year ago. Adjusted non-GAAP income was $19.2 million or $0.7 per share compared to $15.7 million or $0.65 per share a year ago.
Innospec Seeks Acquisitions
Nov 4 14
Innospec Inc. (NasdaqGS:IOSP) is seeking acquisitions. Patrick S. Williams, President and Chief Executive Officer of Innospec said, “We will continue to be alert to acquisition opportunities that fit our model, particularly in the personal care space.”
High Court of Justice in the United Kingdom Dismisses Claimants' Case Brought by Jalal Bezee Mejel Al-Gaood & Partner and Future Agencies Company Limited Against Innospec Inc
Oct 20 14
Innospec Inc. announced the conclusion of a lawsuit brought against the company by Jalal Bezee Mejel Al-Gaood & Partner and Future Agencies Company Limited in connection with alleged loss of profits in Iraq. The matter had been filed in the High Court of Justice in the United Kingdom, and the judge dismissed the Claimants' case in its entirety, subject to the right of appeal. The judgment also allows Innospec to bring a claim for reimbursement of its legal expenses. Innospec previously disclosed, in its SEC filings, that the stated claim inclusive of costs and expenses, was for up to $42.3 million.
Innospec Inc. to Report Q3, 2014 Results on Nov 04, 2014
Oct 13 14
Innospec Inc. announced that they will report Q3, 2014 results at 5:00 PM, GMT Standard Time on Nov 04, 2014