Innospec(IOSP) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $466.8 million, a decrease of 6% from $494.7 million in Q4 2023[3] - Net loss for Q4 2024 was $70.4 million, or $2.80 per diluted share, compared to net income of $37.8 million, or $1.51 per diluted share in the prior year[3] - Adjusted non-GAAP EPS for Q4 2024 was $1.41 per diluted share, down from $1.84 per diluted share a year ago[4] - For the full year 2024, total revenues were $1.85 billion, a decrease of 5% from $1.95 billion in 2023[6] - Full year net income for 2024 was $35.6 million, or $1.42 per diluted share, compared to $139.1 million, or $5.56 per diluted share in 2023[6] Segment Performance - Performance Chemicals revenues increased by 23% to $169.2 million in Q4 2024, with operating income up 14% to $20.6 million[12] - Fuel Specialties revenues rose by 5% to $191.8 million in Q4 2024, with operating income increasing by 7% to $34.9 million[13] - Oilfield Services revenues decreased by 40% to $105.8 million in Q4 2024, with operating income down 59% to $7.5 million[14] - Performance Chemicals segment net sales increased by 23.3% to $169.2 million in Q4 2024 from $137.2 million in Q4 2023[24] - Fuel Specialties segment net sales rose to $191.8 million in Q4 2024, a 5.5% increase from $182.1 million in Q4 2023[24] - Oilfield Services segment net sales decreased significantly by 39.7% to $105.8 million in Q4 2024 from $175.4 million in Q4 2023[24] Cash Flow and Assets - Cash generated from operations for Q4 2024 was $25.7 million, with net cash at $289.2 million as of December 31, 2024[4][16] - Cash and cash equivalents at the end of Q4 2024 were $289.2 million, up from $203.7 million at the end of Q4 2023[29] - Total assets increased to $1,734.7 million in Q4 2024, compared to $1,707.4 million in Q4 2023[27] Operational Highlights - Operating income for the full year 2024 increased to $177.9 million, up 10.5% from $161.6 million in 2023[23] - Adjusted EBITDA for the full year 2024 was $225.2 million, an increase of 4.4% from $216.0 million in 2023[25] Strategic Initiatives - The company plans to pursue M&A opportunities that complement its geographic, technology, and end-market footprint[18]