Workflow
Innospec Reports Fourth Quarter and Full Year 2024 Financial Results
IOSPInnospec(IOSP) GlobeNewswire·2025-02-18 21:45

Core Insights - Innospec Inc. reported a net loss of 70.4millionforQ42024,primarilyduetoanon−cashsettlementchargeof70.4 million for Q4 2024, primarily due to a non-cash settlement charge of 155.6 million related to the UK pension scheme buyout, compared to a net income of 37.8millioninQ42023[2][15][16]−TotalrevenuesforQ42024were37.8 million in Q4 2023 [2][15][16] - Total revenues for Q4 2024 were 466.8 million, a decrease of 6% from 494.7millioninthesameperiodlastyear[2][6]−Adjustednon−GAAPearningspershareforQ42024were494.7 million in the same period last year [2][6] - Adjusted non-GAAP earnings per share for Q4 2024 were 1.41, down from 1.84inQ42023[3][6]FinancialPerformance−PerformanceChemicalssegmentrevenuesincreasedby231.84 in Q4 2023 [3][6] Financial Performance - Performance Chemicals segment revenues increased by 23% to 169.2 million in Q4 2024, with operating income rising 14% to 20.6million[12][26]−FuelSpecialtiesrevenuesgrewby520.6 million [12][26] - Fuel Specialties revenues grew by 5% to 191.8 million in Q4 2024, with operating income up 7% to 34.9million[13][26]−OilfieldServicesrevenuesfellby4034.9 million [13][26] - Oilfield Services revenues fell by 40% to 105.8 million in Q4 2024, with operating income decreasing 59% to 7.5million[14][26]YearlyOverview−Forthefullyear2024,totalrevenueswere7.5 million [14][26] Yearly Overview - For the full year 2024, total revenues were 1.85 billion, down 5% from 1.95billionin2023[6][26]−Fullyearnetincomewas1.95 billion in 2023 [6][26] - Full year net income was 35.6 million, or 1.42perdilutedshare,significantlylowerthan1.42 per diluted share, significantly lower than 139.1 million, or 5.56perdilutedshare,in2023[6][26]−AdjustedEBITDAfor2024was5.56 per diluted share, in 2023 [6][26] - Adjusted EBITDA for 2024 was 225.2 million, an increase of 4% from 216.0millionin2023[6][27]CashFlowandBalanceSheet−InQ42024,Innospecgenerated216.0 million in 2023 [6][27] Cash Flow and Balance Sheet - In Q4 2024, Innospec generated 25.7 million in cash from operations, with net cash at 289.2millionasofDecember31,2024,comparedto289.2 million as of December 31, 2024, compared to 203.7 million a year earlier [3][16] - The company reported a decrease in corporate costs to 20.6million,downfrom20.6 million, down from 24.4 million in the previous year [15][26] Segment Analysis - Performance Chemicals showed strong growth with a full year revenue increase of 16% to 653.7millionandoperatingincomeup52653.7 million and operating income up 52% to 82.9 million [12][26] - Fuel Specialties achieved a full year revenue increase of 1% to 701.1million,withoperatingincomerising18701.1 million, with operating income rising 18% to 129.6 million [13][26] - Oilfield Services experienced a full year revenue decline of 29% to 490.6million,withoperatingincomedown51490.6 million, with operating income down 51% to 38.8 million [14][26]