Innospec Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 13, 2024 at 04:45 pm EST
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Innospec Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 494.7 million compared to USD 510.7 million a year ago. Net income was USD 37.8 million compared to USD 25.5 million a year ago. Basic earnings per share from continuing operations was USD 1.52 compared to USD 1.03 a year ago. Diluted earnings per share from continuing operations was USD 1.51 compared to USD 1.02 a year ago.
For the full year, sales was USD 1,948.8 million compared to USD 1,963.7 million a year ago. Net income was USD 139.1 million compared to USD 133 million a year ago. Basic earnings per share from continuing operations was USD 5.6 compared to USD 5.37 a year ago. Diluted earnings per share from continuing operations was USD 5.56 compared to USD 5.32 a year ago.
Innospec Inc. develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Company operates through three segments: Performance Chemicals, Fuel Specialties and Oilfield Services. The Companyâs Performance Chemicals business creates technology-based solutions for the personal care, home care, agrochemical, construction, mining, and other industrial markets. This segment serves multinational companies, manufacturers of personal care and home care products and global mining, agricultural and building products and other industrial companies. The Companyâs Fuel Specialties segment develops, manufactures, blends, markets and supplies a range of specialty chemical products used as additives in diesel, jet, marine, fuel oil and other fuels. The Companyâs Oilfield Services business supplies drilling, completion and production chemicals.