NASDAQ$IOSP
Innospec Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Innospec's first quarter results for 2024 were announced, showing a 23% increase in operating income driven by the Performance Chemicals segment.
Innospec reported a decrease in revenue by 2% to $500.2 million. Net income increased to $41.4 million, with GAAP EPS at $1.65 and adjusted non-GAAP EPS at $1.75. The company generated $80.6 million in cash from operations and closed the quarter with $270.1 million in net cash.
- Performance Chemicals drove operating income growth, more than doubling over the prior year.
- Fuel Specialties gross margins were within the target range of 32 to 35 percent.
- Oilfield Services delivered operating income growth and margin expansion.
- Net cash provided by operating activities was $80.6 million.
Headline financials
Revenue & EPS history
Innospec · Revenue · Quarterly
$500M
Revenue by segment
Innospec · $319M total across 2 segments · Q3 2023
- Fuel Specialties$169M-5.3%53.1%
- Oilfield Services$150M-14.3%46.9%
Forward guidance
The company expects continued growth and margin improvement driven by technology-based organic opportunities across the businesses. They anticipate further M&A, dividend growth, buybacks, and organic investment due to their strong cash position.
Tailwinds
- Maintain improvement in 2024.
- Recent acquisition of QGP Quimica Geral S.A. is performing in line with expectations and was immediately accretive.
- Exciting and diverse set of geographic and end-market opportunities in both fuel and non-fuel applications.
- Further sales growth and margin improvement in other oilfield segments.
- Broad set of technology-based organic opportunities across the businesses which we expect will continue to advance driving further growth and margin improvement.
Headwinds
- Customers remain disciplined in their order patterns.
- Production chemicals activity to remain below previous quarters.
- Revenues in Fuel Specialties were down 7 percent from $190.3 million in the first quarter of last year.
- Gross margins of Oilfield Services decreased by 4.2 percentage points from the same quarter last year on a weaker sales mix.
- Corporate costs for the quarter were $20.2 million, compared with $17.7 million a year ago.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.5%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+0.5%
Avg return
30 days after
62%
40 / 65 earnings
Positive
+14.7%
Q3 2024
Best reaction
-8.5%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.2% | -0.8% | +1.0% | |
| Q4 2025 | -0.0% | -8.3% | -23.5% | |
| Q3 2025 | +2.4% | +3.9% | +3.8% | |
| Q1 2025 | -3.2% | -6.0% | -7.8% | |
| Q4 2024 | -7.0% | -7.2% | -12.6% | |
| Q3 2024 | +14.7% | +11.7% | +7.6% | |
| Q2 2024 | -8.5% | -8.2% | -6.6% | |
| Q1 2024 | +4.9% | +5.0% | +0.9% | |
| Q4 2023 | -0.5% | +3.0% | +1.5% | |
| Q3 2023 | +0.7% | +0.8% | +9.8% | |
| Q2 2023 | +0.5% | +1.3% | -2.3% | |
| Q1 2023 | +0.6% | -1.3% | -0.1% | |
| Q4 2022 | -5.6% | -5.1% | -14.0% | |
| Q3 2022 | -1.1% | +5.8% | +6.8% | |
| Q2 2022 | -4.2% | -7.6% | -12.1% | |
| Q1 2022 | +4.4% | +5.4% | +10.6% | |
| Q4 2021 | +8.1% | +8.4% | +3.5% | |
| Q3 2021 | +2.2% | +3.3% | -7.6% | |
| Q2 2021 | -2.5% | +1.0% | +4.4% | |
| Q1 2021 | +1.6% | +4.2% | +3.5% | |
| Q4 2020 | -2.4% | -0.2% | +4.8% | |
| Q3 2020 | +2.4% | +0.6% | +23.4% | |
| Q2 2020 | -0.2% | +2.9% | -4.1% | |
| Q1 2020 | +2.3% | +5.2% | +16.5% | |
| Q4 2019 | -0.2% | -8.4% | -37.7% | |
| Q3 2019 | +9.2% | +8.8% | +8.9% | |
| Q2 2019 | +0.8% | +2.2% | +0.9% | |
| Q1 2019 | +0.4% | -0.3% | -2.5% | |
| Q4 2018 | +5.8% | +9.6% | +12.3% | |
| Q3 2018 | +9.9% | +8.3% | -2.1% | |
| Q2 2018 | -3.3% | -4.5% | -2.0% | |
| Q1 2018 | +2.8% | +3.4% | +9.9% | |
| Q4 2017 | +0.8% | +2.6% | +4.5% | |
| Q3 2017 | +9.7% | +3.6% | +10.2% | |
| Q2 2017 | -4.7% | -9.3% | -13.3% | |
| Q1 2017 | -0.8% | -2.6% | +3.8% | |
| Q4 2016 | +5.7% | +1.9% | -9.8% | |
| Q3 2016 | -6.7% | -5.5% | +10.2% | |
| Q2 2016 | +6.6% | +16.1% | +17.1% | |
| Q1 2016 | +0.1% | — | — | |
| Q4 2015 | -7.9% | — | — | |
| Q3 2015 | +4.1% | — | — | |
| Q2 2015 | +4.3% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | +3.7% | — | — | |
| Q3 2014 | +8.0% | — | — | |
| Q2 2014 | +2.3% | — | — | |
| Q1 2014 | -1.4% | — | — | |
| Q4 2013 | +5.4% | — | — | |
| Q3 2013 | -2.6% | — | — | |
| Q2 2013 | +0.4% | — | — | |
| Q1 2013 | -3.6% | — | — | |
| Q4 2012 | +0.2% | — | — | |
| Q3 2012 | +4.9% | — | — | |
| Q4 2011 | -3.0% | — | — | |
| Q2 2012 | -4.6% | — | — | |
| Q1 2011 | +7.5% | — | — | |
| Q1 2012 | +8.5% | — | — | |
| Q4 2009 | -2.5% | — | — | |
| Q3 2010 | -2.5% | — | — | |
| Q3 2011 | +7.4% | — | — | |
| Q2 2011 | +4.4% | — | — | |
| Q2 2010 | +4.4% | — | — | |
| Q4 2010 | +4.4% | — | — | |
| Q1 2010 | +7.8% | — | — |
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