Innospec Inc. (NASDAQ:IOSP) shares are trading lower by 2.37% to $109.97 during Tuesday’s after-hours session. The company reported mixed fourth-quarter financial results.
What Happened?
Innospec reported quarterly earnings of $1.20 per share, which missed the analyst consensus estimate of $1.39. The company also reported quarterly sales of $510.70 million that beat the analyst consensus estimate of $485.73 million by 5%. This sales figure is a 23.6% increase over sales of $413.2 million in the same period last year.
See Also: Why Donnelley Financial Solutions (DFIN) Shares Are Getting Hammered
Innospec says the company generated cash from operating activities of $78.4 million before capital expenditures of $15.1 million in the quarter. Innospec also closed the quarter with net cash of $147.1 million, up from net cash of $100.5 million at the end of the third quarter.
In the fourth quarter, the company says it paid its semi-annual dividend of 65 cents per common share and repurchased 8,514 of its common shares at a cost of $700,000.
What Else?
Commenting on the fourth quarter results, Patrick S. Williams, president and CEO, said: “This was another very strong quarter for Innospec. In the quarter and the full-year we delivered double-digit sales and operating income growth with expanded margins. We again benefited from our balanced end-market exposure as some negative impact of year-end customer destocking in Performance Chemicals was offset by continued sequential growth in Oilfield Services and steady results in Fuel Specialties.
According to data from Benzinga Pro, IOSP has a 52-week high of $115.66 and a 52-week low of $83.13.
Photo via Shutterstock.
