Markets :: Specialty Chemicals :: Lubricants
Innospec adjusted income declines
10:39 AM MDT | November 1, 2012 | Vincent Valk
Innospec recorded adjusted earnings of 65 cts/share during the third-quarter, down 30% from the year-ago period. Unadjusted net income totaled $15.5 million for the quarter. The third quarter of 2011 included a $45-million civil complaint settlement that negatively impacted earnings, leading to an unadjusted quarter loss of $16.8 million in the year-ago period. Fuel specialties sales fell 7% year-on-year (YOY), to $127 million, as a favorable product mix and higher selling prices were more than offset by lower volumes and a strong dollar. Operating income...
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