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Innospec earnings fall despite rising sales

10:30 AM MDT | May 7, 2014 | Vincent Valk

Innospec has reported first-quarter net income down 6% year-on-year (YOY), to $16.9 million, on sales up 11%, to $220.7 million. Adjusted earnings, excluding some foreign currency and tax impacts, declined 25% YOY, to 54 cts/share. Earnings were hit by weak results in octane additives, which had nearly zero sales, since the segment’s product has been phased out in many markets. “The underlying performance of our core businesses continued on track in the first quarter, and the strategic acquisitions we made last year are delivering to our...

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