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Innospec Reports Drop in Sales, Earnings

10:30 AM MDT | August 9, 2012 | Lindsay Frost

Innospec reported a drop in sales and earnings for the second quarter of 2012 due to foreign currency exchange gains and losses, the company says. Net sales were $178.5 million, down 4% from second-quarter 2011. Net income was $15.5 million, or 65 cts/share, down 37% year-on-year (YOY). Adjusted earnings of $22.8 million were down 33% and include a pr-tax $12.2-million swing in foreign currency exchange. Adjusted earnings per share of 79 cts/share were in line with analysts' estimates, according to Thompson Reuters (New York). “Innospec performed solidly...

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