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Innospec earnings down as sales remain flat

12:41 PM MDT | May 7, 2013 | Vincent Valk

Innospec today reported first-quarter net income down 26.8% year-on-year (YOY), to $18 million, on sales that were flat, at $199.4 million. Adjusted earnings totaled 72 cts/share, down 28%, and well short of analysts’ consensus of 85 cts/share, as reported by Thomson Reuters (New York).   Fuel specialties segment sales were up 7.1% YOY, to $140 million, while segment operating income rose 14.7%, to $24.9 million. Higher prices and an improved product mix drove the increases, along with higher revenues from the acquisition of Strata Control. Volumes...

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