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Innospec beats estimates on strong fuel specialties results
August 7, 2013 | Vincent Valk
Innospec’s second-quarter net income was up 10% year-on-year (YOY), to $17.1 million, on net sales up 4%, to $185 million. Excluding special items, such as foreign exchange losses and acquisition costs, earnings totaled 75 cts/share, down 5% YOY but beating analysts’ consensus estimate of 68 cts/share, as reported by Thomson Reuters (New York). Fuel specialties segment sales were up 10% YOY, to $126.2 million, while segment operating income rose 14%, to $19.2 million. Volumes were up 3% and the Strata Control acquisition increased sales by 3%. Sales...
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