Analysts have a consensus target price of $ 55.00 in the 12-month period. The price objective is 23.24% higher than the recent closing price of $ 44.63. The 52-week price range is $ 40.86 – 59.52 and the company has a market capitalization of $ 1.09B. Analysts covering the shares maintain a consensus Hold rating, according to Zacks Investment Research. zero analyst has rated the stock with a sell rating, 2 has assigned a hold rating, zero says it’s a buy, and zero have assigned a strong buy rating to the company.
Innospec Inc. (IOSP) on February 16, 2016 announced its financial results for the fourth quarter and full year ended December 31, 2015.
Total net sales for the fourth quarter were $246.0 million, a 15 percent decrease from $290.7 million in the corresponding period last year. For the full year, sales reached a record $1.0 billion, up 5 percent on 2014.
Net income for the quarter was $31.5 million, or $1.28 per diluted share, compared with $27.9 million, or $1.11 per diluted share, a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and acquisition fair value adjustments) for the quarter was $39.8 million, down 20 percent from 2014’s fourth quarter.
Results for this quarter include some special items, which are summarized in the table below. Excluding these items, adjusted non-GAAP EPS (earnings per share) in the fourth quarter was $1.24 per diluted share, compared to $1.28 per diluted share a year ago. Innospec closed the quarter in a net cash position of $5.6 milion. The Company paid a semi-annual dividend of $0.31 per common share during the quarter.
Despite challenging market conditions, Innospec continued to generate cash and, during the quarter operating cash inflows were $27.1 million before capital expenditures of $7.2 million.
For the full year, total revenues of $1.0 billion increased 5 percent from $960.9 million in 2014. Net income for 2015 was $119.5 million, or $4.86 per diluted share, compared to $84.1 million, or $3.38 per diluted share, a year ago. EBITDA for the year was $153.3 million, up 9 percent from $140.8 million in 2014. Special items increased net income for the full year by $12.4 million, or $0.50 per diluted share; in 2014, similar items decreased net income by $7.2 million, or $0.29 per diluted share.
Net sales in Fuel Specialties for the quarter were $186.3 million, a 14 percent decrease from $216.8 million in last year’s fourth quarter, driven by reduced volumes in Oilfield Services and a softer fourth quarter in Fuel Specialties in the Americas. Adjusting for the acquisition, revenues fell by 19 percent year over year driven by a 10 percent reduction in volumes, 5 percent from a combination of lower pricing and a weaker sales mix and 4 percent from the adverse currency impacts. Excluding Oilfield Services, fuel revenues in the Americas fell by 12 percent year over year due to a reduction in volumes due to order patterns and the warm start to the winter. In EMEA and AsPac sales were broadly on par with last year. Overall, the segment’s gross margin for the quarter was 35.3 percent, up 3.1 percentage points from 32.2 percent in last year’s fourth quarter, and operating income was $25.6 million. For the full year, the segment’s sales were up 11 percent to $758.3 million and operating income was broadly flat at $103.9 million.
In Performance Chemicals, revenues for the quarter were $39.2 million, down from $51.0 million last year as a result of the disposal of the Aroma Chemicals business. Excluding the disposal, net sales were up 6 percent from a year ago as volume growth of 14 percent was partially offset by 3 percent lower pricing and an adverse currency impact of 5 percent. By region, sales in the Americas grew by 13 percent, while EMEA was broadly flat, and AsPac fell by 14 percent. The segment’s gross margin for the quarter was 27.3 percent benefitting from a richer sales mix as strong growth in our strategic Personal Care business was offset by softness in the Polymers market. Operating income for the quarter was $4.2 million. Sales for the full year were $194.5 million and operating income was $23.5 million.
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