Innospec (IOSP) FY2022 results: revenue $2.0 billion, up 32.4% on the year

Innospec Inc. (IOSP) reported revenue of $2.0 billion for fiscal 2022, the year ended 31 December 2022, up 32.4% on the year before. Net income was $133 million, up 42.9%, and diluted earnings per share $5.32. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$2.0 billion

+32.4% on the year

FY2015FY2022

Operating margin

9.5%

8.9% a year earlier

FY2015FY2022

Net income

$133 million

+42.9% on the year

FY2015FY2022

Diluted EPS

$5.32

+41.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,964	1,483	1,193	+32.4%
Cost of revenue	1,377	1,048	850	+31.3%
Gross profit	587	435	343	+34.9%
Gross margin	29.9%	29.3%	28.7%
Research and development	38.7	37.4	30.9	+3.5%
Selling, general and administrative	361	267	237	+35.0%
Operating income	187	132	33.7	+41.8%
Operating margin	9.5%	8.9%	2.8%
Interest expense	0.0	0.0	0.8
Pre-tax income	185	134	39.7	+37.4%
Income tax	51.6	41.3	11.0	+24.9%
Effective tax rate	28.0%	30.7%	27.7%
Net income	133	93.1	28.7	+42.9%
Net margin	6.8%	6.3%	2.4%
Diluted EPS	$5.32	$3.75	$1.16	+41.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	81.7	93.2	146	-12.3%
Capital expenditure	39.6	39.1	29.7	+1.3%
Free cash flow	42.1	54.1	116	-22.2%
Free cash flow margin	2.1%	3.6%	9.7%
Cash from investing	-42.1	-36.2	-29.7
Cash from financing	-33.7	-20.0	-86.8
Depreciation and amortisation	40.1	42.7	46.0	-6.1%
Share-based compensation	6.7	4.4	5.8	+52.3%
Buybacks	5.9	0.8	2.1	+637.5%
Dividends paid	31.7	28.8	25.6	+10.1%
Dividend per share	$1.28	$1.16	$1.04	+10.3%
Diluted shares, weighted	25m	25m	25m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,038	1,032	944	+0.5%
Non-controlling interest	2.4	0.6	0.5	+300.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	31.4	23.1	28.9	+35.9%
Finance lease liabilities	n/a	0.0	0.1
Other liabilities	532	515	424	+3.3%
Total liabilities and equity	1,604	1,571	1,397	+2.1%
Fixed assets	221	214	211	+3.0%
Goodwill	359	364	371	-1.5%
Intangible assets	45.0	57.5	75.3	-21.7%
Cash and equivalents	147	142	105	+3.7%
Receivables	335	284	221	+17.6%
Inventory	373	278	220	+34.4%
Other assets	124	231	193	-46.2%
Total assets	1,604	1,571	1,397	+2.1%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.