Innospec (IOSP) Q4 FY2023 earnings: revenue $495 million, down 3.1% on the year

Innospec Inc. (IOSP) reported revenue of $495 million for Q4 FY2023, the quarter ended 31 December 2023, down 3.1% on the same quarter a year earlier. Net income was $38 million, up 48.2% on the year, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$495 milliondown 3.1%

Net income$38 millionup 48.2%

Diluted EPS$1.51

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	495	464	n/a	n/a
Cost of revenue	339	327	n/a	n/a
Gross profit	156	137	n/a	n/a
Gross margin	31.5%	29.6%	n/a
Research and development	8.9	11.6	n/a	n/a
Selling, general and administrative	102	83.7	n/a	n/a
Operating income	44.5	41.9	n/a	n/a
Operating margin	9.0%	9.0%	n/a
Pre-tax income	45.3	47.5	n/a	n/a
Income tax	7.5	8.3	n/a	n/a
Effective tax rate	16.6%	17.5%	n/a
Net income	37.8	39.2	n/a	n/a
Net margin	7.6%	8.4%	n/a
Diluted EPS	$1.51	$1.57	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	72.4	58.1	n/a	n/a
Capital expenditure	16.9	12.6	n/a	n/a
Free cash flow	55.5	45.5	n/a	n/a
Free cash flow margin	11.2%	9.8%	n/a
Cash from investing	-55.8	-16.7	n/a	n/a
Cash from financing	-20.4	0.2	n/a	n/a
Depreciation and amortisation	10.2	9.9	n/a	n/a
Share-based compensation	2.1	2.0	n/a	n/a
Buybacks	0.1	0.0	n/a	n/a
Dividends paid	n/a	0.0	n/a	n/a
Dividend per share	n/a	$0.00	n/a	n/a
Diluted shares, weighted	25m	25m	n/a	n/a
Shares outstanding at period end	25m	25m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,147	1,125	n/a	n/a
Non-controlling interest	2.5	2.7	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	31.6	29.4	n/a	n/a
Other liabilities	526	461	n/a	n/a
Total liabilities and equity	1,707	1,619	n/a	n/a
Fixed assets	268	245	n/a	n/a
Goodwill	399	358	n/a	n/a
Intangible assets	57.3	47.8	n/a	n/a
Cash and equivalents	204	207	n/a	n/a
Receivables	360	305	n/a	n/a
Inventory	300	332	n/a	n/a
Other assets	119	124	n/a	n/a
Total assets	1,707	1,619	n/a	n/a

Questions

What was Innospec's revenue in Q4 FY2023?

Innospec (IOSP) reported revenue of $495 million for Q4 FY2023, the quarter ended 31 December 2023, down 3.1% on the same quarter a year earlier.

How much did Innospec earn in Q4 FY2023?

Net income for Q4 FY2023 was $38 million, up 48.2% on the year, and diluted earnings per share $1.51.

When did Innospec report Q4 FY2023 results?

Innospec filed its 10-K for the year that ended with the quarter on 14 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	464	495	500	435	443	467	441	440	442	456	453	491
Cost of revenue	327	339	344	308	319	331	316	316	325	328	330	353
Gross profit	137	156	156	127	124	136	125	123	117	127	124	138
Gross margin	30%	31%	31%	29%	28%	29%	28%	28%	26%	28%	27%	28%
R&D	11.6	8.9	14.0	14.0	13.6	12.7	12.7	13.6	13.7	n/a	13.2	14.2
SG&A	83.7	102	90.5	71.6	64.3	81.1	69.3	74.6	71.9	n/a	78.5	84.3
Operating income	41.9	44.5	50.5	40.7	45.6	41.1	42.5	34.3	5.9	46.8	36.5	39.7
Operating margin	9%	9%	10%	9%	10%	9%	10%	8%	1%	10%	8%	8%
Pre-tax income	47.5	45.3	55.3	43.7	44.8	-103	45.2	32.3	11.5	50.3	39.9	41.6
Tax rate	17%	17%	25%	29%	25%	n/a	26%	26%	-12%	6%	23%	25%
Net income	39.2	37.8	41.4	31.2	33.4	-70.4	32.8	23.5	12.9	47.4	30.4	30.8
Net margin	8%	8%	8%	7%	8%	-15%	7%	5%	3%	10%	7%	6%
Diluted EPS	$1.57	$1.51	$1.65	$1.24	$1.33	-$2.80	$1.31	$0.94	$0.52	$1.91	$1.22	$1.25
Operating cash flow	58.1	72.4	80.6	4.7	73.5	25.7	28.3	9.3	39.3	61.4	17.6	7.2
Capital expenditure	12.6	16.9	10.7	10.9	7.7	12.1	8.4	13.0	14.3	14.6	8.9	17.7
Free cash flow	45.5	55.5	69.9	-6.2	65.8	13.6	19.9	-3.7	25.0	46.8	8.7	-10.5
Buybacks	0.0	0.1	0.4	0.3	0.0	0.0	4.8	8.5	10.6	0.0	7.1	6.4
Dividends paid	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	25m	25m	25m	25m	25m	25m	25m	25m	25m	25m	25m	25m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0000950170-24-014960: the filing on EDGAR. All of Innospec Inc.'s filings: EDGAR company page.

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