Innospec (IOSP) FY2023 results: revenue $1.9 billion, down 0.8% on the year

Innospec Inc. (IOSP) reported revenue of $1.9 billion for fiscal 2023, the year ended 31 December 2023, down 0.8% on the year before. Net income was $139 million, up 4.6%, and diluted earnings per share $5.56. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue

$1.9 billion

-0.8% on the year

FY2016FY2023

Operating margin

8.3%

9.5% a year earlier

FY2016FY2023

Net income

$139 million

+4.6% on the year

FY2016FY2023

Diluted EPS

$5.56

+4.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,949	1,964	1,483	-0.8%
Cost of revenue	1,358	1,377	1,048	-1.4%
Gross profit	591	587	435	+0.7%
Gross margin	30.3%	29.9%	29.3%
Research and development	49.0	38.7	37.4	+26.6%
Selling, general and administrative	380	361	267	+5.5%
Operating income	162	187	132	-13.7%
Operating margin	8.3%	9.5%	8.9%
Interest expense	0.0	0.0	0.0
Pre-tax income	174	185	134	-5.5%
Income tax	35.3	51.6	41.3	-31.6%
Effective tax rate	20.2%	28.0%	30.7%
Net income	139	133	93.1	+4.6%
Net margin	7.1%	6.8%	6.3%
Diluted EPS	$5.56	$5.32	$3.75	+4.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	207	81.7	93.2	+153.7%
Capital expenditure	62.1	39.6	39.1	+56.8%
Free cash flow	145	42.1	54.1	+244.9%
Free cash flow margin	7.5%	2.1%	3.6%
Cash from investing	-112	-42.1	-36.2
Cash from financing	-39.0	-33.7	-20.0
Depreciation and amortisation	39.3	40.1	42.7	-2.0%
Share-based compensation	8.0	6.7	4.4	+19.4%
Buybacks	1.1	5.9	0.8	-81.4%
Dividends paid	35.1	31.7	28.8	+10.7%
Dividend per share	$1.41	$1.28	$1.16	+10.2%
Diluted shares, weighted	25m	25m	25m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,147	1,038	1,032	+10.5%
Non-controlling interest	2.5	2.4	0.6	+4.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	31.6	31.4	23.1	+0.6%
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	526	532	515	-1.1%
Total liabilities and equity	1,707	1,604	1,571	+6.5%
Fixed assets	268	221	214	+21.5%
Goodwill	399	359	364	+11.3%
Intangible assets	57.3	45.0	57.5	+27.3%
Cash and equivalents	204	147	142	+38.5%
Receivables	360	335	284	+7.5%
Inventory	300	373	278	-19.6%
Other assets	119	124	231	-4.3%
Total assets	1,707	1,604	1,571	+6.5%

10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.