Innospec (IOSP) FY2024 results: revenue $1.8 billion, down 5.3% on the year

Innospec Inc. (IOSP) reported revenue of $1.8 billion for fiscal 2024, the year ended 31 December 2024, down 5.3% on the year before. Net income was $36 million, down 74.4%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$1.8 billion

-5.3% on the year

FY2017FY2024

Operating margin

9.6%

8.3% a year earlier

FY2017FY2024

Net income

$36 million

-74.4% on the year

FY2017FY2024

Diluted EPS

$1.42

-74.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,845	1,949	1,964	-5.3%
Cost of revenue	1,302	1,358	1,377	-4.1%
Gross profit	543	591	587	-8.2%
Gross margin	29.4%	30.3%	29.9%
Research and development	56.5	49.0	38.7	+15.3%
Selling, general and administrative	305	380	361	-19.8%
Operating income	178	162	187	+10.1%
Operating margin	9.6%	8.3%	9.5%
Interest expense	0.0	0.0	0.0
Pre-tax income	41.2	174	185	-76.4%
Income tax	5.6	35.3	51.6	-84.1%
Effective tax rate	13.6%	20.2%	28.0%
Net income	35.6	139	133	-74.4%
Net margin	1.9%	7.1%	6.8%
Diluted EPS	$1.42	$5.56	$5.32	-74.5%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	184	207	81.7	-11.0%
Capital expenditure	41.4	62.1	39.6	-33.3%
Free cash flow	143	145	42.1	-1.4%
Free cash flow margin	7.8%	7.5%	2.1%
Cash from investing	-62.0	-112	-42.1
Cash from financing	-35.3	-39.0	-33.7
Depreciation and amortisation	43.5	39.3	40.1	+10.7%
Share-based compensation	8.5	8.0	6.7	+6.2%
Buybacks	0.7	1.1	5.9	-36.4%
Dividends paid	38.8	35.1	31.7	+10.5%
Dividend per share	$1.55	$1.41	$1.28	+9.9%
Diluted shares, weighted	25m	25m	25m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,211	1,147	1,038	+5.6%
Non-controlling interest	4.9	2.5	2.4	+96.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	31.0	31.6	31.4	-1.9%
Other liabilities	488	526	532	-7.3%
Total liabilities and equity	1,735	1,707	1,604	+1.6%
Fixed assets	270	268	221	+0.5%
Goodwill	382	399	359	-4.2%
Intangible assets	65.4	57.3	45.0	+14.1%
Cash and equivalents	289	204	147	+42.0%
Receivables	342	360	335	-5.0%
Inventory	301	300	373	+0.3%
Other assets	85.2	119	124	-28.3%
Total assets	1,735	1,707	1,604	+1.6%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.