QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Class |
Outstanding as of November 2, 2022 | |
Common Stock, par value $0.01 |
TABLE OF CONTENTS
PART I |
2 | |||||
Item 1 |
2 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Notes To The Unaudited Interim Condensed Consolidated Financial Statements |
9 | |||||
Item 2 |
21 | |||||
21 | ||||||
21 | ||||||
30 | ||||||
Item 3 |
32 | |||||
Item 4 |
33 | |||||
PART II |
34 | |||||
Item 1 |
34 | |||||
Item 1A |
34 | |||||
Item 2 |
34 | |||||
Item 3 |
35 | |||||
Item 4 |
35 | |||||
Item 5 |
35 | |||||
Item 6 |
35 | |||||
36 |
CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS
This Form 10-Q contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “could,” “believes,” “feels,” “plans,” “intends” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, including, the effects of the COVID-19 pandemic, such as its duration, its unknown long-term economic impact, measures taken by governmental authorities to address it, the rise of variants, the effectiveness, acceptance and distributions of COVID-19 vaccines and the effects of any sanctions, export restrictions, inflation, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine and the manner in which the pandemic and/or such conflict may precipitate or exacerbate other risks and/or uncertainties, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2021, Innospec’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading “Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
(in millions, except share and per share data) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net sales |
$ | $ | $ | $ | ||||||||||||
Cost of goods sold |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
||||||||||||||||
Operating expenses: |
||||||||||||||||
Selling, general and administrative |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Research and development |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
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|
|||||||||
Total operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
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|
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|
|
|
|||||||||
Operating income |
||||||||||||||||
Other (expense)/income, net |
( |
) | ( |
) | ( |
) | ||||||||||
Interest expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income tax expense |
||||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding (in thousands): |
||||||||||||||||
Basic |
||||||||||||||||
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|
|
|
|||||||||
Diluted |
||||||||||||||||
|
|
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|
|
|
|
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net income |
$ | $ | ||||||||||||||
Other comprehensive income/(loss): |
||||||||||||||||
Changes in cumulative translation adjustment, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Amortization of prior service cost, net of tax of $ |
||||||||||||||||
Amortization of actuarial net losses, net of tax of $ |
||||||||||||||||
Total other comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Total comprehensive income |
$ | $ | ||||||||||||||
(in millions, except share and per share data) |
September 30, 2022 |
December 31, 2021 |
||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Trade and other accounts receivable (less allowances of $ |
||||||||
Inventories (less allowances of $ |
||||||||
Finished goods |
||||||||
Raw materials |
||||||||
Total inventories |
||||||||
Prepaid expenses |
||||||||
Prepaid income taxes |
||||||||
Other current assets |
||||||||
Total current assets |
||||||||
Net property, plant and equipment |
||||||||
Operating lease right-of-use |
||||||||
Goodwill |
||||||||
Other intangible assets |
||||||||
Deferred tax assets |
||||||||
Pension asset |
||||||||
Other non-current assets |
||||||||
Total assets |
$ | $ | ||||||
(in millions, except share and per share data) |
September 30, 2022 |
December 31, 2021 |
||||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued liabilities |
||||||||
Finance leases |
— | |||||||
Current portion of operating lease liabilities |
||||||||
Current portion of plant closure provisions |
||||||||
Current portion of accrued income taxes |
||||||||
Total current liabilities |
||||||||
Operating lease liabilities, net of current portion |
||||||||
Plant closure provisions, net of current portion |
||||||||
Accrued income taxes, net of current portion |
||||||||
Unrecognized tax benefits |
||||||||
Deferred tax liabilities |
||||||||
Pension liabilities and post-employment benefits |
||||||||
Other non-current liabilities |
||||||||
Total liabilities |
||||||||
Equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Treasury stock ( |
( |
) | ( |
) | ||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Total Innospec stockholders’ equity |
||||||||
Non-controlling interest |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ | $ | ||||||
Nine months ended September 30 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Cash Flows from Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Deferred taxes |
||||||||
Non-cash movements on defined benefit pension plans |
( |
) | ( |
) | ||||
Stock option compensation |
||||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: |
||||||||
Trade and other accounts receivable |
( |
) | ( |
) | ||||
Inventories |
( |
) | ( |
) | ||||
Prepaid expenses |
||||||||
Accounts payable and accrued liabilities |
||||||||
Plant closure provisions |
( |
) | ||||||
Accrued income taxes |
( |
) | ( |
) | ||||
Unrecognized tax benefits |
— | |||||||
Other assets and liabilities |
( |
) | ||||||
|
|
|
|
|||||
Net cash provided by operating activities |
||||||||
Cash Flows from Investing Activities |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
Proceeds on disposal of property, plant and equipment |
||||||||
|
|
|
|
|||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activities |
||||||||
Non-controlling interest |
||||||||
Proceeds from revolving credit facility |
||||||||
Repayments of revolving credit facility |
||||||||
Repayments of finance leases |
( |
) | ( |
) | ||||
Dividend paid |
( |
) | ( |
) | ||||
Issue of treasury stock |
||||||||
Repurchase of common stock |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
Effect of foreign currency exchange rate changes on cash |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net change in cash and cash equivalents |
( |
) | ( |
) | ||||
Cash and cash equivalents at beginning of period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | $ | ||||||
|
|
|
|
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Non-controlling interest investment |
||||||||||||||||||||||||||||
Share of net income |
||||||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
Balance at September 30, 2022 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Share of net income |
||||||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
Balance at September 30, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at June 30, 2022 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Non-controlling interest investment |
||||||||||||||||||||||||||||
Treasury stock reissued |
( |
) | ( |
) | ||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
Balance at September 30, 2022 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at June 30, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
Balance at September 30, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net sales : |
||||||||||||||||
Personal Care |
$ | $ | $ | $ | ||||||||||||
Home Care |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Performance Chemicals |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Refinery and Performance |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fuel Specialties |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Oilfield Services |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit: |
||||||||||||||||
Performance Chemicals |
$ | $ | $ | $ | ||||||||||||
Fuel Specialties |
||||||||||||||||
Oilfield Services |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income/(loss): |
||||||||||||||||
Performance Chemicals |
$ | $ | $ | $ | ||||||||||||
Fuel Specialties |
||||||||||||||||
Oilfield Services |
||||||||||||||||
Corporate costs |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating income |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Numerator (in millions): |
||||||||||||||||
Net income available to common stockholders |
$ | $ | $ | $ | ||||||||||||
Denominator (in thousands): |
||||||||||||||||
Weighted average common shares outstanding |
||||||||||||||||
Dilutive effect of stock options and awards |
||||||||||||||||
Denominator for diluted earnings per share |
||||||||||||||||
Net income per share, basic: |
$ | $ | $ | $ | ||||||||||||
Net income per share, diluted: |
$ | $ | $ | $ | ||||||||||||
(in millions) |
Gross Cost |
|||
Opening balance at January 1, 2022 |
$ | |||
Exchange effect |
( |
) | ||
Closing balance at September 30, 2022 |
$ | |||
(in millions) |
2022 |
|||
Gross cost at January 1 |
$ | |||
Exchange effect |
( |
) | ||
Gross cost at September 30 |
||||
Accumulated amortization at January 1 |
( |
) | ||
Amortization expense |
( |
) | ||
Exchange effect |
||||
Accumulated am o rtization at September 30 |
( |
) | ||
Net book amount at September 30 |
$ | |||
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Service cost |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Interest cost on projected benefit obligation |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Expected return on plan assets |
||||||||||||||||
Amortization of prior service cost |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Amortization of actuarial net losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net periodic benefit |
$ | $ | $ | $ | ||||||||||||
(in millions) |
Unrecognized Tax Benefits |
Interest and Penalties |
Total |
|||||||||
Opening balance at January 1, 2022 |
$ | $ | $ | |||||||||
Net change for tax positions of prior periods |
( |
) | ||||||||||
Closing balance at September 30, 2022 |
||||||||||||
Current |
||||||||||||
Non-current |
$ | $ | $ | |||||||||
(in millions) |
2022 |
|||
Total at January 1 |
$ | |||
Charge for the period |
||||
Utilized in the period |
( |
) | ||
Exchange effect |
( |
) | ||
Total at September 30 |
||||
Due within one year |
( |
) | ||
Due after one year |
$ | |||
September 30, 2022 |
December 31, 2021 |
|||||||||||||||
(in millions) |
Carrying Amount |
Fair Value |
Carrying Amount |
Fair Value |
||||||||||||
Assets |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current assets: |
||||||||||||||||
Emissions Trading Scheme credits |
||||||||||||||||
Liabilities |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Finance leases (including current portion) |
$ | $ | $ | $ | ||||||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Foreign currency forward exchange contracts |
||||||||||||||||
Non-financial liabilities (Level 3 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Stock equivalent units |
Number of shares |
Weighted Average Grant-Date Fair Value |
|||||||
Nonvested at December 31, 2021 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
|
|
|
|
|||||
Nonvested at September 30, 2022 |
$ | |||||||
|
|
|
|
(in millions) Details about AOCL Components |
Amount Reclassified from AOCL |
Affected Line Item in the Statement where Net Income is Presented | ||||
Defined benefit pension plan items: |
||||||
Amortization of prior service cost |
$ | See (1) below | ||||
Amortization of actuarial net losses |
See (1) below | |||||
|
|
|||||
Total before tax | ||||||
( |
) | Income tax expense | ||||
|
|
|||||
Total reclassifications |
$ | Net of tax | ||||
|
|
|||||
(1) These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2021 |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income/(loss) |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at September 30, 2022 |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
(in millions) Details about AOCL Components |
Amount Reclassified from AOCL |
Affected Line Item in the Statement where Net Income is Presented | ||||
Defined benefit pension plan items: |
||||||
Amortization of prior service cost |
$ | See (1) below | ||||
Amortization of actuarial net losses |
See (1) below | |||||
|
|
|||||
Total before tax | ||||||
( |
) | Income tax expense | ||||
|
|
|||||
Total reclassifications |
$ | Net of tax | ||||
|
|
(1) |
These items are included in other inc o me and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
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Total other comprehensive income |
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Balance at September 30, 2021 |
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Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Nine Months Ended September 30, 2022
This discussion should be read in conjunction with our unaudited interim condensed consolidated financial statements and the notes thereto.
CRITICAL ACCOUNTING ESTIMATES
The policies and estimates that the Company considers the most critical in terms of complexity and subjectivity of assessment are those related to environmental liabilities, pensions, income taxes, goodwill, property, plant and equipment and other intangible assets (net of depreciation and amortization) and the impact of the COVID-19 pandemic (“the pandemic”) and the current economic environment. These policies have been discussed in the Company’s 2021 Form 10-K.
RESULTS OF OPERATIONS
The Company reports its financial performance based on three reportable segments, which are Performance Chemicals, Fuel Specialties and Oilfield Services.
The following table provides sales, gross profit and operating income by reporting segment:
Three months ended September 30 |
Nine months ended September 30 |
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(in millions) |
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net sales: |
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Performance Chemicals |
$ | 159.7 | $ | 132.8 | $ | 495.8 | $ | 386.9 | ||||||||
Fuel Specialties |
178.7 | 156.4 | 546.9 | 438.8 | ||||||||||||
Oilfield Services |
174.6 | 86.9 | 410.3 | 244.5 | ||||||||||||
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$ | 513.0 | $ | 376.1 | $ | 1,453.0 | $ | 1,070.2 | |||||||||
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Gross profit: |
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Performance Chemicals |
$ | 39.1 | $ | 32.6 | $ | 123.5 | $ | 95.6 | ||||||||
Fuel Specialties |
53.4 | 49.1 | 171.0 | 144.1 | ||||||||||||
Oilfield Services |
63.5 | 31.2 | 140.6 | 82.3 | ||||||||||||
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$ | 156.0 | $ | 112.9 | $ | 435.1 | $ | 322.0 | |||||||||
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Operating income/(loss): |
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Performance Chemicals |
$ | 25.4 | $ | 17.8 | $ | 79.5 | $ | 54.0 | ||||||||
Fuel Specialties |
27.9 | 26.6 | 94.9 | 78.9 | ||||||||||||
Oilfield Services |
14.2 | 2.7 | 21.2 | 6.1 | ||||||||||||
Corporate costs |
(17.4 | ) | (15.7 | ) | (54.9 | ) | (42.4 | ) | ||||||||
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Total operating income |
$ | 50.1 | $ | 31.4 | $ | 140.7 | $ | 96.6 | ||||||||
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21
Three Months Ended September 30, 2022
The following table shows the changes in sales, gross profit and operating expenses by reporting segment for the three months ended September 30, 2022 and the three months ended September 30, 2021:
Three months ended September 30 |
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(in millions, except ratios) |
2022 | 2021 | Change | |||||||||||||
Net sales: |
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Performance Chemicals |
$ | 159.7 | $ | 132.8 | $ | 26.9 | +20 | % | ||||||||
Fuel Specialties |
178.7 | 156.4 | 22.3 | +14 | % | |||||||||||
Oilfield Services |
174.6 | 86.9 | 87.7 | +101 | % | |||||||||||
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