IOSP - Earnings call transcript Q4 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to today's Innospec's Fourth Quarter 2019 Earnings Release and Conference Call. [Operator Instructions]. I must advise you that this conference is being recorded today, 19th of February 2020.

Without any further delay, I would now like to hand the conference over to your presenter, David Jones, General Counsel. Please go ahead, sir.

David Jones

you. Thank everyone. day, Good David is Jones. name My and I'm Officer. Compliance General Counsel Chief XXXX our XXXX Thank joining quarter and you for call. fourth year-end conference financial results call Today's recorded. being is

the for audio The quarter on for well, know, presentation full archived posted The now slide on you yesterday available website reported our webcast on is financial As and on at the company's innospecinc.com. is we press release as year presentation be both December ended site results and and the XX, slide an XXXX. website will our the the months. results X

with well the XXXX, as refer We other ended our and These XX, report XX, start, or remind the any made characterized comments would by XXXX, of and Securities detailed uncertainties recent documents. website most materially we could September Before anticipated to we beliefs, might of These from site forward-looking regarding have and results for as I Act and predictions Innospec's the statements. forward-looking the results like to expectations, the speaking, Private everybody XX, that the that SEC's risks other in quarter be ended forward-looking Generally as involve are call XX-K this are to Litigation certain comments SEC. uncertainties risks XX-Q filings a quarter of June the you quarter under differ those ended and XXXX, statements the targets reports for March and other cause actual statements Reform implied during number XXXX. future statements. these management's

GAAP earnings measures the non-GAAP copy on financial which release, most is Innospec is included contained In our directly A measures. some our discussions reconciliation website. today, a the available of in also to financial comparable we've

Officer. President Williams, Officer; With and Financial Ian Chief Vice Chief Patrick Executive today from Innospec and Cleminson, are Executive and President, us

And it with Patrick. over turn you, that, I'll to

Patrick Williams

Call. I XXXX an portfolio underlines resilience value David, times. able delivered be In Services the uncertain am industry, good of many outstanding performance, both impact contrast we issues, and Specialties, to operating welcome, of the Full substantially Fourth to very and income. still revenue increased Fuel delighted negative resulted balanced XXXX. has full in in the report and further Conference to has of profile everyone, despite operating raw the strategy Quarter income Innospec's which and Performance improvement a another in the its XX% to sales Chemicals with our rates, in you, materials Oilfield despite Thank Year supply again exchange results, sales sharp and in margin operating operating of quarter's and terms headwinds income. year short-term improved a battling which And of in over

be disruption experienced supplier During more would service that would and anticipated. solve restored have complicated case normal not frame. be to than in time impact issues the results we I Specialties, the reasonable August, proved be a call was just our This in QX of a had minimal number been indicated to we and then some impacting that We companies, the thought not Fuel which in Innospec.

and the at of However, all end quarter and for of normal first sustainable we have alternative will business return developed products supply XXXX. to operations our the impacted solutions

our with working been cover this We've impact insurance disruption. to the financial providers of

benefits acquisition we excellent Once Without of cash took eliminating in cash years accrual, which equivalent higher plans fantastic a debt compensation EPS. recent for we our in has largest with finished to the a extremely accrual the are performance EPS ago. delivered fourth net our just quarter, quarter. resulted challenges, position, all This of our pleased would again, a have this with $X.XX delivered year shareholders. we for our $X.XX in of the these X Innospec. which the We and that share Even was price, the flow was year on XXXX share-based for for

fourth Despite increased of right well competitors, business, We conditions excellent year combined revenue, innovative board. service. improvements up also XXXX, quarter, to impacting market performance. EBITDA, sales market have XX% in With profit, sales the Services excellent negative our gross produced XXXX our capping operating over Oilfield income develop many again, an the off customer across new and we performed the continually the outperformed chemistries, full by with

also foundation continued strong impacts the geographical and have to As we growth. technologies indicated, have believe advanced cyclical that expansion of reduce in business. for of We to further the we nature a invest this

margins up is well placed and gross The points up operating for translating Performance drive that indicated, operating projects of we lower been organic the year with this, initiated X.X helped our Despite revenue. acquisitive dealing have and previously X%. and into Chemicals we percentage As ago years income. X The cost has expansion. lower ahead remains excellent business strategic targets raw material income delivered further for

performance very call. down Fuel in quarter. QX disruption team customers. the the X slightly, impact we our in orders with were has the supply strong down of just Specialties indicated by driven percentage into on fourth as aviation Our also credible in our very this, last volumes focusing points comparative Sales phasing on of was quarter been of to light In minimizing a

operating or We income were XXXX. full on year expectations $XX further have final customer. not of down our Additives indication from sales do demand million any over in Octane with line with orders

each quarterly keep call. informed you will We on

After will Ian concluding will Ian? our to questions. that, I with Cleminson, the I more your review over results Now who will financial in call take some then detail, we return turn comments. will

Ian Cleminson

Patrick. Thanks,

a the Chemicals year a from ago. X% quarter margins the for The from Fuel improved year decrease $XXX to gross revenues in X Specialties. were company's Slide margin million fourth $XXX.X to total by increased in Overall, driven and presentation. million, Performance XX.X%, Turning last

our the impacted $XX.X by Reform income Net million Additives quarter last for decline EBITDA was as by in fourth a for million same adversely XXXX was strategic to compared was the Octane was $XX.X U.S. businesses. broadly in of the million, Tax $XX.X million the quarter offset year, in the the $XX.X as growth adjustments. the which generated quarter

Our effect quarter $X.XX, $X.XX special of we were by fourth share. earnings per of earnings which which including year included items the special reported GAAP per GAAP earnings share, net of negative $X.XX. from $X.XX ago, items, share A decreased per impact a our

to $X.XX Excluding of special for ago in a a adjusted X% decline both increased our Additives and $X.XX, share the year decrease $X.XX EPS items quarter a in per impact years, due the compensation. Octane share-based was from

$XXX.X for increased share $XX of share the year, or For ago. revenues X% XXXX. XXXX billion per $X.XX to diluted million or $X.XX a year $X.XX total was billion per $X.XX million in compared from Net full income diluted

or Special full decreased $X.XX diluted items XXXX, diluted decreased similar by items $XX.X or per year the income net million share. In per by share. $XX.X net income for $X.XX million

an both our XXXX, $X.XX for was the $XXX.X for million million compared X%. increase was $X.XX, X% in years, year items EPS a an ago. increase EBITDA of in to year adjusted special Excluding from the year $XXX.X

was and for reported a Moving million, currency X. Slide million impact phasing XX.X% quarter in expected adverse was million, ago. compared the on income range negative from fourth impact impact X% segment the There this from same supply down into X% within disruption was quarter $XX.X mix in the at by X%. gross Operating also ago. year of $XXX.X Volumes and XX.X% in the fell some the to to Revenues quarter X%, margin an price of sales $XXX our with aviation. Fuel Specialties than year for of for XX% lower a Specialties XXXX. Fuel were a

up X% operating For and the income at were full $XXX.X to revenues million. $XXX.X Specialties broadly year, flat was Fuel million

quarter the was Operating X% was negative of the effect XXXX. $XXX year's due to up indicated up year. impact a lower $XX.X Performance mix $XXX.X Gross was to both for the which by raw X. year. the for to and in-sourcing customers, $XX.X to fourth by XX% million margin X the same million as of last Turning currency from points contracts negative X%. Slide impact Sales million in fell of earlier of volume the offset the percentage in for and Revenues last income X% Chemicals we X% materials X.X the decreased growth million, compared quarter segment compared XX.X%, by of in to price from quarter a

For X% year, from decreased revenues million. the last full year to $XXX.X

operating to $XX.X However, million. increased income X%

Slide XX. to on Moving

were business the Services continued were Revenues in to Oilfield grow quarter fourth percentage by year. XX.X% X.X on the sustained Our points on driven down fourth quarter. Gross XX% of strongly million, margins XXXX, up customer activity. last of $XXX.X

$X XX% income XXXX. $XX.X Operating million in same million to compared of increased to quarter the

XX% For million, XX% and on million an the operating of XXXX. up were $XXX.X year, full to income $XX.X was revenues increase

down in quarter. segment's were we Slide line the million expectations XX. from million delivered in Revenues order, last on to volumes. latest The in margin for to Additives due the at fourth Octane year's quarter the but lower XX.X% $XX.X production was $XX.X as with gross Moving

Operating million income $X.X compared was to ago. the quarter a year $X.X million for

million million, $X.X Octane of income year, was the same operating an XXXX. were XX% revenues $XX For year, $X.X down the full of last we profit as and in loss on expected, to period operating Additives' million a compared

for $XX.X to included for was in full costs adjusted was XX. range ago. Reform. tax compared Income Slide fourth million, from was full year's million $XX.X The which million charge XXXX, year million impact up quarter at quarter the XX.X% million compared The the year the for compared XX.X% our quarter fourth $XX.X year to the to the Turning million tax $XX.X quarter. within were effective Corporate XXXX. of of rate U.S. expected last Tax expense to a for $XX.X $XX.X

XX%. expect to For effective rate approximately tax full year the XXXX, we be

from was $X.X over million net Moving $XX.X $X.XX operations repurchases There the per expenditures the for on of full Slide brought were million. no total XX. cash representing a generated to increase of This quarter, year for cash quarter $X.XX share strong per to dividend semi-annual dividend with the of another but during before share. previously XXXX. capital we share, XX% paid the This announced

net XXXX. was million from the million For cash year, $XXX.X operations generated to $XXX.X full during compared

Innospec total As in of debt equivalents cash $XX.X with net of $XX.X December million. and $XX.X a million has cash cash balance million, and XXXX XX, closing XXXX, of

now And final to Patrick comments. it turn some over I'll for back

Patrick Williams

Thanks, Ian.

to we very able fourth be this especially pleased headwinds year the performance, given that faced. and report are impressive full to We quarter

fourth market revenue had the sales has profitability. a the business outperformed fantastic Services growth Oilfield throughout excellent and quarter year, Our delivering and

delivery to full on in margin X% have the which the strategic for The culminated referred operating up a initiatives Performance Chemicals. profitability year, in improvement has income, really and our and We quarter year. focus great to of to these strategic intent XX% for contributed

major have the we are benefit solutions a the confident overcome to will stability disruption, had Specialties to business. supply of implementing this that long-term we are Fuel but a

share-based of significant increase each which cost driven and higher In benefits addition, absorbed we shareholder. compensation, share by price, have every in our the

Our to offsets approach strategic growth, and focused continues the in in deliver revenue Additives. our decline which businesses core Octane profitability all and

innovative have technologies, growth and pipeline of beyond. will We which drive exciting in a XXXX new organic

disciplined acquisitions, We continue meaningful add to but which shareholder in seek our approach. value, will will remain

excellent cash moved flow, have cash which we generated again, has a position. into Once net us

this years which Performance the have X business, We in million milestone after added acquisition our Chemicals debt. reached $XXX only major of

influenced the still across growth execute we are globe, and fundamentals and continue of financial strategy our are growth. and the of sound, successfully dynamics by to the future market that to well trade placed confident disputes our are we slower business underlying deliver uncertainty very are While

and questions. Ian turn to and your I take operator, will Now will call I the over the

Operator

[Operator Instructions].

The comes from Jon first Tanwanteng. line question the from

Jonathan Tanwanteng

impact there's as Can a an and going new disruption ongoing supplier? supply to input we talk will transition how QX and headwind be that you to about cost the if

Patrick Williams

I'll Jon. take take Ian the question. second have part part, the I'll of first the

Ian Cleminson

unwound chain alluded Patrick the quarter. the impact incurred we of in as as to and inventories, to first we this The quarter really script started be supply we Jon, fourth felt and our Yes, earlier, XXXX. expect issue it to the throughout in QX continue in our

providing informed background, and where our we much Now our them as been has inventory at we're fully them keeping and possibly in of focus products as customers, the can. on supplying

that there. of of most be do most it insurance insurance, and already that, covered we company, there's covered but QX through expect our of will to QX and we've cost and cost, the with battled in some We've by work

as We was the at QX of have expect incident. through the be same this. to the our cost will to got by base least end it previous And

answers your that hope I So question.

Jonathan Tanwanteng

exactly it what I don't can any Yes, if on more you know Patrick, And the... then color does. add was

Patrick Williams

think that I Ian So covered extremely well.

a of is moving key the that's outside less better by think is there the cost And QX risk. implications key company. issue corrections financial that to second being having the position supply I QX, covered into probably insurance that the and

Jonathan Tanwanteng

that broken Patrick, And low sulfur in you maybe how the on down product Great. And XXXX out can IMO you additives, then, see talk about by just line? uptake XXXX? playing

Patrick Williams

it of Yes. break you originally in lot was preparement We there product don't quarters, of the area the as a by for the discussed necessarily in we line. business -- But down that tank first couple IMO XXXX. cleaning

starting see We're issues fuel. the see starting buildup. stability We to are to new issues. see starting to We're with

us, next. it's for what is think I So function a of

some sales going Jon, be know going We've there. probably the a problems to which new the is failure, to issues. to And performance I the probably We actual have near is, the what happen seen in term. the fuels. and out hearing any QX won't lot field. think we're into here sales. you XXXX IMO you see as fuel that, going And in QX to substantial see market, there's think there's going a that's out as know, some be, catastrophic small I We're until magnitude business of kind of this into starting We'll that's more to

Jonathan Tanwanteng

a And oil you can figure prices it. Can even if build Got continue and momentum, on Brazil then you all Saudi had as DRAs into have really oilfield, counts And unadmiring that year. drivers to rig talk the maybe be great mix? could and you about and there? that and that

Patrick Williams

Yes.

and quarter. into and to it implement we think have had importantly, own is was have results strategically good America East, always the low that this our best at for I very to technology those, obviously hit intent and business all but take us way also the said done move to And build year just DRA our this is cost more you Middle A, lift build helped that into to we has Saudi of Mexico. cyclicality how and obviously basins, we've had do out to And we our strategic the South get of look own plant and that, the -- with in that on business. head, produce we for the

worked that's I that's that, a viewed an as something to And got a done as balanced it's to out we've think that do really company well. portfolio. we organization be had

see output of DRA the going and I this think in probably Due double DRA's got volumes fourth QX, so that year. speak. fact we ways debottlenecking see the to go. we of to to We're QX contractual as in, into start the you'll asset us kick quarter volume that

Jonathan Tanwanteng

And in an you -- Great. comes finally, priorities along? order target good the on then it What's now. on a position M&A pocket? sit your update happy in just today? Is a It's cash. you're of a net the your Are to hole cash until burning

Patrick Williams

XX%, you'll us to think that's spend solid year. XX% still see as that, I do good side. we our on a increasing dividend, We our think every

you'll In and are seeing I come multiples to tight out think situation more see probably right I that in more looking there, and acquisition. with think the global businesses us a you'll meaningful see we're where sit markets uncertainty us global palatable. still dry out for these powder, some

afraid you'll I very know, us not it's to we see which I a work. for if some disciplined the middle year, something. to there's buying Jon, do obviously past. think our as this We've done onetime dividend, hope said and haven't approach the year. money that. to to some So you we're And half of potential in But in for we're reason, significant, us we that done a the anything do put

spend our we So a on pretty it's how outlook cash. want still balanced to

Operator

the Your line Chris Shaw. next from from question comes

Christopher Shaw

now, international the now? How business how much questions much is actually. Just ex the the Oilfield a -- Jon's In is what U.S.? Services follow-up to

Patrick Williams

with it's in and the XX%, outside probably America U.S., South U.S., I'd meaning obviously. XX% Middle East, Mexico, and say some still Europe,

Christopher Shaw

And upcoming in then growth businesses. with -- some the ones? examples pretty you you the few general, in feel some Can just you oilfield, other the XXXX well? across some have opportunities and lot now specifically -- give touched work the name a as of on, of segments in you Or But you I a of other in for confident said think, because year. opportunities

Patrick Williams

you of Are talking oilfield? outside

Christopher Shaw

Yes, exactly.

Patrick Williams

I good which it's mean is look XXXX. to catch GDI, fuels, It's is which thing. a at you tailwinds, Yes. IMO starting if some

New for cold terpolymers. to detergents, lubricity, we're technologies for flow, instance, that market bringing the

If adjacent markets. really, Performance the like you markets, in markets, care, all the made we markets which the Chemicals, that are look margin we've it's at agriculture gotten the into, surface, markets, home acquisition mining that hard the higher construction

we so GPs need up to out acquisitions. we've we're look where our grow chase that X our that's well-established feel area. that organically Care is about, technologies have acquisitive can that Personal to area now the an helped with and have so we confident multiples bringing that well business out set And We don't technologies, not grow. growth the for in this new to very and we're and

So the those are that cycles the portfolio, at you're look at. growth you are really -- our balance those looking if of

Christopher Shaw

of a new mix expansion, adjacencies, all geographical technologies, up? that stuff, kind rolled like it's all of So

Patrick Williams

Yes, combined. all of

Christopher Shaw

associated think And support gets and Fuel But guess, that Specialties when then, AvTel? ends sort that segment this fixed Octane of the that now sort in cost I asked into -- there pushed cost a Additives, to that a that's I've gets past. with of segment -- completely closes, I before is

Ian Cleminson

Yes.

said, As answered Chris, you we've over this years. the

product, which on costs, overall, will facility costs when corporate. made margin few in years Outside facility Octane obviously, Additives. tuck gross we year there both the gross close Octane a actually a which of bring in production within will be the the is that itself, one-off down sits of that, in Octane When stranded well. Additives. be few as business will be there'll product AvTel there'll finished But profitable, future we AvTel the AvTel the nicely So remain same And Fuels, a redundancy impact as Additives, and still will this actually the into margin.

Christopher Shaw

AvTel it to possible or...? of impact Is size that

Ian Cleminson

X the point in margin in Fuel Specialties on business be It percentage total. will probably of gross about terms

Christopher Shaw

All the what the What quarter the was know right. year, That's helpful. think $X.XX year? year. you -- do then was impact I was? the last Do from last for And finally, it for share-based accrual know this just you

Ian Cleminson

I $X.XX this I -- quarter, Chris. was the tell couldn't number. It know you don't

a want out number for to follow-up, have we'll you. you dig If that

Christopher Shaw

go probably as could I and well. back look

Operator

[Operator Instructions].

David We the have line question from another Silver. from

David Silver

little here? me you hear a end. Can you having I'm sorry, me? I'm on hear Can trouble my

Patrick Williams

Yes, we can, David.

David Silver

I'm analyst. that. not tech about a sorry Okay,

had So several questions. I

to like sales new you I'd fourth ask product First, the about during quarter.

of meaningful in the -- highlighted domestic quarter, term. in market terms market, international is may market So and would target I in be hear the last initial DRAs, your it, sales into the I didn't for but I that. in have on you largest commentary your sales last which the fourth quarter, you missed the indicated any guess longer

And quarter? featured, the earlier IMO go I were tank revenues in in So of the this preparation fourth line quarters, or the the the just couple guess, last fuel was marketed if on fuels. the sales kind sorry, I products. will then or from quarter DRAs of wondering XXXX, marine that into U.S. noted And -- cleaning you've additive

Patrick Williams

moving indication DRA, sales as the you don't me the did that we're in let could tell a our as and revenue nice balance plant. David, QX, going substantial related number into to DRA. take give to a but be the direct first expanding see XXXX we our that hit We I sales

sales XXXX some which saw going into finally Saudi, in we be good benefited ongoing well. that, should and to that as QX addition In

somewhat out depressed sales even finally we've there's the balanced So balance with technologies. we have that U.S. U.S., a market that the it's been in seen, multiple with outside the of though

beyond. We're see last starting IMO So of you're tank as in what's effects holding XXXX, to cause kind to now and in We're going a the just quarters going have. the that's is most what you see you'll now operations those the that happen in hearing in to and regards said, X there. all, XXXX up was cleaning. In to benefit really out of and the that fuel effects, effects field

until fast. think catastrophic starting But I technology lot earlier care the said to do I of you issues, makes the those sales. we and a field have keep see field the call, everybody of see to event those think pushing in take I something As we additives we'll adequate buttons are issues, and real and a

David Silver

a mean Fuel X revenues understand in potentially if And I but -- were it they segments. in just the that quarter X included that right, fourth opposed the clarification, the to Oilfield? were sales, quick of as fourth go quarter you're market, domestic into the in Specialties there If DRA they would

Patrick Williams

through they'll where now DRA All Oilfield division go the the and remain. No. right sales that's

David Silver

XXXX that other But just supplier the the fourth I'm One clarification, in impact disruption. is earnings of the for a compensate timing negative be my to you first maybe it will transfer see And it? from disruption. the we XXXX mean result as then you supplier you're Or Ian. indicating from effect try does featured shift a will of ballpark in we can I our But models? scratching And that maybe significant And that this a that will if first a of quarter mean, kind how insurance quarter, quarter. sharpen in head. into or of as just the

Ian Cleminson

David. Sure,

was about regarding supply comments volume. the So the disruption

we've to been volumes have $X QX, move of not QX which of probably not customers our been or So year. million some seen we'd into huge amount. a where impact into It expect about deferred. round some to, out to probably, supply QX able of volume of or amounts those next It's we've some sales

washed sourcing to raw costs by been As all cost has that in QX. the cost of materials additional products, higher regards or through high we've incurred

QX. we positively on cost base any don't So into impact expect or negatively the further going

David Silver

know whole demand, for in not company really Performance question. way any in XXXX China as that tied IMO might there I areas, could maybe Chemicals something picture big effect. big maybe is a But indirect your imagine an to I The your directly. be

say, transportation quarter changed, across your or several what the wise or half last your coronavirus. the -- or to starting through markets? effects the disruptions report does are companies plays virus budget first wise your indirectly let's maybe weeks over related this has large How to effect as out negative planning So first from customers

Patrick Williams

Where positive-negative. sites a from in materials just is We Positive have trading we is a little Chemicals raw don't take Performance alternatives where we Yes. is, we China. see it's material China. Again, arm, do and our to some we manufacturing there that raw can get. bit in potentially have are that a

So in negative market so necessarily it hasn't additive of see negatively QX. have we us to as in still seen us and affecting yet, a in usage, affected regards And don't it we the IMO not effect. XXXX, is because small

Now if China, ongoing don't an this ongoing to issue something is is but with see QX, see we an going be issue. moving this could QX, you into

So as China, to confident it earnings. I exposure a Dave, lot don't we're have affect we shouldn't pretty because of think, right now, of QX

David Silver

I can that ask I more. X And in get or just you queue. Okay. Is X okay? should back Or

Patrick Williams

Go David. ahead,

David Silver

or it? GDI significant maybe directly his and during detract I'm going remarks most to of do comment to whether about you engine as as might additive a was roll longer-term Patrick's GDI I'm a fuel you wondering on the couple legacy of will me, a additive But and up direct or formulations? quantify, a gasoline things. envision But shift to you engine all, picking best how be is to new increase opportunity. see how large, talk cannibalization does you shape for growth business? fire participate? -- away. prepared about to your it's how out there company opportunity, harder could being And from then demand the I me, meaningfully that first Does designs, little that very overall able Okay. And design injection's

Patrick Williams

key. very small We're the gasoline We Yes, David, and diesel mostly here's jet. in additive. do

the GDI, So concentrate. globally, have our we on where a coming played not we're material. we back there are engines in cannibalization comes not well when business, that much what market we really gasoline the Where necessarily which shifts, up gasoline for a any upside. Typically, don't not like market play is our additive out common to the And opens call won't PFI which because play, you're into lowest be difference shifting make raw PFI we a that's technology work is as integrated PFI injection, treating new into potentially as direct before. in larger does and all

that's market is the it It's cannibalization. differential. really So more than opportunity

David Silver

one this would right. Patrick. then I All And do Services. have Oilfield with And have for to more

So I've the that couple I well, noticed and growth, largely have talked conference a last of your organic. over And very services back you of products -- approach. calls, impressive about first looked and bundled all, you've

about technology you point, kind comes or a you direct share At one and discuss differentiating talked to as model. talked You've was of operator wondering where your "technology" clarify you're I about, if in market Oilfield offer, you qualitatively driver, plug? that could Services into

Patrick Williams

Sure, sure, Dave. Without giving away company secrets, obviously...

David Silver

Qualitative, not, yes -- qualitatively.

Patrick Williams

needed components, blending just tech technology. products, of sure. industry, for people the usually It same trees, differently. it time, some applying was do lot quite this a We Yes, and same

the to done in today, lot think We is only have around work the a not technologies, but happen what green, that cetera. we going et around innovative future

competition. in focused of on been service hell to ourselves from cetera, business bringing customer. with we the market stay that what's out that, tough moving et technology DRA, even technologies So it's other model, I just differentiated our really along as that's really America, grow still direct And potential as of long the dynamics. new operator and has North And great like and our to facets into outside think

Operator

back Patrick remarks. for will have I And as closing hand questions, no we further to

Patrick Williams

our today, for Innospec employees thanks and all customers all joining your to for interest and Thank you us shareholders, and support.

discuss with discussed please give in this up us If to meeting a on Innospec you or you again. call, results any look May. have about Thanks call. XXXX QX forward questions our matters further again We to

Operator

you conclude does today. conference for the that participating. for And all Thank

disconnect. now may You

Innospec (IOSP) 19 Feb 202019 Q4 Earnings call transcript