IOSP - Earnings call transcript Q1 2022

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David Jones

Thank you. Late yesterday, we reported our financial results for the quarter ended March 31, 2022. The earnings release in this presentation are posted on the company's site.

During this call, we will be making forward-looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated results implied by forward-looking statements. are the Innospec's SEC. uncertainties other XX-Q and with filings risks detailed XX-K, in and These Please site other for the these see SEC and documents. site or Innospec's some In financial also today, our included discussions measures. we've non-GAAP in the most our GAAP is posted A reconciliation our directly release to earnings financial comparable measures contained site. on be measures for as those prepared The non-GAAP considered GAAP. financial in should not associated accordance with items performance as and in results. help the investors included further these financial to events have additional of events items -- to on addition company's clarification the impact They're understand With us and Chief Ian Vice today from Patrick Williams, and Innospec Cleminson, Chief President are Financial President and Executive Officer. Officer; Executive With to you, that, over turn I it Patrick. will

Patrick Williams

another in revenues and Thank a Innospec's quarter you, income very line of high-cost our Quarter pressure, in to set David, all environment increasingly over XX% year. remains expect results increase increase XXXX XX% report over constrained benefits First end The and margins of inflationary Innospec. for through businesses we last welcome, significantly in year. I persist Gross the strong. strong the Conference drove Improvements and operating in everyone, Call. a to am pleased important were will market continued that prior sequential with year products our Despite in supply the demand expectations. and current the are improved

in a quarter increase to any comparative additional manage XX% responsibly income required very to customers Performance We our continue actions. Chemicals with year. will delivered closely work over last price strong operating a

is agriculture multiple by prior significantly. as operating over our of product Care XX% actions can additional in up additional of over capacity opportunities the took multiyear order now Performance Complementing keep effect Specialties construction. all Home which Personal markets include increased. contracts. strong quickly supported pipeline Chemicals be products other with Personal demand year Sequential Care, capacity increase income moving Care, a a across operating The increase recovered have our to in margins and end in are used and and for XX% represents volumes diverse We mining, Fuel income. we growth lines. delivered pricing gross to

of However, remain until we range lower moderates. inflation end expect margins target on our the to gross

slows, action to and drive price to we expect improvement. inflation gross As margin lagging up cost catch further

outlook operating is Our double both long-term sequentially fuel, global performance that renewable and markets. jet in forms. lower approximately marine of enhancing while quarter. in to end for We to fossil income and slow opportunities the was increasing continued of in consumption in growth see our these Oilfield last Services, and year technologies emissions In grow for diesel, sales

sequential to income. However, shipment quarter led delays in a operating decline

will we increase. move through improve as activity oil believe further XXXX, As and high rates we remain prices markets

of the gradual improvement Our business. profitability in expectations for oilfield our

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

Ian Cleminson

Patrick. Thanks,

from increase quarter X XX% X.X quarter slightly total for margin decreased million presentation. year points ago. million, to $XX million net was $XX.X for last XX.X%. from to compared to for income million a year, the last $XX.X year compared EBITDA the and $XX.X quarter was million $XXX.X million, revenues in company's Turning to year $XXX.X Slide gross the the first were Overall a ago. The percentage a by

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

$X.XX EPS both a compared for quarter the in adjusted $X.XX items special to Excluding year was years, our ago.

X% currency to to grew from Performance X. quarter last in compared X.X percentage in million. XX.X% were last points million, quarter increased XX% price with X%. an were up slightly XX% by $XX.X the of Turning positive same first $XXX.X Gross from of XX%, the million. in Chemicals for Slide margins Revenues year's year XXXX. a adverse XX.X% down offsetting impact Volumes of to mix Operating $XXX.X income

Moving points effect below impact year. income from gross of year on last quarter first positive mix for X%. the Specialties XX% last grew and X.X were was of XX.X% Revenues offsetting Fuel million, in year million higher were a quarter to $XXX.X X. Specialties of Operating increased by than the $XX.X XX%, negative Slide there currency Fuel price a Volumes $XXX.X XX% reported the XX%, margins a same ago. to million. percentage

in Moving last $X.X on quarter up in year. were quarter XX% from year a million XX. points on year's XX.X% of Gross last from income ago. a million percentage was up million, $XXX.X Slide X.X were million Operating of Revenues the margins XX.X%. improvement first the to $X.X Oilfield for Services million $X.X $XX.X

quarter ago, for quarter $XX.X the year compared $XX a rate compensation XX. driven with mainly the were expenses Turning personnel-related increased Slide to due XX.X% to XX% compared The to ago. by million million year costs tax effective for higher was share-based Corporate accruals. a

of resulted Due to growth, outflow strong of by in million sequential an sales XX. before on impacted was to million. cash increase working an the quarter $X.X capital in a capital, $XX operating Moving generation expenditures Slide for which cash

million $XXX.X debt. comments. final equivalents March no had and I and now for Innospec it of And XX, in cash some to over back XXXX, will Patrick cash As turn

Patrick Williams

Ian. Thanks,

China around continued factors war, could other rising We growth. inflation, the Ukraine of mindful are impact interest economic global rates, that lockdowns and uncertainty

near-term growth Regardless that margins technologies directly the of sustainability our cautiously over strong platform will trends for are further of inflation with address, believe a provide us moderates, We sustained to many medium optimistic that we long-term. our any economic volatility, the as benefit

our to balance support the value flexibility record sheet, continue With on shareholders of M&A. we of returning maintaining to to our deliver pursue while strong

an share. has increase our commenced previously to per Board $XX we announced semi-annual quarter, under in and approved This XX% repurchases facility buyback dividend share our share our million $X.XX

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

Operator

[Operator first Harrison Please from Seaport Instructions] [technical question go difficulty]. from The is Mike Research ahead.

open. is line Your

Mike Harrison

Good Hi. morning.

Patrick Williams

morning, Mike. Good

Ian Cleminson

Mike. Good morning,

Mike Harrison

start some to to maybe demand? growth how or start year. us happened that any I color that much a products much the were was nice Fuel around a of on on the on provide out growth? The some how with question there give in that was I strength volumes sequentially? further there some you volume recovery fuel to wanted guess, applications of And numbers new to Can better nonfuel help Congrats drive diesel, jet fairly what related was And volume impressive. Specialties. with

Ian Cleminson

seen year-over-year more volume growth growth, that. from higher we like Yes, certainly Mike, is seen some nice let me something QX -- sequentially last of we’ve a And the first expansion. bit QX, part have little from Yes, XX% year.

additives Our as first additives in diesel to again, back levels. around in quarter, are Americas, coal we've diesel growth flow. And in particular, much strong much pre-COVID seen the pretty and the very

QX XX% to in that to As into that the the to the you it's board. nice demand terms good out across well, an recover about we've are travel yet a jet round know, come we're of we've fully but The XX% from season albeit cold we've to business that by quarter now, down has impacted got the where the but is come got numbers into piece momentum of about part colder season aviation and weather, second as probably it our still going had QX really only winter and of was, and about year-over-year is from to QX, that's good end. the

Mike Harrison

are your change business? goes that demand concerns we that consumer Personal Chemicals then you that. for as on demand, on And Thanks everywhere, Can potential your more side, some more And of inflation that creating expensive Care inflation to changes of about end, consumer lot Performance the or down are or be products? Chemicals to over break Performance currently opposed you space. right. some any seeing customers? space some are potentially within there hearing mainstream higher the from in into Care leading could in value-oriented down seeing a All Personal definitely much products trading how pressure and And

Patrick Williams

pretty Patrick. it's balanced. Mike, Yes, well It's

on Personal are Home areas with the and sulfate-free lines, product well we but natural mid-markets. as our also are and in the We like lines in product our of high Care Care, end our some

We our just further going and customers And in work for a Care have as But Home most models pricing and not new that markets. the remains strong with the mostly to really and in on only be us, still but through a that we've far. slowdown still and It's technologies, our seen job we're a the our product really something to are European QX strong, in a, globally outlook we’ve remains group slight part, fit users. either; watch that going to doing date, with our order carefully end to seeing technologies so Personal patterns the that Care done good consumer. customers from

still are in watch of QX. we you've going call, just said it But carefully in So confident we're the as as end very to get have just to the to we QX.

Mike Harrison

balance an a thoughts could your share sheet, think is on a of aggressive? given afford this area All right. Any on additional the strong that you bit maybe get little then And repurchase. would the more where capital Great. quick one allocation of timing repurchase share I to activity?

Ian Cleminson

is Yes, Mike, this Ian.

consistently throughout doing low-level moment, the buyback are at So we a fairly the month.

But and the advantage will continue quarter. in will to more and And being, is because steady And an we've now, do level, we in our take we going nice us in at throughout sit there's we fairly are think the a quarter we market, a see do for lot and QX if that. to that value throughout right of the larger step You'll will a in, low be and that a completed the full more way we the bit just year. just share price. expectation watch the little time opportunity

Patrick Williams

Yes.

the out add Mike, to we dilution. When think the was market, originally that, to print to buyback, I is be it's was just in it number put prevent -- Patrick. opportunistic one to but to

when going that And the that, continue to and be so see to do fit. done and in opportunistic we've we're market we

our again, as as that we've fit. to to you announced whole will discussing $XX dry increased for we our the a activity year, growth have dividend is, we look in the want that Personal million and continue between M&A And see that been we others, lot sheet, as we've well previously the do you at in which done as other throughout Care if XX% we've XX% of marketplace. balance the can as to The that we see, the powder a

where comfortable well-balanced right to do, want now. we're if balance are. we feel right forward, But and as So we sheet things move at markets look to what And obviously, anything, will think now, we up. we we our very I perceive as see very the and change

Mike Harrison

last the in earnings. and All the earnings you, puts right. sequential some as start that year, my was should of the of year? the us expect a hoping I rest of of maybe we that to strong perhaps, terms the talk about And give this then of cadence question, continued Can could whether improvement sense could go in through impact we you takes

Ian Cleminson

take with we will much QX don't coming see have I due I we seasonal. and sequential that, and improvement, a on first earlier to think I seasonality the to Yes. of a go QX tend out our that winter business, And really it noted stronger at field are Mike. Specialties products. is the is in our points We now. this

more tend to subdued operating do be a QX and in bit terms and income. of little QX revenue So

our Oilfield, of all get but first business and quarter sequential wrap for that earnings continue given Performance the comments is to quarter, Care. beyond. perform last be second in still the for that pressure are little some well then expectations the they be quarter. we QX improvements When close together, Home will to be QX bit will the year. performed down Patrick to around margins back expectations will expect that a in in made you compared more the level the may to that There of on to that on gross strong they Our Chemicals And first

Mike Harrison

Great. you very Thank much.

Ian Cleminson

Thank you.

Patrick Williams

Thanks, Mike.

Operator

question for question. from you Jon from Tanwanteng The Please Thank next ahead. Securities. go your CJS

Jon Tanwanteng

environment. taking Hi. quarter this Good in really morning. and really my Thanks there. questions, for nice It's impressive

Ian Cleminson

Jon. Thanks,

Patrick Williams

you, Thank Jon.

Jon Tanwanteng

you here? My from and shipment logistics in is, Oilfield happened go Kind margins the problems of do first me understand were the business. what what and question had where help

Patrick Williams

and got with the quarter. transportation held in Yes. up It going delays, -- hold market South got this delays the shipping was border. released Jon, issue. in it really that was just overseas American just the year, QX -- all the in just with into of was should up be It product, that it caught a was up the a It was

Jon Tanwanteng

shipment a Or was Okay, And something got it. just that was at on that for the side? only revenue you? cost a that

Ian Cleminson

Jon, additional of bit held we've in we both. which but little costs the had A taken our those for revenues, quarter. also It back delays, to incur

Jon Tanwanteng

market, Okay, back it was if what you gets to great. and fuel the could what is business. kind was would impact the pre-pandemic if are where wondering what and it be where jet XX% on or expectations it of of I kind on relative the to fuel XX% it used of to comment be your

Patrick Williams

because Yes, it's little still of international bit travel. off a

domestic the Americas. got in You've travel strong

come don't It's dead. up up, you think Asia you'll you You're off We back is starting and Asia open it see to domestic dropping Asia will or significantly. you international see travel quite see -- more. probably travel pick see just it But even come I still And you domestic in up Europe. back as it pick Obviously, back, as once see XXXX much. come up back same that levels. see, sorry,

Jon Tanwanteng

the sense Any get we to would the terms just of of profitability? Okay. what those close be if levels in improvement

Ian Cleminson

a help going is our because for us. revenue big It's Jon, a particularly not for certainly to us. it's product great margins, which business high-value Yes, change, gross higher-margin a it's

bit So we cream the cake, top say. little should of that it's of on

Jon Tanwanteng

of And lastly, normalizes buyback the year? should just expectations cash going going kind expansion. be working we out if of on some And flow capital I know that then the out. thinking rest What throughout the forward, the

Ian Cleminson

Yes.

see to a lot really got depends Jon. of increasing, continue think obviously, on payables. inflationary we've inventory working and capital through to environment, receivables If the it inflation that we then I fund our through

flow. see again, drag could to our cash there. cash will a expand down if our pull that we to So business on continue And continues

and the see out, things So back then tumbling inflation moderates cash to if being flattens start normalized, you'll business. into

So it's early little a bit that to yet. say

positive moderate strong still see are may and QX flow but cash winter Specialties as Fuel Chemicals think Performance we in I period, off the growing Oilfields.

dividend in and as second It play half into So you'll our might the more cash that's that to strong are with see quarter. year when of we the with our on And that buybacks. start the we back moderate aligned moderation positive flow. inflation, neutral move much in be or cash

Patrick Williams

Yes.

customers. supply in lot add we’ve enabled we’ve to because to done that's the to and that, seen is who've think, inventories that, growth of because to shipping customers a business X our that in been from new pick constraints. businesses, constraints able longer to supply I and and you've Jon, up had supply goes just competition. carry and our volume to the all segments. problems of And inventory had that we've us And due

goes And meet continue So to customer that as we Ian as will do some back it expectations requirements. that said, cash and to just could pull forward. that of

Jon Tanwanteng

you're in the seeing likelihood of Understood. on what you the in closing mention environment Thanks. the there Patrick. If out near-term? can you I that could Did one slip M&A more, and

Patrick Williams

mean We see a in multiples. down compression bit. do slowed it I little some Yes.

see I hike, rate think you're another going bps which seen. to we've interest already

going a that's think little a bit come well. that an things makes starting slow as us into to Things down harder. to are look area back little even I

in compression, Chemicals businesses, we’ve But done would M&A markets into that sometime a see will this there. our which to our at that out Personal business, and bit in our Care, the a Care, adjacent of get hope we're focus businesses. in not growth, Home looking little look primary is we There's Fuel think Specialties there I interest go there's I still a our and if out expanded lot and horizons lot Performance Ag something does year. But you at us. oilfield, core starting but

Jon Tanwanteng

Thanks Thanks, Ian great. Patrick. Cleminson. Okay,

Patrick Williams

you. Thank

Operator

Silver you your The go David from King. for question. Thank Please is next ahead. CL question

David Silver

Yes, hi. Good morning.

Patrick Williams

morning, David. Good

David Silver

your first to reported would I you currency be on results. impact wanted about I think the question ask of broadly the

didn't case this or I I in but currency -- it, growth foreign that. this was European on with missed -- much face was headwinds. pick have strong maybe, speaking, too exposure. meaningful the where I the your mean, came up broadly know, sales your the several But I may don't I mean, So detail really commentary of significant

So helpful. on think way the effect revenue a be there's on just that Thank if to you. about maybe and operating the translation would side income,

Ian Cleminson

'Sure, Specialties versus there Chemicals, Jon. and the In of negative price last talked headwind this the scripts about earlier, the Fuel mix a of year. was we impacts And in sort and volume in exchange of businesses. QX each year X QX the percentage points Performance on

positive such all volume our and euro So we to Specialties and base. price purchases strong in with we've that SG&A hedge In sterling mix natural way both are able local growth a Chemicals, well. business a much overhead with costs, And is to currency and as there material Fuel we that that pretty the and constructed the Performance is overcame was in cost currency a headwind -- offset that costs European local raw impact. in

we tend operating are businesses at what that is So level. the naturally our to hedged income say

there's little see to that we income. very down tend operating we impact So to get when

operating time it at call there's we get income, there. we hedged but to pretty sales impact much level, by naturally are and zero the out So the we

David Silver

your markets. I impacting relative in And what to diesel in tightness see of to the of to just continue whatnot. price I respond or headlines a Thank forward? in -- you're for there you volumes and I'm just -- going the mean, And ability there's whether additive the even that about number wondering maybe to how other to diesel think, market some had that. unusual gasoline seeing terms out market, Okay. out you particular, question, the that fuel pointing of a maybe I

Patrick Williams

to is levels. has come seen demand back that Yes. What pre-COVID diesel we've

at not level as back come expectations as the it quick the so was refinery see And did. to demand

say tightness, the because level when came back a is the you at a there of fact of refinery So so there's little tightness diesel demand fast. bit a that

And moving back so forward. be they not issue should It will an up. catch

no So effect whatsoever. we see business our additives field on

David Silver

there But wins, new if of gains And have I this in and some this Fuel mix, does like But Specialty have just your that market that growth sales that like at the it your seem a new maybe it step starting customers share I is sequential added Okay, quarter? January share great. some been look Performance didn't or within more a feels look question. starting at basis, of Specialties especially, it almost comment and lines growth, Chemicals broader mean, there change Could I on when you a showing some in maybe on my it volume there's capture are have product is some model. able to been important to you X. up I

Patrick Williams

both. diesel that's of mean up demand alluded you so think I we new it's is customers. question, And has significantly, -- demand helped I your customer a well, bit up that come have it's in just Yes, out. as back little as picked from to additionally,

little second been through we of the from. And so that I a both quarter. through bit to it's think see that least we at And continue year, will benefited

as of QX. I rebound through the fourth second and nice unknown all see in is quarter, think third but we in we in still kind quarter The Fuel everybody Specialties did will of our businesses, for a

Ian Cleminson

and what we as first to quarter. some Chemicals, David. all that's delivered that the the year expansions. year. more next our Performance help single-digit first volume that's capacity this exactly late is We add that, in to around the that got and more that and early capacity volume Just quarter, high we've year-over-year well. and part know, then growth, you year of brought schedule built sequential In growth and middle We've volume of of as designed growth for to online in targeted And

David Silver

X-year my million Ian, be next update you going build-out. $XX kind of to because on read just my there an was that mind question

Performance some and Chemicals in completed was had factor if were the wondering quarter, and saying on been or that, into I of a you're tranches So service some there first was right? put elements that that

Ian Cleminson

volume Performance online environment brought the year material core nonetheless, of middle were capacity all and and of we the the and and this built quarter. as Care supply We’ve some year It's those out this volume got and on that raw plant to supply steel well. then of volume a that part Yes. track engineering deliver in to back high the right in Chemicals. people difficult of early end of but Yes, now we availability for Personal single-digit or more rest year with be the it, later growth

David Silver

And the Or another inputs realities. unfair. with thinking that pretty into the in could and or you this sanctions kind particularly has into And as I'm question, layer meaningful able supply basis? Europe But mean of created. as refineries last other on And Patrick, Thank lines proceed smoothly. crude admit just you. will that’s right? Russian oil or I going mean, headlines. general, rerouting be on I that I are put a you. new political mean I Thank this I any this do you other lines But guess, different place morning, the a to Europe, but perspective. receive see Okay. was see further. and you is a input adjust the do feel disruptions to in of think global, do the In then to shipments, these in words, supply normal last on place the geopolitics be potential advantage It to be wondering, result, for going is based will Russia. this going your process there's reduced to broad of I I sanctions night be dramatically When Patrick, taking necessary

Patrick Williams

Russia. sentiment is hydrocarbons there's the mean eventually lead with away look now, as at the of The sanctions to in many continued if changes regulatory you call, it globally and from in now said board coming I out and right Russians. you get Yes. just across is market the

a that's emphasis are inflation, going on of so We refineries put of see any a things: crude. somewhat it's don't prices. taking oil not do be lot emphasis put to to it's going to affected going still natural to by going on and And gas Russian lot two that

I that is that the a concern there. of think have three out don't you So issue that The majors have there's pulled big Russia.

volume China send a So really, Russia and because quite be was to little to that majors to to are the India, bit going frankly, is get out. a fact of that the out push that pulling of Russia a going three lot of volumes in

So we see -- what we do year. see is the probably through sustainable prices in oil and nat gas

some You going do, consumer do to as issue. can uncertainty But the a somebody, refineries, up are market. to going might have they'll I don't it there this as fluctuations but is to If lot exactly think on, of that's price effect at a think the any And the both used is won't that ways. be can I exactly they down, barrel, I what one in a heavy to effect further there how gets or as -- a -- that's it. I refineries is road, with time what what heavy $XX world and just $XX the is well. will from get But take it that live if going think natural and further to take and refinery broad heavy, a in goes learn cause down the there take to of will light, when comes be they or is and to

David Silver

I strategic the to in maybe with I buildup one, goods? you're working if Or buildup can some then this it insurance as road. or reactive. you or categorize accept just to has And where your guess, it able to In more quarter. inputs outage materials I purposefully policy down one against adding was and is customers maybe words, guess unexpected last an do as other great. that where raw from, capital just or being shortfall the more wondering would not proactive And you maybe Okay, finished an --

reactive -- build helpful. pretty or elements significant and be and the So sorry, that maybe strategic capital offensive working within defensive would

Ian Cleminson

back is Yes. Sure, Ian. building David. mean on strong capital part of of really It's I the the quarter. a working

and price working through. You've volume inflation growth, itself seen seen the the you've

So our and is are up, there's a higher level. just we a large demand is operating that at element

and did QX, capital is a little decisions to What -- we’ve about So we more hold and transportation like we we’ve strategic we’ve about globally. and spoke seen have. done, to some supply then, the in in more bit that and early, also also great goods in it that’s the finished working materials that we chain spoke disruption inventory some raw the all given taken and in times also the it

because a bit and a So defensive strong our little in is little is bit quarter. performance of the

David Silver

Okay, great. That’s it much. for me. Thank you very

Ian Cleminson

David. Thanks,

Patrick Williams

Thanks, David.

Operator

you for Shaw Chris question from your go from Please The Thank next ahead. question. Crespi. Monness,

Chris Shaw

Good doing? How gentlemen. you morning, Hi. are

Ian Cleminson

How are Chris. morning, Good you?

Patrick Williams

you? are How

Chris Shaw

Good. All through course, quarter. great the congratulating another

Ian Cleminson

Thank you.

Chris Shaw

their inventories customers Well were -- done. up Or as Was there that eager comment well. to get any pull-forward you build think? we've had companies some

of extra there the notice ordering of stock time? people is have of you your year? Were or they a Do worried supplies about later safety like any in maybe just ahead ordering end businesses? sort So on that

Patrick Williams

the a haven't little fact forward pull it No, to the to we due that difficult material the tightness in anyway. is do more of raw seen really a bit and market

over due It's seen So what that. post-COVID normal at have to been pretty fact are good we really a a not the volumes are to we've got the and fairly contracts pattern look pre and us that a the year.

do think just seen lot tightness. pull the forward haven't would a a be it. supply you I we companies, of did And difficult if even So

Chris Shaw

think, the think well a which pricing, what -- but Fuel term. history, you're lot grow it you obviously, done Chemicals, achieving then, longer and look that be be. longer can if segment I sticky stay a assume you do at the each has Specialties in margins And for Performance it. business, different that of to are, odds how might pricing or margins. obviously Got But I have you

Patrick Williams

in going contracts, our that X-month up lag you Yes. X to down. Typically, have and

margins And cut, can are when get literally day, we so real hour, quick, longer-term changing now market you're in contracted by flying the where in like contracts. inflationary you get the by you your especially are a prices can

opposite that’s of raw a our seen. pull on is way But do bit, to typically the we it have So historically, historically we that how starting we it's And been in back the will inflation margins monitor a what and boost some back to materials flattening company, really down. we’ve and watch could see little see if and we just within that's closely. think

haven't and way can those you done on this a a expectations that, as as quick, seen see, it's well. we drastic, down of the but good ride, this managing Now managing big really just, this we've job again,

Chris Shaw

Chemicals the Is Personal same for or it specifically? Performance Care

Patrick Williams

Absolutely.

Chris Shaw

a Your down. and can thing that just. They're X-month go up contracts of have not X kind to they

Patrick Williams

Absolutely.

Chris Shaw

okay. [Indiscernible], it. Got

Patrick Williams

Yes.

Chris Shaw

That’s all Thanks a lot. I have.

Ian Cleminson

Thank you, it. Chris. Appreciate

Operator

you for the moment. no are question. your There Thank questions at further

Patrick Williams

If discuss any in questions call. a Have August. give matters today, look results to up great discussed please Innospec meeting you you with day. We again a or our quarter us to forward about further have XXXX second

Innospec (IOSP) 8 May 222022 Q1 Earnings call transcript