Innospec Inc. (NASDAQ:IOSP) Q4 2022 Earnings Conference Call February 22, 2023 9:00 AM ET

Company Participants

David Jones - General Counsel and Chief Compliance Officer

Patrick Williams - President and CEO

Ian Cleminson - EVP and CFO

Conference Call Participants

Mike Harrison - Seaport Research Partners

Stefanos Crist - CJS Securities

David Silver - CL King & Associates

Christopher Shaw - Monness, Crespi, Hardt

Operator

Good day, and thank you for standing by. Welcome to Innospec's Fourth Quarter 2022 earnings release conference call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to our first speaker today, David Jones, General Counsel. Please go ahead.

David Jones

Thank you. Welcome to Innospec's fourth quarter earnings call. This is David Jones and I'm Innospec's General Counsel and Chief Compliance Officer. The earnings release and this presentation are posted on the Company's website.

During this call, we will make 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 anticipated results implied by such forward-looking statements. The risks and uncertainties are detailed in Innospec's 10-K, 10-Qs, and other filings with the SEC. Please see the SEC site and Innospec's site for these and related documents.

In our discussion today, we've also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is contained in the earnings release. The non-GAAP financial measures should not be considered as a substitute for or superior to those prepared in accordance with GAAP. They are included as additional items to aid investor understanding of the Company's performance in addition to the impact that these items and events had on financial results.

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

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

Patrick Williams

Thank you, David, and welcome everyone to Innospec's fourth quarter and full year 2022 conference call.

I am pleased to present another very strong set of results for Innospec. Our balanced portfolio achieved excellent overall operating results in the quarter. Strong activity in Oilfield Services and steady results in Fuel Specialties offset the effect of aggressive year-end destocking in Performance Chemicals. Overall, operating income was up 31% in the quarter and 42% for the year with margin expansion.