Innospec Inc. (NASDAQ:IOSP) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET
Company Participants
Patrick Williams - President and Chief Executive Officer
Ian Cleminson - Executive Vice President and Chief Financial Officer
David Jones - Senior Vice President and Chief Compliance Officer
Conference Call Participants
Mike Harrison - Seaport Research Partners
Jon Tanwanteng - CJS Securities
David Silver - CL King & Associates
Chris Shaw - Monness, Crespi, Hardt & Co.
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. These risks and uncertainties are detailed in Innospec's 10-K, 10-Q and other filings with the SEC. Please see the SEC site or Innospec's site for these and other documents.
In our discussions today, we've also included some non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measures is contained in our earnings release posted on our site. The non-GAAP financial measures should not be considered as associated for those prepared in accordance with GAAP. They're included as additional clarification items to help investors further understand the company's performance in addition to the impact of these events -- items and events have on financial results.
With us today from Innospec are Patrick Williams, President and Chief Executive Officer; and Ian Cleminson, Executive Vice President and Chief Financial Officer.
With that, I will turn it over to you, Patrick.
Patrick Williams
Thank you, David, and welcome, everyone, to Innospec's First Quarter 2022 Conference Call. I am very pleased to report another set of strong results for Innospec. Improvements in all businesses drove a 39% increase in revenues and a 57% increase in operating income over last year.
Gross margins improved significantly over the sequential quarter and were in line with the prior year and our expectations. Despite continued inflationary pressure, end market demand remains strong. The benefits of our products are increasingly important in the current high-cost supply constrained environment that we expect will persist through the year. We will continue to work closely with our customers to responsibly manage any additional required price actions.