Innospec, Inc. (NASDAQ:IOSP) Q4 2023 Earnings Call Transcript February 14, 2024 9:00 AM ET

Company Participants

David Jones - SVP, General Counsel, Chief Compliance Officer & Corporate Secretary

Patrick Williams - President, CEO & Director

Ian Cleminson - EVP & CFO

Conference Call Participants

Jonathan Tanwanteng - CJS Securities

Michael Harrison - Seaport Research Partners

Operator

Good day, and thank you for standing by. Welcome to the Innospec's Fourth Quarter 2023 Earnings Release and Conference Call Webcast. [Operator Instructions]. Please note that today's conference is being recorded.

I would now like to hand the conference over to your first speaker, Mr. David Jones, General Counsel and Compliance Officer. Please go ahead, sir.

David Jones

Thank you. Welcome to Innospec's fourth quarter earnings call. This is David Jones, I'm Innospec's General Counsel and Chief Compliance Officer.

The earnings release for the quarter 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 the anticipated results implied by such forward-looking statements. The risks and uncertainties are detailed in Innospec's 10-K, 10-Q and other filings with the SEC. Please see the SEC site and Innospec's site for these and related documents.

In today's presentation, 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 compared 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 2023 conference call. I am pleased with another excellent quarter for Innospec. Performance Chemicals and Fuel Specialties delivered improved margins and double-digit operating income growth over the fourth quarter last year. While oilfield services maintained a strong performance.

In December, we completed the acquisition of QGP Quimica. This acquisition aligns with our previously stated M&A goals to further strengthen our Performance Chemicals segment and add strategic manufacturing in South America. QGP brings meaningful capabilities that complement many of the end markets we serve, including agriculture, Personal Care, Home Care, Industrial, Construction and Mining.