Innospec Inc. (NASDAQ:IOSP) Q1 2024 Earnings Conference Call May 10, 2024 9:00 AM ET

Company Participants

David Jones - General Counsel & Chief Compliance Officer
Patrick Williams - President & Chief Executive Officer
Ian Cleminson - Executive Vice President & Chief Financial Officer

Conference Call Participants

Mike Harrison - Seaport Research Partners
David Silver - CL King & Associates

Operator

Good day, and thank you for standing by. Welcome to the Innospec's First Quarter 2024 Earnings Release and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

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

David Jones

Thank you. Welcome to Innospec's First Quarter Earnings Call. 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 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-Qs and other filings with SEC. Please see the SEC site and Innospec's site for these and related documents.

In our discussions 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 of 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 first quarter 2024 conference call. I am pleased to report a strong start to 2024. Excellent performance across all our businesses drove double-digit operating income growth and margin improvement.

Performance Chemicals delivered on our target for sequential improvement as operating income more than doubled over last year. While customers remain disciplined in their order patterns, volumes have improved in our key end markets. Supported by our strong organic growth and technology pipeline, we are cautiously optimistic that we can maintain this improvement in 2024.