Innospec, Inc. (NASDAQ:IOSP) Q2 2024 Earnings Conference Call August 7, 2024 10:00 AM ET

Company Participants

David Jones - General Counsel & Chief Compliance Officer
Ian Cleminson - EVP & CFO
Patrick Williams - President & CEO

Conference Call Participants

David Silver - CL King & Associates
Jon Tanwanteng - CJS Securities

Operator

Good day, and thank you for standing by. Welcome to the Innospec Second Quarter 2024 Earnings Release Conference Call and Webcast. [Operator Instructions] Please note that today's conference is being recorded.

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

David Jones

Thank you. Welcome to Innospec's second 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 projections about -- 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 the SEC.

Please see the SEC site and Innospec side for these and related documents. In today's presentation, we have also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is in the earnings release. The non-GAAP financial measures should not be considered as a substitute for 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 Second Quarter 2024 Conference Call. This was a mixed quarter for Innospec as Performance Chemicals and Fuel Specialties delivered strong double-digit operating income growth and margin improvement, while oilfield services production results declined as expected.

Performance Chemicals delivered further improvement as operating income more than doubled over last year. While customers remain disciplined in their order patterns, volumes improved in our key end markets driven by our mild and natural personal care technologies. We remain optimistic that we can maintain this improvement in the second half of 2024. Supported by our strong innovation pipeline, our target remains to return operating income rates and margins to full year 2022 levels.