Innospec, Inc. (NASDAQ:IOSP) Q3 2024 Earnings Conference Call November 6, 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

Mike Harrison - Seaport Research Partners
Jon Tanwanteng - CJS Securities
David Silver - CL King & Associates

Operator

Good day, and thank you for standing by. Welcome to the Innospec Third Quarter 2024 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 your speaker today, Mr. David Jones, General Counsel and Chief Compliance Officer. Please go ahead.

David Jones

Thank you. This is David Jones. 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 projections about future events. These statements are based on 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 site 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 third quarter 2024 conference call. Overall, this was a good quarter for Innospec with results broadly in line with our expectations. Performance Chemicals and Fuel Specialties delivered double digit operating income growth with margin improvement, while Oilfield Services continued at lower activity levels as expected.

Performance Chemicals operating income was similar to the first two quarters of 2024, and we expect comparable performance in the coming quarter. Our target for 2025 remains to return our operating income run rates and margins to full-year 2022 levels. We continue to expand our industry leading portfolio of 1,4-dioxane and sulfate-free technologies. Supported by our formulation expertise, we will deliver the value and performance that our customers require for their next generation of products. In addition to growth in personal care, we see broad mix of multi-year organic opportunities in our home care, agriculture and other industrial end markets.