Innospec reports Q1 non-GAAP EPS $1.75, consensus $1.64

Reports Q1 revenue $500.2M, consensus $504.13M. CEO Patrick Williams said, “This was a very strong start to the year for Innospec. Good performance in all our businesses drove a 23 percent increase in operating income with margin expansion…I am very pleased with the strong performance that all our businesses delivered in the quarter including our new acquisition. We have a broad set of technology-based organic opportunities across the businesses which we expect will continue to advance driving further growth and margin improvement. Cash generation was again excellent this quarter, and our net cash position strengthened to over $270M. We continue to have significant flexibility and balance sheet strength for potential further M&A, dividend growth, buybacks and organic investment. This quarter our Board approved a further 10% increase in our semi-annual dividend to 76c per share continuing our record of returning value to shareholders.”