01 May 2008 12:26 [Source: ICIS news]
LONDON (ICIS news)--First-quarter operating income at Innospec dropped 5% to $12.5m (€8m) from $13.2m year on year partly due to a $3m operating loss in its octane additives segment, the US specialty chemical company said on Thursday.
“In octane additives, results excluding legal and professional expenses were broadly in line with the longer-term decline we expect in this business,” Innospec president and CEO Paul Jennings said.
The company’s first-quarter sales increased 16% to $168.7m from $145.3m as a result of strong momentum in the fuel specialties business, the company said.
Operating income in fuel specialities increased 65% to $23.6m year on year, it said, but dropped to $0.1m from $2.6m in active chemicals.
“The [fuel specialities] segment benefited from especially strong sales of its winter additives in the ?xml:namespace>
“Results in active chemicals were below our expectations, reflecting the timing of certain shipments and reduced gross margins, but we expect the segment’s performance to improve over the balance of the year.”
($1 = €0.64)
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