Innospec Inc. reported its fourth quarter and full-year 2024 financial results, highlighting revenue declines but strength in key segments like Performance Chemicals and Fuel Specialties. Fourth-quarter revenue fell 6% to $466.8 million, impacted by a net loss of $70.4 million due to the UK pension scheme buyout, compared to net income of $37.8 million a year ago. Adjusted EBITDA for the quarter was $56.6 million, down from $61.6 million in the prior year. Adjusted non-GAAP earnings per share (EPS) were $1.41, compared to $1.84 in Q4 2023.

For the full year, revenue declined 5% to $1.85 billion, with net income of $35.6 million, or $1.42 per diluted share, versus $139.1 million, or $5.56 per share, in 2023. Adjusted EBITDA rose 4% to $225.2 million. Adjusted non-GAAP EPS was $5.92, slightly down from $6.09 in the prior year.

Performance Chemicals posted strong growth, with Q4 revenue up 23% year-over-year to $169.2 million and operating income rising 14% to $20.6 million. Fuel Specialties revenue increased 5% to $191.8 million, with operating income up 7% to $34.9 million. Oilfield Services saw a significant decline, with Q4 revenue down 40% to $105.8 million and operating income down 59% to $7.5 million, primarily due to weak production chemicals activity in Latin America.

CEO Patrick Williams emphasized the company’s ability to deliver strong results in key segments despite macroeconomic challenges. Looking ahead to 2025, Innospec expects continued growth in Performance Chemicals and Fuel Specialties, with Oilfield Services positioned for a sequential recovery. The company ended the year with $289.2 million in net cash, strengthening its financial position.