Innospec (IOSP) Sets Up Fully-Owned Enterprise in China
Innospec Inc.IOSP said that the registration of its new fully-owned enterprise in China, Innospec Chemical (Beijing) Co. Ltd., has been completed and will commence full operation from Oct 1.
According to Innospec, the move will help to gradually extend the company's footprint in global markets as demand for specialty chemicals continues to grow, especially in China. It will also allow the company to manage and trade inventory locally and expand business in a thriving market.
Innospec will be able to improve customer services across all businesses in China including, performance chemicals, fuel specialties and oilfield services, as it looks forward to develop profitable solutions for long-term growth.
Innospec's shares have lost 18.7% in the last three months, underperforming the industry 's gain of 3%.
Innospec reported adjusted earnings of $1.16 per share for second-quarter 2017, coming ahead of the Zacks Consensus Estimate of $1.08. The chemical maker's revenues soared 43% year over year to $326.3 million in the quarter.
Innospec, in its second-quarter 2017 call, said that it is optimistic about meeting its expectations for 2017. The company also noted that new products will help it achieve sustainable growth in the longer term while its balanced capital management program is likely to enable it create shareholder value, moving ahead. Innospec also remains optimistic about making more acquisitions. The company also sees healthy prospects for Oilfield Services for the balance of 2017.
Innospec Inc. Price and Consensus
Innospec currently carries a Zacks Rank #2 (Buy).
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