Innospec Inc.

Good day and thank you for standing by. Welcome to the Innerspec fourth quarter 2024 earnings release and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please advise that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, David Jones, General Counsel. Please go ahead.

Thank you. Welcome to NSFAC's earnings call. This is David Jones. I'm NSFAC's General Counsel and Chief Compliance Officer. Earnings released for this presentation is posted on the company's website. During this call, we will make forward-looking statements, which are predictions about future events. These statements are based on current expectations and assumptions that are subject to risk and uncertainties that could cause actual results to differ materially from the anticipated results implied by such forward-looking statements. The risk and uncertainties are detailed in InnoSpec's 10-K, 10-Q, 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 contained in earnings release. The non-GAAP financial measure should not be considered as substitute for or superior to those prepared in accordance with GAAP. They are included as additional items to aid investors' understanding of the company's performance in addition to the impact that these items had on financial results. With me today from Inispec are Patrick Williams, President and Chief Executive Officer, and Ian Clementson, Executive Vice President and Chief Financial Officer. And with that, I turn it over to you, Patrick.

Thank you, David, and welcome everyone to Inispec's fourth quarter and full year 2024 conference call. This was another good quarter for Inispec as we exceeded earnings expectations despite the reduced oilfield services activity in Latin America. In performance chemicals, we delivered double-digit operating income growth over the fourth quarter last year, driven by improved sales and margins. We have a balanced pipeline of growth opportunities across our global personal care, home care, agriculture, construction, and other industrial markets. In addition, the integration and performance of our recent QGP acquisition in Brazil is proceeding to plan and is supporting not only performance chemicals, but also fuel specialties growth opportunities in the region. Moving into 2025, we continue to target operating income and margin improvement to levels consistent with full year 2022. In fuel specialties, operating income increased 7% over the same quarter last year. and operating margin improved to just below our target of 19% to 21%. We remain focused on further margin improvement in parallel with top-line growth. With our industry-leading innovation and customer service capabilities, we are well positioned to continue advancing our global customers' initiatives. Our technology will continue to focus on cleaner fuels, lowering emissions, and improving efficiency in traditional, renewable, and non-fuel applications. In oilfield services, as expected, results were similar to the third quarter, with no recovery in Latin America production chemical activity. We currently do not expect this activity to resume in the near term. In 2025, we remain focused on continuing to drive sequential quarterly improvements in our core businesses, including U.S. completions and production, DRA, and the Middle East. Now I will turn the call to Ian Clemson, who will review our financial results in more detail. Then I will return with some concluding comments. After that, Ian and I will take your questions. Ian? Thanks, Patrick.