Innospec Inc (IOSP) 2024 Q3 法說會逐字稿

Thank you. This is David Jones. The earnings release for the quarter and this presentation are posted on the company's website. During this call, we will make forward-looking statements, which are projections about future events. These statements are based on expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated results implied by such forward-looking statements. The risks and uncertainties are detailed in Innospec's 10-K, 10-Qs, and other filings with the SEC.

謝謝。這是大衛瓊斯。本季度的收益報告和本簡報已發佈在公司網站上。在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測。這些陳述是基於預期和假設，但這些預期和假設受風險和不確定性的影響，可能導致實際結果與此類前瞻性陳述所暗示的預期結果有重大差異。Innospec 的 10-K、10-Q 以及提交給美國證券交易委員會的其他文件中詳細說明了這些風險和不確定性。

Please see the SEC site and Innospec's site for these and related documents. In today's presentation, we've also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is contained in the earnings release. The non-GAAP financial measures should not be considered as a substitute for those prepared in accordance with GAAP. They are included as additional items to aid investor understanding of the company's performance in addition to the impact that these items and events had on financial results.

請參閱 SEC 網站和 Innospec 網站以取得這些文件和相關文件。在今天的介紹中，我們也加入了非公認會計準則財務指標。收益報告中包含與最直接可比較的 GAAP 財務指標的對帳。非公認會計準則財務指標不應被視為依照公認會計準則編製的財務指標的替代品。它們作為附加項目包含在內，以幫助投資者了解公司的業績以及這些項目和事件對財務結果的影響。

With me today from Innospec are Patrick Williams, President and Chief Executive Officer; and Ian Cleminson, Executive Vice President and Chief Financial Officer. And with that, I'll turn it over to you, Patrick.

今天與我一起的還有 Innospec 的總裁兼執行長 Patrick Williams；以及執行副總裁兼財務長 Ian Cleminson。現在，我將把話題交給你，派崔克。

Thank you, David, and welcome, everyone to Innospec's third-quarter 2024 conference call. Overall, this was a good quarter for Innospec, with results broadly in line with our expectations. Performance Chemicals and Fuel Specialties delivered double-digit operating income growth with margin improvement, while Oilfield Services continued to have lower activity levels as expected.

謝謝你，大衛，歡迎大家參加 Innospec 2024 年第三季電話會議。總體而言，這對於 Innospec 來說是一個不錯的季度，其業績基本上符合我們的預期。高性能化學品和燃料特殊產品部門的營業收入達到兩位數成長，利潤率也有所提高，而油田服務部門的活動水準則持續下降，符合預期。

Performance Chemicals operating income was similar to the first two quarters of 2024, and we expect comparable performance in the coming quarter. Our target for 2025 remains to return our operating income run rates and margins to full year 2022 levels.

性能化學品營業收入與 2024 年前兩季相似，我們預計下一季的表現也將相當。我們 2025 年的目標仍然是將我們的營業收入運作率和利潤率恢復到 2022 年全年的水平。

We continue to expand our industry-leading portfolio of 1,4-Dioxane and sulfate-free technologies. Supported by our formulation expertise, we will deliver the value performance that our customers require for their next generation of products. In addition to growth in personal care, we see a broad mix of multiyear organic opportunities in our home care, agriculture, and other industrial-end markets.

我們繼續擴大我們行業領先的 1,4-二氧六環和無硫酸鹽技術組合。在我們的配方專業知識的支持下，我們將提供客戶下一代產品所需的價值性能。除了個人護理的成長之外，我們還在家庭護理、農業和其他工業終端市場中看到了廣泛的多年有機機會。

Fuel Specialties delivered double-digit operating income growth with improved gross margins, which remained within our target 32% to 35% range. With a steady demand outlook for heavy transportation fuels over the coming decades, our focus continues to be on cleaner and renewable fuels along with lower emissions. Our technology pipeline will drive opportunities in both fuel and nonfuel applications.

燃料特種業務的營業收入實現了兩位數成長，毛利率也有所提高，但仍處於我們 32% 至 35% 的目標範圍內。由於未來幾十年重型運輸燃​​料的需求前景穩定，我們的重點仍是清潔、再生燃料以及降低排放。我們的技術管道將為燃料和非燃料應用帶來機會。

As expected, Oilfield Services continue to be impacted by lower activity in our Latin America business. We currently assume these lower levels will persist through the end of this year and into 2025. Our team remains focused on multiple growth and margin improvement opportunities in our other Oilfield segments, which we expect to drive sequential quarterly growth in 2025.

正如預期的那樣，油田服務繼續受到拉丁美洲業務活動減少的影響。我們目前假設這些較低水準將持續到今年年底至 2025 年。我們的團隊將繼續專注於其他油田部門的多種成長和利潤提升機會，我們預計這些機會將推動 2025 年季度的連續成長。

Now I'll turn the call over to Ian Cleminson, who will review our financial results in more detail. Then I will return to some concluding comments. After that, Ian and I will take your questions.

現在我將電話轉給伊恩·克萊明森，他將更詳細地審查我們的財務結果。然後我將回到一些總結性的評論。之後，伊恩和我將回答大家的問題。

Thanks, Patrick. Turning to slide 7 in the presentation. The company's total revenues for the third quarter were $443.4 million, a 4% decrease from $464.1 million a year ago. Overall gross margin decreased by 1.6 percentage points from last year to 28%.

謝謝，派崔克。翻到簡報的第 7 張投影片。該公司第三季的總營收為 4.434 億美元，較去年同期的 4.641 億美元下降 4%。整體毛利率較去年同期下降1.6個百分點至28%。

Adjusted EBITDA for the quarter was $50.5 million compared to $54.3 million last year. And net income for the quarter was $33.4 million compared to $39.2 million a year ago. Our GAAP earnings per share were $1.33, including special items, the net effect of which decreased our third quarter earnings by $0.02 per share.

本季調整後 EBITDA 為 5,050 萬美元，去年同期為 5,430 萬美元。本季淨收入為 3,340 萬美元，去年同期為 3,920 萬美元。我們的 GAAP 每股收益為 1.33 美元，其中包括特殊項目，其淨效應導致我們第三季每股收益減少 0.02 美元。

A year ago, we reported GAAP earnings per share of $1.57, which also included the negative impact from special items of $0.02 per share. Excluding special items in both years, our adjusted EPS for the quarter was $1.35 compared to $1.59 a year ago.

一年前，我們報告的 GAAP 每股收益為 1.57 美元，其中還包括每股 0.02 美元的特殊項目負面影響。除去兩年的特殊項目，本季的調整後每股收益為 1.35 美元，去年同期為 1.59 美元。

Turning to slide 8. Revenues in Performance Chemicals for the third quarter were $163.6 million, up 13% from last year's $145.2 million. Acquisition growth of 8% and volume growth of 9% were partly offset by an adverse price mix of 4% due mainly to lower raw material costs flowing through to selling prices.

翻到幻燈片 8。第三季高性能化學品業務營收為 1.636 億美元，較去年同期的 1.452 億美元成長 13%。8%的收購成長和 9% 的銷售成長被 4% 的不利價格組合部分抵消，這主要歸因於原物料成本下降導致銷售價格下降。

Gross margins of 22.1% increased 1.2 percentage points compared to the same quarter in 2023, benefiting from a richer sales mix and higher production volumes. Operating income of $20 million increased 18% over last year. We expect to be able to maintain this level of operating profit in the fourth quarter.

毛利率為 22.1%，較 2023 年同期增加 1.2 個百分點，受益於銷售組合更加豐富和產量增加。營業收入2000萬美元，較去年同期成長18%。我們預計第四季能夠維持這一水準的營業利潤。

Moving on to slide 9. Revenues in Fuel Specialties for the third quarter were $165.8 million, down 2% from $169.3 million reported a year ago. A 2% increase in volume was offset by an adverse price mix of 4% with a favorable sales mix outweighed by lower pricing from the easing of raw material costs.

轉到第 9 張投影片。燃料特種產品部門第三季的營收為 1.658 億美元，較去年同期的 1.693 億美元下降 2%。2%的銷售成長被4%的不利價格組合所抵消，有利的銷售組合被原材料成本下降導致的較低價格所抵消。

Fuel Specialties gross margins of 33.6% were 2.3 percentage points above the same quarter last year because of a favorable sales mix and the easing of raw material pricing. Operating income of $30.9 million was up 12% from $27.6 million a year ago.

燃料特種產品毛利率為 33.6%，比去年同期高出 2.3 個百分點，原因是銷售組合良好且原物料價格下降。營業收入為 3,090 萬美元，比去年同期的 2,760 萬美元成長 12%。

Moving on to slide 10. Revenues in Oilfield Services for the quarter were $114 million, down 24% from $149.6 million in the third quarter last year. Gross margins of 28.3% decreased 7.7 percentage points from last year on a weaker sales mix.

轉到投影片 10。本季油田服務收入為 1.14 億美元，較去年第三季的 1.496 億美元下降 24%。由於銷售組合較弱，毛利率為 28.3%，較去年同期下降 7.7 個百分點。

Operating income of $7.1 million decreased 57% on $16.4 million one year ago. Due to the reduced activity in our production chemical business, we expect operating income in quarter four to continue at a run rate slightly below this quarter.

營業收入為 710 萬美元，較去年同期的 1,640 萬美元下降 57%。由於我們的生產化學品業務活動減少，我們預計第四季度的營業收入將繼續以略低於本季的運作率運作。

Turning to slide 11. Corporate costs for the quarter were $11.8 million compared with $19 million a year ago, primarily due to the $8.4 million recovery of historic pension costs. The effective tax rate for the quarter was 25.4% compared to 17.5% in the same period last year, reflecting the geographical location of taxable profits. For 2025, we expect our tax rate to be 27%.

翻到第 11 張投影片。本季公司成本為 1,180 萬美元，而去年同期為 1,900 萬美元，主要原因是收回了 840 萬美元的歷史退休金成本。本季有效稅率為25.4%，而去年同期為17.5%，反映了應稅利潤的地理位置。到 2025 年，我們預計稅率為 27%。

Moving on to slide 12. For the quarter, operating cash flow was $73.5 million before capital expenditures of $11.7 million. As of September 30, Innospec has $303.8 million in cash and cash equivalents and no debt. And now I'll turn it back over to Patrick for some final comments.

轉到投影片 12。本季度，資本支出 1,170 萬美元前的營運現金流為 7,350 萬美元。截至 9 月 30 日，Innospec 擁有 3.038 億美元現金和現金等價物，沒有債務。現在我將把話題轉回給派崔克，請他發表一些最後的評論。

Thanks, Ian. I am pleased with the overall results this quarter, which were generally in line with our expectations. Fuel Specialties and Performance Chemicals both delivered double-digit operating income growth over the prior year, while Oilfield Services was flat with the second quarter.

謝謝，伊恩。我對本季的整體業績感到滿意，基本上符合我們的預期。燃料特種產品和高性能化學品的營業收入均比去年同期實現了兩位數的成長，而油田服務業務的收入則與第二季度持平。

In the fourth quarter, we expect relatively steady sequential results in Performance Chemicals and Oilfield Services and some growth on seasonal demand in Fuel Specialties. In 2025, we believe we are well positioned for full-year growth in Fuel Specialties and Performance Chemicals with sequential quarter recovery in Oilfield Services. This was another excellent quarter for cash generation.

在第四季度，我們預期高性能化學品和油田服務業務的連續業績將相對穩定，燃料特種業務的季節性需求將帶來一定成長。到 2025 年，我們相信我們有能力實現燃料特種產品和高性能化學品的全年成長，並且油田服務業務將實現連續幾季的復甦。這又是一個現金創造能力極佳的季度。

With over $300 million It n net cash on our balance sheet, we are well positioned to continue to pursue organic investments and complementary M&A while returning value to shareholders through dividend growth. This quarter, we increased our semiannual dividend to $0.79, bringing our full year dividend to $1.55, representing a 10% annual increase. Now I will turn the call over to the operator, and Ian and I will take your questions.

我們的資產負債表上有超過 3 億美元的淨現金，我們完全有能力繼續進行有機投資和互補性併購，同時透過股息成長為股東帶來價值。本季度，我們將半年股息提高至 0.79 美元，全年股息增至 1.55 美元，年增 10%。現在我將電話轉給接線員，伊恩和我將回答你們的問題。

(Operator Instructions) Mike Harrison, Seaport Research Partners.

（操作員指示）邁克·哈里森（Mike Harrison），海港研究合作夥伴。

Hi, good morning.

嗨，早安。

Good morning, Mike.

早上好，麥克。

Good morning, Mike.

早上好，麥克。

So I was hoping that we could start out with the Oilfield business. I guess I was a little bit surprised to see that revenue did move a little bit higher sequentially. Just curious, are you guys kind of feeling good about the opportunities that you're seeing outside of Latin America to make up some of this revenue shortfall? And maybe can you give us some details on where you're looking for those opportunities and how you expect them maybe to play out over the next few quarters?

所以我希望我們可以從油田業務開始。我覺得我有點驚訝地看到收入確實比上一季略有成長。只是好奇，你們是否對拉丁美洲以外彌補部分收入缺口的機會感到樂觀？您能否向我們詳細介紹您在哪裡尋找這些機會，以及您預計它們在接下來的幾個季度將如何發揮作用？

Yeah, Mike, it's Patrick. I think if you look at Q4 and then we look at full year 2025, we don't see really a lot of business working throughout Latin American entity quite yet. I think with the new government coming in, getting a handle on what's going on, we'll hope to see some traction, but it's kind of a wait-and-see approach.

是的，麥克，我是派崔克。我認為，如果您看一下第四季度，然後再看一下 2025 年全年，我們就不會看到整個拉丁美洲實體中真正開展的業務。我認為，隨著新政府上台，掌控局勢，我們希望看到一些進展，但現在還是一種觀望的態度。

But what we have done is we've concentrated on not only margin improvement but also business activity in our other businesses, be it DRA, being US completions in other areas, including production chemicals. A big push that we have right now is in the Middle East and specific to Saudi Aramco. We've made a lot of headway there.

但我們所做的是，我們不僅專注於提高利潤率，還專注於其他業務的業務活動，無論是 DRA，還是美國在其他地區的完井，包括生產化學品。我們目前的重點推廣領域是在中東，具體針對的是沙烏地阿美。我們在那裡已經取得了很大進展。

And all the people in Saudi and those offices in the Middle East have done a really good job. As a matter of fact, I just returned from a trip there. And we have a lot of opportunities that we've proven ourselves with great products. We've proven ourselves with services and we'll continue to do that. And that's why I think you'll see the uplift moving forward in 2025.

沙特和中東地區辦事處的所有人都做出了卓越的成績。事實上，我剛從那裡旅行回來。我們有很多機會透過優秀的產品證明自己。我們已經透過服務證明了自己的實力，並且我們會繼續這樣做。這就是為什麼我認為你會看到 2025 年的提升。

All right. And then, in fuel specialties, if I kind of look at the SG&A expenses or operating expense line, it seems like that came in, a lot lighter than it was last quarter. Can you just talk about whether there was anything unusual going on on the SG&A line within fuel specialties?

好的。然後，在燃料特種產品方面，如果我看一下銷售、一般和行政費用或營運費用，似乎比上一季低很多。您能否談談燃料特種產品的銷售、一般及行政開支方面是否有任何異常情況？

No, nothing at all, Mike. A little bit of time with costs perhaps a little bit of bad debt relief. Nothing of any significance whatsoever.

不，什麼也沒有，麥克。花一點時間成本也許可以減輕一點壞帳。沒有任何重要的事情。

All right. Great. And then Performance Chemicals, I know that pricing number is still lower. It sounds like that was just pass-through of lower raw material costs. But can you just talk about the trends you're seeing in raw material cost and when we might expect to see that price mix number kind of stabilize?

好的。偉大的。然後是性能化學品，我知道定價數字仍然較低。聽起來這只是原料成本下降的轉嫁。但是您能否談談原物料成本的趨勢以及我們何時可以預期價格組合數字會趨於穩定？

Yeah, so generally across the business, Mike, we're seeing pretty stable raw material pricing right now. And a lot of our pricing comes from crude derivatives or natural products. And it's pretty stable at the moment. So in fuels -- we're seeing some higher gross margins and some stability there. We've cut up on all the pricing there.

是的，麥克，總體而言，從整個業務來看，我們現在看到原材料價格相當穩定。我們的定價很多來自於原油衍生物或天然產品。目前它相當穩定。因此在燃料方面，我們看到毛利率有所提高，並且比較穩定。我們已經降低了那裡的所有價格。

And in Performance Chemicals (inaudible) and that sort of pass-through is sort of stabilizing now. So we're seeing year-over-year movements, but we're not seeing sequential movements as violent as we have done in the year-over-year numbers. So I think sequentially, you're going to see that settle down. I think it's just going to take a little bit of time periods, so we get the comparatives more realigned.

在高性能化學品方面（聽不清楚），這種傳遞現在已經比較穩定了。因此，我們看到了同比變動，但我們沒有看到像同比數字那樣劇烈的連續變動。因此我認為，隨著時間的推移，你會看到這種情況逐漸穩定下來。我認為這只需要一點時間，這樣我們就能對比較結果進行更重新的調整。

All right. And then last question for me is just on the guidance. It sounds like you're talking about a seasonal uptick in the Fuel Specialties business, maybe kind of steady performance or maybe a little bit of sequential improvement in Performance Chemicals and then Oilfield may be a little bit lower.

好的。對我來說，最後一個問題是關於指導。聽起來你在談論燃料特種業務的季節性上漲，可能是某種穩定的表現，或者可能是高性能化學品的連續改善，然後油田可能會稍微低一些。

So is the $1.35 that you just reported, is that still in the right ballpark for next quarter? Or would you expect to see that a little bit higher on the EPS line? Thank you.

那麼您剛剛報告的 1.35 美元對於下個季度來說還是正確的數字嗎？或者您希望看到 EPS 線稍微高一點？謝謝。

I think Mike it's broadly in line. I think you'll see some sequential improvement moving forward in Oilfield. And I think you're spot on, on the other businesses and probably a $1.35 maybe a tad higher is right line.

我認為麥克的觀點大致正確。我認為你會看到油田領域正在不斷取得進步。我認為您說得對，對於其他企業來說，1.35 美元甚至更高一點是正確的底線。

All right, thanks very much.

好的，非常感謝。

Thank you, Mike.

謝謝你，麥克。

Jon Tanwanteng, CJS.

Jon Tanwanteng，CJS。

Hi. Sorry, I was on mute. Good morning. Thank you for taking my questions. I was wondering, I noticed that you had some higher corporate costs from historic pension items in the quarter. I was wondering what the normalized corporate cost looks like and what should we think about going forward?

你好。抱歉，我把音量調成靜音了。早安.感謝您回答我的問題。我想知道，我注意到本季你們的歷史退休金計畫導致公司成本增加。我想知道標準化的企業成本是什麼樣的，以及我們未來應該考慮什麼？

Yeah, This is Ian, Jon. That was sort of a one-off credit that we received from some historic pension costs in the UK. The adjusted number is about $20 million this quarter for corporate costs. And that's a good number going forward into 2025. So $20 million a quarter, $80 million for the full year.

是的，這是伊恩，喬恩。這是我們從英國一些歷史退休金成本中獲得的一次性補貼。本季調整後的企業成本約為 2,000 萬美元。對於 2025 年來說，這是一個不錯的數字。所以每季 2000 萬美元，全年 8000 萬美元。

Got it. Okay. And then, Patrick, I think you mentioned organic investments on top of M&A. What's in the pipeline for you just in terms of investing for growth in the business?

知道了。好的。然後，帕特里克，我認為您提到了併購之上的有機投資。從投資促進業務成長方面來說，您有什麼打算？

It's interesting. We're monitoring it as we speak, to make sure that the markets are still fluid like they are. But I think we're looking at a little bit still in Performance Chemicals. Some of that with the new acquisition down with QGP in Brazil, a little bit in Oilfield, potentially some expansion of DRA in some other areas.

這很有趣。我們正在即時監控，以確保市場依然保持流動性。但我認為我們仍在關注高性能化學品。其中一些是與巴西的 QGP 的新收購，還有一些是在油田的收購，還有可能是 DRA 在其他一些地區的擴張。

And then just looking at other areas of our business that we think geographically, we could expand organically. And then we also are looking at additional M&A opportunities outside of that.

然後，只要從地理角度考慮我們業務的其他領域，我們就可以有機地擴張。除此之外，我們還在尋找其他的併購機會。

Okay. Got it. And then just in light of the election results, what do you think the benefits or impacts might be on your business as we go forward? The stock might be reacting to that today, and I'm wondering what your thoughts are.

好的。知道了。那麼，僅從選舉結果來看，您認為這將對您的業務帶來哪些好處或影響？今天股票可能會對此做出反應，我想知道您的想法。

Yeah. I mean you see the corporate tax benefit that's going to help everybody. Our general view is you hope to have some political stability globally. That's the hope. I think that in general business, things are looking positive, pre-election. I think post-election, there should be quite a bit of positivity as well.

是的。我的意思是，你會看到企業稅收優惠將使每個人受益。我們的整體觀點是，你們希望全球擁有一定的政治穩定。這就是希望。我認為，就總體而言，選舉前的情況是正面的。我認為選舉後也應該會出現相當多的正面因素。

And I think that whoever gets in there as President, we were hoping that obviously, they bring world stability and world peace and bring prosperity back to everybody. And that's the hope that, that's going to happen. But our businesses are set up very well no matter what happened with the election. And I do think this is a potential boost.

我認為，無論誰當選總統，我們都希望他能為世界帶來穩定與和平，為每個人帶來繁榮。這就是我們所希望的，這將會實現。但無論選舉結果如何，我們的業務都運作良好。我確實認為這是一個潛在的推動力。

Great. Thank you.

偉大的。謝謝。

David Silver, CL King & Associates.

大衛·西爾弗（David Silver），CL King & Associates。

Yeah. Hi. Thank you. Good morning. First question would be on the Performance Chemicals area. So a couple of things, but it's been a few quarters now since your Latin American acquisition. And I'm just wondering if you could comment on maybe the overall integration and the role it's playing currently.

是的。你好。謝謝。早安.第一個問題是關於性能化學品領域。所以有幾件事，但自從你們收購拉丁美洲以來已經過了幾個季度了。我只是想知道您是否可以評論一下整體整合以及它目前發揮的作用。

So in other words, is that unit producing for local markets purely? Is it part of more of a global network where it's specializing in certain products or formulations and shipping those globally? And I think you touched on it earlier, but maybe overall, does this make you more likely to try to find more similar kind of strategic bolt-ons in this area? Thank you.

換句話說，該單位是否純粹為當地市場生產？它是否屬於全球網路的一部分，專門生產某些產品或配方並將其運送到全球？我認為您之前已經提到過這一點，但總體而言，這是否使您更有可能嘗試在該領域尋找更多類似的策略附加措施？謝謝。

Yeah, Dave, good question. It was a strategic acquisition to give us manufacturing capabilities in Latin America, especially in country in Brazil. It's fairly diverse in regards to the assets. Over time, we'll be able to make not only Oilfield products on there but probably Fuel Specialty products on there as well. So we like the capabilities of the assets.

是的，戴夫，這個問題問得好。這是一次策略性收購，使我們具備在拉丁美洲，特別是巴西的生產能力。就資產而言，它是相當多樣化的。隨著時間的推移，我們不僅能夠在那裡生產油田產品，還可能生產燃料特種產品。所以我們喜歡這些資產的能力。

It is primarily a Latin American business, but it does have applications in the U.S. as well, and they do have customers in the US is meeting our expectations. We expect to have a nice year from them going into 2025, especially as the agriculture markets come back. So that is very well positioned.

它主要在拉丁美洲開展業務，但在美國也有應用，而且他們在美國確實有客戶，滿足了我們的期望。我們預計 2025 年他們將取得豐收，尤其是隨著農業市場的復甦。因此，我們的定位非常正確。

And what that does do is as we fully integrate that into our system, we'll look at similar type activities in whether it's China or India or areas of the world like that where we need in-country assets and we don't want to go and spend hundreds of millions, but we can control it by spending millions and giving capabilities to all three business units.

而這樣做的目的是，當我們將其完全整合到我們的系統中時，我們會研究類似的活動，無論是在中國、印度還是世界其他地區，我們需要國內資產，我們不想花費數億美元，但我們可以透過花費數百萬美元並向所有三個業務部門提供能力來控制它。

Okay. And then maybe just a comment on the demand also for Performance Chemicals, but maybe the demand profile that you're seeing currently. So in other words, you did undertake your major organic investment and expansion program with a certain amount of new business in mind or customer programs in mind.

好的。然後也許只是對高性能化學品的需求進行評論，但也許是您目前看到的需求概況。換句話說，您確實在考慮一定數量的新業務或客戶計劃的情況下開展了重大的有機投資和擴張計劃。

And I know that certainly for a while there, the pandemic or post pandemic effects kind of where -- causing some adjustments in -- versus planned demand. But we see the revenue base very close to where -- to overtaking your Fuel Specialty revenues on a run rate basis.

我知道，在一段時間內，疫情或疫情後的影響肯定會導致與計劃需求相比出現一些調整。但我們看到，以運行率計算，收入基數已經非常接近超過燃料特種業務的收入。

Just where do you think you are? Have had the customers fully engaged and you're filling orders for the entire menu of new projects that you anticipated? Or would there still be some incremental demand or customer programs to fill going forward?

你以為你在哪裡？是否已經讓客戶充分參與並正在完成您預期的整個新項目菜單的訂單？或者未來是否還會有一些增量需求或客戶計畫需要滿足？

Yeah. The hope and I think what we'll see in 2025 is hitting the levels that we were hitting in 2022. You are seeing a product mix differential especially in high inflationary markets. They've gone through a lower caliber type product, not commodity, but not as the higher type product that we like to sell. I think as you'll see market stabilization, you'll see them moving back up into the higher trends.

是的。我希望，並認為 2025 年我們能夠達到 2022 年的水準。您會看到產品組合差異，尤其是在高通膨市場。他們經歷過低水準的產品，不是商品，但不是我們喜歡銷售的高品質產品。我認為，隨著市場穩定，它們將重新回到更高的趨勢。

But it's been a nice rebound. I think we'll continue to see that rebound in 2025 and the goal is to get those to at least 2022 levels, and we'll keep pushing beyond that. So we're moving the right mix, the right direction. And as long as we get the right price mix, you'll see those margins improve as well.

但這是一次良好的反彈。我認為我們將在 2025 年繼續看到這種反彈，目標是至少達到 2022 年的水平，並且我們將繼續努力超越這一目標。因此，我們正在朝著正確的組合和正確的方向前進。只要我們得到正確的價格組合，你就會發現這些利潤率也會提高。

Okay. If I could just switch over to Fuel Specialties for a moment. I did want to touch on the margin performance, and I guess I'm looking at EBITDA margins here. But the current quarter's margin is the highest, it's been in quite a while. And I'm just wondering a couple of things. But would that be a reflection of maybe your business mix returning to kind of the pre-pandemic levels. In other words, the contributions from your higher margin, maybe aviation fuel or other additives?

好的。如果我可以暫時切換到燃料特產。我確實想談談利潤率表現，我想我在這裡關注的是 EBITDA 利潤率。但本季的利潤率是相當長一段時間以來最高的。我只是想知道幾件事。但這是否反映出您的業務組合可能恢復到疫情前的水平。換句話說，您更高利潤的貢獻可能是來自航空燃料或其他添加劑？

Or is this a reflection of maybe some new business -- some new products getting into the market a little bit more and starting to see the benefits of that? So just maybe a comment on what went into kind of this very strong margin performance in the Fuel Specialty side? Thank you.

或者這反映了一些新業務 — — 一些新產品進入市場並開始看到其好處？那麼，您能否就燃料特種業務方面如此強勁的利潤表現發表一下看法？謝謝。

I think it's a mix, David. It's product mix. It's lower raw materials. And there's a conscious effort internally for margin improvement. And so I think combined with all three of those, they had a really strong quarter in margins.

我認為這是一種混合，大衛。這是產品組合。它的原物料價格較低。公司內部也在有意識地努力提高利潤率。因此，我認為，結合這三點，他們本季的利潤率確實很高。

I think we have to be cautious moving forward. But we see a similar quarter in Q4 before maybe trends down a little bit in 2025, but we do see similar type margins in the fourth quarter.

我認為我們必須謹慎前進。但我們在第四季度也看到類似的情況，然後在 2025 年可能會略有下降，但我們在第四季度確實看到了類似的利潤率。

Okay, great. That's great. And then just maybe one last one. But I mean, you did touch on the situation in Oilfield with the lower revenue levels. Just wondering if compared to 90 days -- well, 90 days ago when we were talking, I think the situation with your reduced orders was that -- your feeling was that the customers can't do without your products forever, and that it would hurt their operations pretty directly.

好的，太好了。那太棒了。也許這只是最後一個。但我的意思是，你確實提到了油田收入水準較低的情況。只是想知道與 90 天相比——嗯，90 天前我們談話時，我認為您減少訂單的情況是——您的感覺是客戶不能永遠沒有您的產品，而且這會直接損害他們的運營。

I mean it's still -- it's 90 days further on. Any further thinking along those lines? I certainly understand there's a political process or whatever that might be involved. But anything around the edges that you've picked up that maybe indicate how the customer might be proceeding down the road?

我的意思是，還需要 90 天的時間。您還有什麼進一步的想法嗎？我當然明白其中可能涉及政治過程或其他任何事情。但是，您所發現的任何邊緣資訊也許可以預示客戶接下來的行動方向嗎？

Yeah, We have gone through all product testing that was in the market. We know production levels have come off. We know the safety has come off a little bit. We know our product is one of the very few products that work in that marketplace.

是的，我們已經對市場上的所有產品進行了測試。我們知道生產水準已經下降。我們知道安全狀況有所下降。我們知道我們的產品是該市場上極少數暢銷的產品之一。

We're well established. We're technically well established. We've got a great partner down there. It's literally a political environment that's out of our control. I think at some point in time, we'll get their hands around it, and we'll be there waiting to help and pick up the pieces.

我們已經根基牢固。從技術上來說，我們已經很成熟了。我們在那裡有一個很棒的合作夥伴。這其實是一個我們無法控制的政治環境。我想在某個時間點，我們會得到他們的幫助，我們會在那裡等著幫他們收拾殘局。

But it's definitely something that we're involved in. We're still involved in. We're pretty sure they've probably tried other things that have not worked. So we're just going to sit tight until they need us. And when they need us, we'll be there to help them.

但這確實是我們參與的事情。我們仍參與其中。我們非常肯定他們可能嘗試過其他方法，但沒有效果。所以我們會耐心等待，直到他們需要我們。當他們需要我們時，我們就會去幫助他們。

Okay, great. I appreciate all the color. Thank you.

好的，太好了。我欣賞這一切的色彩。謝謝。

Thank you. I would now like to turn the conference back to Patrick Williams for closing remarks.

謝謝。現在我想請派崔克威廉斯致閉幕詞。

Thank you all for joining us today, and thanks to all our shareholders, customers, and Innospec employees for your interest and support. If you have any further questions about Innospec or matters discussed today, please give us a call. We look forward to meeting up with you again to discuss our fourth-quarter 2024 results in February. Have a great day.

感謝大家今天的到來，也感謝我們所有股東、客戶和 Innospec 員工的關注和支持。如果您對 Innospec 或今天討論的事項還有任何疑問，請致電我們。我們期待 2 月再次與您會面討論我們的 2024 年第四季業績。祝你有美好的一天。