Ingevity Corp

NGVT

Equity

ISIN US45688C1071 / Valor 32399879

New York Stock Exchange, Inc (2024-12-24)

USD 41.46+0.78%

Ingevity Corp
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Ingevity Corp is a global company that develops, manufactures, and markets products and technologies that purify, protect, and enhance the environment. The company operates in three reporting segments: Performance Chemicals, Advanced Polymer Technologies, and Performance Materials, which includes activated carbon. Ingevity's products are utilized in various industries such as adhesives, asphalt paving, coatings, and automotive components. Headquartered in North Charleston, South Carolina, Ingevity has a presence in 31 countries and employs around 1,700 people. The company's common stock is traded on the New York Stock Exchange under the symbol NGVT.

Summarized from source with an LLMView SourceSector: Industrials

Net Sales Decline

Ingevity Corp reported net sales of $390.6 million for the second quarter of 2024, representing a 19% decline compared to the same period in the previous year. This decrease was primarily due to the repositioning of the Performance Chemicals segment, which included reducing exposure to certain markets in the Industrial Specialties product line.

Net Loss and Impairment Charge

Ingevity Corp experienced a net loss of $283.7 million and a diluted loss per share of $7.81 in Q2 2024. This significant loss was mainly attributed to a non-cash goodwill impairment charge of $349.1 million within the Performance Chemicals segment, reflecting lower volumes and profitability expectations.

Adjusted EBITDA

For the second quarter of 2024, Ingevity Corp reported an adjusted EBITDA of $101.3 million, down 16% from the previous year. The adjusted EBITDA margin stood at 25.9%, indicating a decrease in profitability due to the challenges faced in the Performance Chemicals segment.

Performance Materials Growth

Sales in the Performance Materials segment increased by 9% to $157.2 million in Q2 2024, driven by higher volumes in automotive end markets and improved pricing. Segment EBITDA rose by 28% to $82.2 million, with a segment EBITDA margin of 52.3%, reflecting lower input costs and enhanced operational efficiency.

Revised Full Year Guidance

Ingevity Corp has revised its full-year 2024 guidance, now expecting sales between $1.40 billion and $1.50 billion, and adjusted EBITDA between $350 million and $360 million. This revision accounts for the ongoing challenges in the Performance Chemicals segment and the lack of a rebound in industrial demand.

Summarized from source with an LLMView Source

Key figures

-13.3%1Y

-42.4%3Y

-53.0%5Y

Performance

50.0%1Y

43.4%3Y

48.1%5Y

Volatility