Ingevity Reports Q3 2024 Financial Performance

Ingevity ( (NGVT) ) has realeased its Q3 earnings. Here is a breakdown of the information Ingevity presented to its investors.

Ingevity Corporation is a global provider of products and technologies that purify, protect, and enhance the environment, operating primarily in the specialty chemicals sector with a focus on performance materials, advanced polymer technologies, and performance chemicals. In its latest earnings report for the third quarter of 2024, Ingevity reported net sales of $376.9 million, reflecting a 16% decline primarily due to repositioning actions in its Performance Chemicals segment. The company incurred a net loss of $107.2 million, influenced by significant restructuring charges and contract termination fees. However, adjusted earnings were reported at $40.2 million, with an adjusted EBITDA of $106.4 million, highlighting a robust adjusted EBITDA margin of 28.2%. Key financial performance metrics revealed a positive performance in the Performance Materials segment, with sales rising by 3% to $151.1 million, driven by strategic pricing and operational improvements. Advanced Polymer Technologies also saw a 14% increase in sales despite challenges in pricing and product mix. Conversely, the Performance Chemicals segment experienced a 31% decline in sales due to repositioning efforts and adverse weather conditions. Looking ahead, Ingevity remains optimistic by affirming its full-year guidance of sales between $1.40 billion and $1.50 billion, with adjusted EBITDA expected to range between $350 million and $360 million, as the company focuses on executing its strategic repositioning plans for continued growth.