Ingevity narrows FY24 revenue view to $1.4B-$1.5B from $1.4B-$1.55B

Consensus $1.49B. “We have taken additional actions to advance the repositioning of the Performance Chemicals segment with a focus on sustained profitability. Segment results this year will be challenged as a result of high-cost CTO inventory, which we expect to work through by the end of Q1 2025, and the lack of a rebound in industrial demand, primarily impacting the Industrial Specialties product line. In addition, weather conditions to date have been unfavorable in North America and our guidance reflects some uncertainty regarding the recovery of Road Technologies volumes in the second half. The continued strength of Performance Materials and the stability of APT will help offset the headwinds we face in Performance Chemicals. We are revising our guidance of sales between $1.40 billion and $1.50 billion, and our full year adjusted EBITDA to between $350 million and $360 million,” said Fortson.