Ingevity Corporation - NGVT STOCK NEWS

Ingevity Corporation (NYSE:NGVT) announced the passing of Richard B. Kelson, its chairman, on February 13, 2023, in New York City. Kelson had been with the company since its spin-off from WestRock in May 2016, providing significant leadership and guidance. He previously served in various high-ranking roles at Alcoa and held numerous board positions. In his memory, Ingevity will make a donation to the Penn Center for Research on Coronavirus. The board will select a new chairman in the coming days, with an announcement expected soon.

Ingevity Corporation (NYSE: NGVT) reported strong fourth quarter results for 2020, with net sales of $325.6 million, up 7.3% year-over-year. Net income rose 14.7% to $50.8 million, with diluted EPS at $1.23. The company benefitted from robust automotive sales and a shift to trucks in North America, although revenues from oilfield technologies and international paving were down. Full-year net sales decreased 5.9% to $1.216 billion, but adjusted EBITDA increased 2.4% to $397.9 million. For 2021, Ingevity's guidance projects sales of $1.25-$1.30 billion and adjusted EBITDA of $400-$420 million.

Ingevity Corporation (NYSE: NGVT) is set to release its fourth quarter and full year earnings on February 10, 2021, after market close. A live webcast for discussion of these results will occur on February 11, 2021, at 10 a.m. ET. Investors can access the webcast through Ingevity's website. A replay will be available starting at 2 p.m. ET on the same day. Ingevity specializes in providing specialty chemicals and high-performance carbon materials aimed at enhancing various applications across industries, operating from 25 locations globally.

Ingevity Corporation (NYSE: NGVT) has appointed Stacy Lancaster Cozad as executive vice president, general counsel, and secretary, effective February 1, 2021. This position was previously held by Katherine C. Burgeson, who retired on August 1, 2020. Cozad brings extensive legal expertise from her previous roles at Spirit AeroSystems and Southwest Airlines. She holds a bachelor’s degree from Concordia University Texas and a juris doctor from Pepperdine University. Ingevity specializes in specialty chemicals, carbon materials, and engineered polymers.

Ingevity Corporation (NYSE:NGVT) announced plans to appeal a U.S. District Court's decision on its patent related to automotive gasoline vapor emissions control (U.S. Patent No. RE38,844). The court ruled in favor of BASF Corp. regarding a patent infringement complaint. Ingevity insists on the strength of its intellectual property, claiming that the decision misinterprets relevant laws. While the patent expires in March 2022, Ingevity anticipates minimal impact on operations or financial outcomes from this expiration, as competition is not expected until after the patent's expiration.

Ingevity Corporation (NYSE: NGVT) has priced an offering of $550 million in 8-year senior unsecured notes, with a maturity date of November 1, 2028, and an interest rate of 3.875% per annum. The offering is expected to close on October 28, 2020, subject to customary conditions. Proceeds from the offering will be used for refinancing existing debt. The notes will be sold only to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S. The offering does not constitute a solicitation or sale in jurisdictions where it would be unlawful.

Ingevity Corporation (NYSE: NGVT) is initiating a private offering of $550 million in senior unsecured notes, aimed at refinancing existing debt. The offering, subject to market conditions, will only be available to qualified institutional buyers under Rule 144A and non-U.S. persons outside the U.S. under Regulation S. The company does not guarantee the issuance's consummation. The notes have not been registered under the Securities Act, and the release serves neither as an offer to sell nor a solicitation.

Ingevity Corporation (NYSE:NGVT) reported preliminary financial results for Q3, showing net sales of $332 million, a 7.8% decline year-over-year. Despite this, net income increased by 16.7% to $70 million, with a net income margin of 21.1%. Diluted EPS rose to $1.69 from $1.41. Adjusted EBITDA reached a record $128 million, an 11.9% increase from Q3 2019. The company's 2020 guidance for sales was narrowed to $1.15-$1.20 billion, with adjusted EBITDA expectations increased to $355-$365 million.

Ingevity Corporation (NYSE: NGVT) has appointed Erik Ripple as the chief growth and innovation officer, effective October 1. Ripple, previously president for the Asia/Pacific region, will continue those duties until a successor is found. This strategic move aligns with Ingevity's initiative called 'Ingevity 2.0', aiming to foster growth and innovation. CEO John Fortson expressed confidence in Ripple's capabilities to identify growth opportunities and enhance the company's position in the specialty chemicals sector.