Welcome to our dedicated page for Ingevity news (Ticker: NGVT), a resource for investors and traders seeking the latest updates and insights on Ingevity stock.
Ingevity Corporation reports developments for a global specialty materials company focused on advanced carbon and engineered material solutions. Its updates cover Performance Materials activated carbon technologies for emissions control and filtration, Performance Chemicals products for agriculture and pavement systems, and Advanced Polymer Technologies specialty polymers used in coatings and industrial applications.
Recurring news themes include operating and financial results, segment performance, capital-structure and capital-allocation actions, and portfolio changes. Recent company developments also include completed divestitures involving North Charleston crude tall oil refinery assets, the majority of the Industrial Specialties product line, and Ozark Materials, along with board refreshment and other governance updates.
Ingevity released its 2023 Sustainability Report, emphasizing its commitment to environmental, social, and governance sustainability initiatives. The report highlights that 92% of 2023 revenue was generated from products supporting the UN Sustainable Development Goals. Key achievements include ISCC+ Mass Balance accreditation in Warrington, UK, an EcoVadis Silver rating, and surpassing GHG intensity reduction goals ahead of schedule. Additionally, Ingevity contributed 4,200 volunteer hours and $1.6 million to local communities. The company appointed its first Chief Sustainability Officer to oversee its sustainability strategy. Future goals include achieving carbon neutrality by 2050 and maintaining top safety performance in manufacturing by 2028.
Ingevity (NYSE: NGVT) reported a decline in first quarter 2024 net sales of $340.1 million, down 13% primarily due to the repositioning of the Performance Chemicals segment. The company incurred a net loss of $56.0 million with diluted loss per share of $1.54, offset by adjusted earnings of $19.1 million and diluted adjusted EPS of $0.52. Ingevity realized cost savings of $20 million in Q1 and aims for $65-75 million in 2024. Full-year guidance includes sales of $1.40-$1.55 billion and adjusted EBITDA between $365-$390 million.
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