Ingevity Corp Stock Price, News & Analysis

Ingevity (NYSE: NGVT) has filed its definitive proxy statement for the 2025 Annual Meeting and issued a letter to stockholders highlighting recent transformational changes and financial performance. The company has implemented significant business changes including facility closures, raw material supply restructuring, and portfolio optimization.

Key financial achievements in 2024 include:

• Revenue of $1.4+ billion
• Adjusted EBITDA of $362+ million (26% margin)
• Cost savings of $84 million
• Free cash flow of $51 million

The company projects 10-14% adjusted EBITDA growth for 2025, with free cash flow expected to increase 4-5x from 2024 levels. David H. Li has been appointed as the new President and CEO, effective April 7, 2025. The company is currently in a proxy fight with Vision One, which has nominated two directors for election. Ingevity urges stockholders to vote 'FOR' their nine director nominees on the WHITE proxy card.

Ingevity (NYSE:NGVT) has appointed David H. Li as president and CEO, effective April 7, 2025. Li, who brings over 25 years of experience in the specialty materials industry, will succeed interim president and CEO Luis Fernandez-Moreno, who will remain on the board.

Li previously served as CEO, president and board member of CMC Materials, Inc., a global supplier of advanced materials for semiconductor and energy industries, until its sale to Entegris, Inc. in 2022. Board chair Jean Blackwell highlighted Li's proven track record in repositioning businesses and achieving substantial growth, strong financial performance, and outstanding stockholder returns.

Under Fernandez-Moreno's interim leadership since October 2024, Ingevity has implemented strategic initiatives, including portfolio management, resulting in improved operational performance and free cash flow generation.

Ingevity (NYSE: NGVT) has highlighted significant progress in its strategic initiatives to enhance business performance. The company achieved record performance in its Performance Materials division, with margins exceeding 50% in 2024, driven by new pricing and operational efficiency initiatives.

The company's Performance Chemicals segment transformation delivered $84 million in savings in 2024, surpassing their $65-75 million target. They expect additional savings of $10-25 million in 2025. Second-half EBITDA margins increased to approximately 28%, with improved free cash flow.

Ingevity announced a strategic alternatives review for their Industrial Specialties product line and North Charleston CTO refinery, expecting to communicate decisions by year-end. The company targets $400-415 million in EBITDA for 2025 and aims to reduce net leverage ratio below 2.8x by year-end 2025.

Ingevity (NYSE: NGVT) reported Q4 2024 net sales of $298.8 million, down 20% year-over-year, with net income of $16.6 million and diluted EPS of $0.46. Q4 adjusted EBITDA was $80.6 million with a 27.0% margin.

For full-year 2024, the company reported net sales of $1.4 billion, down 17% from 2023. The company recorded a net loss of $430.3 million, including a $349.1 million goodwill impairment and $338.9 million in special charges. Full-year adjusted EBITDA was $362.7 million with a 25.8% margin.

Looking ahead, Ingevity provided 2025 guidance with sales between $1.3-1.4 billion, adjusted EBITDA of $400-415 million, and free cash flow of $220-260 million. The company announced plans to explore strategic alternatives for its Performance Chemicals Industrial Specialties product line and North Charleston CTO refinery.

Ingevity (NYSE: NGVT) has been named one of America's Most Responsible Companies of 2025 by Newsweek magazine for the third consecutive year. The recognition places Ingevity among the top 600 publicly traded U.S.-based companies making positive global impacts.

The ranking evaluates corporate responsibility across environmental, social and governance (ESG) factors, utilizing over 30 key performance indicators and public perception data from U.S. residents. Interim president and CEO Luis Fernandez-Moreno emphasized that Ingevity was founded on environmentally conscious products and maintains commitments to governance excellence, employee prioritization, responsible operations, and community involvement.

Ingevity operates in three segments: Performance Materials (activated carbon), Advanced Polymer Technologies (caprolactone polymers), and Performance Chemicals (specialty chemicals and road technologies). The company employs approximately 1,600 people across 31 countries, with headquarters in North Charleston, South Carolina.

Ingevity (NYSE: NGVT) has announced plans to explore strategic alternatives for its Performance Chemicals Industrial Specialties product line and North Charleston CTO refinery. The company is considering divesting portions of its North Charleston site, including pine chemical-based chemistries serving various industrial markets.

The company released preliminary 2024 financial results, expecting net sales of approximately $1.40 billion and Adjusted EBITDA of approximately $360 million, with free cash flow exceeding $40 million. Looking ahead to 2025, Ingevity projects Adjusted EBITDA to be slightly above $400 million.

The strategic review excludes the Performance Chemicals Road Technologies product line and certain lignin-based products. The company aims to strengthen its Performance Chemicals segment and improve overall earnings and cash flow profile through these initiatives. A final decision on the strategic alternatives is expected to be announced before year-end.

Ingevity (NYSE:NGVT) has scheduled its fourth-quarter and full year 2024 earnings release for Tuesday, February 18, 2025, after market close. The company will host a webcast on Wednesday, February 19, at 10:00 a.m. (Eastern) to discuss the results.

Participants can access the webcast through Ingevity's website or dial in using the access code 068901. A recording will be available from February 19, 2025, through February 18, 2026. The company will provide a slide deck with financial and statistical information prior to the call.

Ingevity operates in three segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals, serving various industries including adhesives, agrochemicals, asphalt paving, and automotive components. The company employs approximately 1,600 people across 31 countries.

Ingevity (NYSE:NGVT) has elected J. Kevin Willis to its board of directors, expanding the board to nine members, with eight being independent. Willis currently serves as senior vice president and CFO at Ashland Inc. (NYSE:ASH), where he oversees worldwide financial functions and participates in global strategy setting. During his 37-year tenure at Ashland, Willis has accumulated extensive experience in accounting, finance, and treasury management, including international operations. His expertise includes driving shareholder value through capital allocation planning, operating efficiencies, and business portfolio separations, notably Ashland's separation from Valvoline.

Ingevity (NYSE: NGVT) reported Q3 2024 financial results with net sales of $376.9 million, down 16% year-over-year. The company posted a net loss of $107.2 million and diluted loss per share of $2.95, including restructuring charges of $86.9 million and contract termination fees of $100 million. Adjusted earnings were $40.2 million with diluted adjusted EPS of $1.10. Adjusted EBITDA reached $106.4 million with a 28.2% margin. The company affirmed full-year guidance with sales between $1.40-1.50 billion and adjusted EBITDA of $350-360 million.