Ingevity Corp Stock Price, News & Analysis

Ingevity (NYSE: NGVT) reported Q2 2024 financial results with net sales of $390.6 million, down 19% year-over-year. The company posted a net loss of $283.7 million and diluted loss per share of $7.81, primarily due to a $349.1 million non-cash goodwill impairment charge in the Performance Chemicals segment. Adjusted EBITDA was $101.3 million with a 25.9% margin. Performance Materials sales increased 9% to $157.2 million, while Advanced Polymer Technologies and Performance Chemicals sales declined. Ingevity revised its full-year 2024 guidance, projecting sales between $1.40 billion and $1.50 billion and adjusted EBITDA between $350 million and $360 million.

Ingevity (NYSE:NGVT) has announced the dates for its second-quarter 2024 earnings release and webcast. The company will release its Q2 2024 earnings after the stock market close on Wednesday, July 31, 2024. A live webcast to discuss the results will be held on Thursday, August 1, at 11:00 a.m. (Eastern). Investors can access the webcast through Ingevity's website or by dialing 833 470 1428 (inside the U.S.) with access code 153840. For those unable to attend, a recording will be available until July 31, 2025. Ingevity operates in three segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals, providing products for various applications including adhesives, agrochemicals, and automotive components.

Ingevity (NYSE:NGVT) has announced two key appointments to its executive leadership team. Ryan C. Fisher has been named senior vice president, general counsel and secretary, while Terry Dyer joins as senior vice president and chief human resources officer. Fisher, an 18-year veteran of Ingevity, will oversee law and compliance, communications, government relations, and sustainability functions. Dyer brings over 20 years of HR experience and will lead the company's global human resources function.

Ingevity's CEO, John Fortson, expressed confidence that both leaders will contribute significantly to the company's continued success and innovation. Fisher's appointment was effective June 27, 2024, while Dyer will assume his role on August 12, 2024. Ingevity, headquartered in North Charleston, South Carolina, operates in 31 countries with approximately 1,700 employees, focusing on products that purify, protect, and enhance the world.

Ingevity (NYSE:NGVT) has partnered with Ultrapolymers Group to expand the distribution of its Capa® caprolactone bioplastics in Europe. This strategic alliance aims to leverage Ultrapolymers' extensive sales and technical expertise to boost sales. Steve Hulme, Senior Vice President of Advanced Polymer Technologies at Ingevity, highlighted that this partnership will allow Ingevity to serve European customers better. David Viehoff from Ultrapolymers expressed excitement about adding Ingevity's innovative and sustainable bioplastics to their product portfolio. Ingevity specializes in products that purify, protect, and enhance the environment, operating in three segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals. Headquartered in North Charleston, South Carolina, Ingevity operates in 31 countries and employs around 1,700 people.

Allegion (NYSE: ALLE), a global leader in security products, has announced the appointment of Stacy Cozad as Senior Vice President, General Counsel, and Corporate Secretary, effective August 5, 2024. Cozad succeeds Jeff Braun, who will retire on December 31, 2024. With nearly 30 years of experience, Cozad brings expertise in law, compliance, corporate communications, and cybersecurity. Previously, she served as EVP, General Counsel, and Corporate Secretary at Ingevity , managing $2 billion in 2023 revenue. John H. Stone, Allegion's CEO, highlighted Cozad's strategic problem-solving skills and dedication to core values, welcoming her to the executive leadership team to drive the company's growth and innovation.

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.