Ingevity Corp Stock Price, News & Analysis

Ingevity Corporation (NYSE: NGVT) reported record sales of $419.9 million for Q2 2022, a 17.2% increase year-over-year. Net income rose by 35.0% to $59.8 million, with diluted EPS increasing from $1.10 to $1.54. Adjusted EBITDA was $121.1 million, yielding a margin of 28.8%. The company announced a $325 million acquisition of Ozark Materials and a $60 million investment in Nexeon Limited. Despite high performance in Performance Chemicals, Performance Materials faced a 2.9% sales decline due to supply chain disruptions.

Ingevity Corporation (NYSE:NGVT) has invested $60 million to acquire an equity stake in Nexeon Limited, a leader in silicon-based anode materials for electric vehicle (EV) batteries. This investment aims to boost Ingevity's presence in the EV market and enhance its activated carbon business. The funding will support the development of Nexeon’s NSP-2 silicon anode technology, which reportedly offers four times the energy density of conventional graphite anodes, improving EV battery performance.

Ingevity Corporation (NYSE:NGVT) has announced its agreement to acquire Ozark Materials, LLC and Ozark Logistics, LLC for $325 million in cash. This acquisition, pending regulatory approval, is expected to close by early Q4 2022. Ozark Materials, a key player in pavement marking materials, is projected to generate $150 million in revenue with an EBITDA margin of 20% in 2023. Ingevity anticipates the deal will be immediately accretive to its earnings per share, enhancing its position in the paving construction industry.

Ingevity Corporation (NYSE:NGVT) has elected William Slocum and Shon Wright to its board of directors effective July 25, 2022. This transition follows the retirement of Michael Fitzpatrick, who has served since the company's inception in 2016, effective July 26, 2022. Slocum brings experience from Inclusive Capital Partners, while Wright has a strong background with Cummins Incorporated. Both new members are expected to enhance the board's expertise and contribute to Ingevity's future direction.

Ingevity Corporation (NYSE:NGVT) will release its second quarter 2022 earnings on August 2, 2022, after market close. A live webcast discussing the results will occur on August 3, 2022, at 10:00 a.m. Eastern. Investors can access the webcast from Ingevity’s website. For those unable to attend live, a recording will be available from 2:00 p.m. Eastern on the same day until August 2, 2023. Ingevity operates globally in Performance Chemicals and Performance Materials sectors, focusing on sustainable solutions.

Ingevity Corporation (NYSE:NGVT) has appointed Christine Stunyo as chief human resources officer, effective June 27, 2022. Stunyo brings over 20 years of HR experience, previously serving at Host Hotels & Resorts as senior vice president. She will lead global HR efforts focusing on organizational development, talent management, and cultural initiatives. CEO John Fortson highlighted Stunyo's expertise in enhancing diversity and inclusion, emphasizing the importance of a strong employee experience. Ingevity operates in performance chemicals and materials, with a commitment to sustainability.

Ingevity Corporation (NYSE:NGVT) has published an environmental product declaration (EPD) for its Evotherm® M1 Warm Mix Asphalt technology, establishing itself as the first chemical additive supplier included in the National Asphalt Pavement Association's Emerald Eco-Label tool. The EPD highlights compliance with environmental standards by assessing the cradle-to-gate impacts of manufacturing.

Studies show that Evotherm M1 offsets greenhouse gas emissions from its production by 18 to 23 times, promoting sustainability in asphalt production.