Ingevity reports first quarter 2017 financial results

  • Net sales of $218.5 million were up more than 9 percent versus the prior year quarter’s sales of $199.6 million.
  • Net income of $23.0 million resulted in net income as a percentage of sales of 10.5 percent, compared to net income of $11.7 million which resulted in net income as a percentage of sales of 5.9 percent in the prior year quarter.
  • Diluted earnings per share were $0.45; diluted adjusted earnings per share were $0.49
  • Adjusted EBITDA of $50.2 million were up 4 percent compared to first quarter 2016 adjusted EBITDA of $48.3 million
  • Adjusted EBITDA margin of 23.0 percent decreased 120 basis points versus first quarter 2016
  • Company maintains fiscal year 2017 sales and adjusted EBITDA guidance

The results and guidance in this release include Non-GAAP financial measures. Refer to the section entitled “Use of Non-GAAP Financial Measures” within this release.
Additionally, this release includes revisions to prior year periods’ financial results. Refer to the section entitled “Correction to Previously Issued Financial Statements.”

NORTH CHARLESTON, S.C.--()--Ingevity Corporation (NYSE:NGVT) today reported first quarter net sales of $218.5 million and net income of $23.0 million, representing 10.5 percent of sales. Sales increased 9.5 percent versus $199.6 million in the prior year’s first quarter and net income increased 96.6 percent versus $11.7 million last year. The first quarter diluted earnings per share were $0.45. Diluted adjusted earnings per share were $0.49 excluding, net of tax, separation costs of $0.01 per share and restructuring and other costs of $0.03 per share. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $50.2 million were up 3.9 percent versus first quarter 2016 adjusted EBITDA of $48.3 million. Ingevity’s first quarter adjusted EBITDA margin of 23.0 percent was down 120 basis points from the prior year’s first quarter adjusted EBITDA margin of 24.2 percent.

We’re off to a solid start to the year,” said Michael Wilson, Ingevity’s president and CEO. “We delivered a significant increase in revenues by driving broad-based volume growth. This resulted in earnings which were in line with our expectations. When compared against a particularly strong previous year’s quarter while still part of WestRock, our adjusted EBITDA increased by approximately 4 percent. Our adjusted EBITDA margins of 23 percent were higher than in the full year 2016.”

Wilson said that in addition to the volume gains, the company is benefitting from a significantly lower cost structure resulting from cost reduction initiatives implemented in 2016. These positive impacts were partially offset by unfavorable price and mix, negative foreign currency exchange impacts, and additional stand-alone costs versus the prior year quarter.

Performance Chemicals

First quarter 2017 sales in the Performance Chemicals segment were $135.1 million, up $5.6 million, or 4.3 percent, versus the first quarter 2016. Segment operating profit was $10.4 million, up $1.8 million, or 20.9 percent, versus the prior year quarter segment operating profit. Segment EBITDA were $15.7 million, up $1.3 million, or 9.0 percent, versus the prior year quarter segment EBITDA.

Our Performance Chemicals segment delivered an encouraging rebound this quarter,” Wilson said. “Sales to oilfield and industrial specialties applications rose solidly as a result of increased volumes. While pricing remains under pressure in the segment, we grew both segment EBITDA and segment EBITDA margins.” Wilson said that the segment benefitted from cost reduction initiatives and lower raw materials costs, including for crude tall oil, or CTO.

Performance Materials

First quarter 2017 sales in the Performance Materials segment were $83.4 million, up $13.3 million, or 19.0 percent, versus the first quarter 2016. Segment operating profit was $29.5 million, down $1.2 million, or 3.9 percent, versus the prior year quarter segment operating profit. Segment EBITDA were $34.5 million, up $0.6 million, or 1.8 percent, versus the prior year segment EBITDA.

Once again, our Performance Materials segment delivered outstanding financial results across all of its applications,” Wilson said. “In particular, adoption of Ingevity’s ‘honeycomb’ scrubber products for automotive customers continued at a rapid pace. The scrubbers are a key component of Ingevity’s U.S. Tier 3 and LEV III emission solutions. Our segment EBITDA for Performance Materials was consistent with the previous year’s quarter. Moreover, segment EBITDA margins of 41.4 percent were slightly higher than the 41.0 percent for the full year 2016.”

However, Wilson said that a couple factors in the quarter impacted segment margins versus an exceptional prior year quarter. “Spending was higher as the company scaled-up to meet demand, and plant outage impacts – particularly at the Wickliffe, Ky., activated carbon plant – were more significant than in the prior year quarter,” he said.

Outlook

Ingevity maintained its fiscal year 2017 guidance for sales between $930 million and $950 million and adjusted EBITDA between $215 million and $225 million.

Though nothing has significantly changed in terms of market dynamics that would alter our view of the year, I am even more confident about our ability to achieve the guidance numbers we’ve provided,” Wilson said. “We are continuing our focus on implementing our growth strategies while operating efficiently and holding the line on costs. We expect to turn in a strong performance in 2017.”

Ingevity: Purify, Protect and Enhance

Ingevity provides specialty chemicals and high-performance carbon materials and technologies that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, printing inks and automotive components that reduce gasoline vapor emissions. Through a team of talented and experienced people, Ingevity develops, manufactures and brings to market products and processes that purify, protect and enhance the world around us. Headquartered in North Charleston, S.C., Ingevity operates from 25 locations around the world and employs approximately 1,500 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information, visit www.ingevity.com.

Additional Information

The company will host a conference call on Thursday, May 4, 2017, at 10 a.m. (Eastern Time) to discuss first quarter fiscal results. Those who wish to participate in this event should dial 877-209-9922 (inside the U.S.) or 612-332-0802 (outside the U.S.), at least 15 minutes prior to the start of the call. In addition, a slide deck for use during the conference call will be posted on the investors section of Ingevity’s website shortly before the call begins. Replays will be available through June 4, 2017, and can be accessed at 800-475-6701 (inside the U.S.) or 320-365-3844 (outside the U.S.), with access code 421933.

Correction to Previously Issued Financial Statements

During the quarters and year ended December 31, 2016, Ingevity identified various errors related to its previously issued annual and interim Combined Financial Statements. The impact of the revision to the previously issued financial statements for the quarter ended March 31, 2016 is reflected in the schedules to this press release.

Use of Non-GAAP Financial Measures

Ingevity has presented certain financial measures which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are included in the financial schedules accompanying this news release, under the section entitled "Non-GAAP Financial Measures."

A reconciliation of net income to adjusted EBITDA as projected for 2017 is not provided. Ingevity does not forecast net income as it cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components include additional costs associated with the separation from WestRock, further restructuring and other income or charges incurred in 2017 as well as the related tax impacts of these items. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact adjusted EBITDA.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements generally include the words “may,” “could,” “should,” “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” “forecast,” “prospect,” “potential” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost-reduction initiatives, plans and objectives; and markets for securities. Like other businesses, Ingevity is subject to risks and uncertainties that could cause its actual results to differ materially from its expectations or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, general economic and financial conditions; international sales and operations; currency exchange rates and currency devaluation; compliance with U.S. and foreign regulations; attracting and retaining key personnel; conditions in the automotive market; worldwide air quality standards; government infrastructure spending; declining volumes in the printing inks market; the limited supply of crude tall oil (“CTO”); lack of access to sufficient CTO; access to and pricing of raw materials; competition from producers of substitute products and new technologies; a prolonged period of low energy prices; the provision of services by third parties at several facilities; natural disasters, such as hurricanes, winter or tropical storms, earthquakes, floods, fires; other unanticipated problems such as labor difficulties including renewal of collective bargaining agreements, equipment failure or unscheduled maintenance and repair; protection of intellectual property and proprietary information; information technology security risks; government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies and the chemicals industry; and lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes. These and other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are and will be more particularly described in our filings with the U.S. Securities and Exchange Commission, including our Form 10 Registration Statement and periodic filings. Readers are cautioned not to place undue reliance on Ingevity’s projections and forward-looking statements, which speak only as the date thereof. Ingevity undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.

   

 

INGEVITY CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

 
Three Months Ended

March 31,

In millions, except per share amounts 2017     2016 (1)
Net sales $ 218.5 $ 199.6
Cost of sales 147.8   136.6  
Gross profit 70.7   63.0  
Selling, general and administrative expenses 26.0 22.9
Research and technical expenses 5.1 4.6
Separation costs 0.3 6.4
Restructuring and other (income) charges, net 2.3 4.6
Other (income) expense, net (0.3 ) (3.8 )
Interest expense, net 3.3   5.4  
Income before income taxes 34.0 22.9
Provision for income taxes 11.0   11.2  
Net income (loss) 23.0 11.7
Less: Net income (loss) attributable to noncontrolling interests 4.0   2.5  
Net income (loss) attributable to Ingevity stockholders $ 19.0   $ 9.2  
 
Earnings (loss) per common share attributable to Ingevity stockholders
Basic $ 0.45 $ 0.22
Diluted $ 0.45 $ 0.22
Average number of shares outstanding used in the

earnings (loss) per share computations (2)

Basic 42.1 42.1
Diluted 42.4 42.1
_________________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016. See section entitled "Correction of Previously Issued Financial Statements" on "Financial Schedules - Page 5" of this press release.
(2) On May 15, 2016, WestRock distributed 42,102 thousand shares of Ingevity's common stock to holders of its common stock. The computation of basic and diluted earnings per common share for all periods prior to May 15, 2016 was calculated using the number of shares distributed on May 15, 2016.
   

 

INGEVITY CORPORATION

Segment Operating Results

(Unaudited)

 
Three Months Ended
March 31,
In millions 2017     2016 (1)
Net sales
Performance Materials $ 83.4 $ 70.1
Performance Chemicals 135.1   129.5  
Total net sales $ 218.5 $ 199.6
 
Segment operating profit
Performance Materials $ 29.5 $ 30.7
Performance Chemicals 10.4   8.6  
Total segment operating profit 39.9   39.3  
Separation costs (2) (0.3 ) (6.4 )
Restructuring and other income (charges) (3) (2.3 ) (4.6 )
Interest expense, net (3.3 ) (5.4 )
Provision for income taxes (11.0 ) (11.2 )
Net (income) loss attributable to noncontrolling interests (4.0 ) (2.5 )
Net income (loss) attributable to the Ingevity stockholders $ 19.0   $ 9.2  
_________________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016. See section entitled "Correction of Previously Issued Financial Statements" on "Financial Schedules - Page 5" of this press release.
(2) Represents transaction costs associated with separation of Ingevity from WestRock. These costs are primarily related to professional fees associated with separation activities within the finance, tax and legal functions.
(3) For the three months ended March 31, 2017 and March 31, 2016 the charges related to Performance Materials and Performance Chemicals as shown in the table below:
Three Months Ended
March 31,
In millions 2017 2016
Performance Materials $ $ 0.8
Performance Chemicals 2.3   3.8  
Total $ 2.3   $ 4.6  
       

INGEVITY CORPORATION

Condensed Consolidated Balance Sheets

 
In millions March 31, 2017 December 31, 2016
Assets (unaudited)
Cash and cash equivalents $ 29.7 $ 30.5
Accounts receivable, net 107.0 89.8
Inventories, net 160.1 151.2
Prepaid and other current assets 25.8   23.7
Current assets 322.6 295.2
Property, plant and equipment, net 422.4 422.8
Restricted investment 70.2 69.7
Other assets 46.3   45.1
Total assets $ 861.5   $ 832.8
Liabilities and Equity
Accounts payable $ 75.3 $ 79.2
Accrued expenses 16.3 19.3
Other current liabilities 35.8   38.4
Current liabilities 127.4 136.9
Long term debt including capital lease obligations 490.8 481.3
Deferred income taxes 73.3 69.8
Other liabilities 11.2   10.2
Total liabilities 702.7 698.2
Equity 158.8   134.6
Total liabilities and equity $ 861.5   $ 832.8
   

INGEVITY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 
Three Months Ended March 31,
In millions 2017     2016 (1)
Cash flows from operating activities: $ 6.5   $ 3.1  
Cash flows from investing activities:
Capital expenditures (10.7 ) (11.3 )
Restricted investment (0.5 )
Net investment in equity securities (2.1 )
Other investing activities, net (3.0 )  
Net cash provided (used) by investing activities (16.3 ) (11.3 )
Cash flows from financing activities:
Net borrowings under our revolving credit facility 13.1
Taxes withheld for employee equity award vesting (0.5 )
Noncontrolling interest distributions (2.6 ) (0.9 )
Transactions with WestRock, net   (0.3 )
Net cash provided (used) by financing activities 10.0   (1.2 )
Increase (decrease) in cash and cash equivalents 0.2 (9.4 )
Effect of exchange rate changes on cash 0.3 0.1
 
Change in cash, cash equivalents and restricted cash 0.5 (9.3 )
At beginning of period (2) 30.5   32.0  
At end of period (2) $ 31.0   $ 22.7  
_______________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016. See section entitled "Correction of Previously Issued Financial Statements" on "Financial Schedules - Page 5" of this press release.
(2) Includes restricted cash of $1.3 million and zero for the periods March 31, 2017 and 2016, respectively. Restricted cash is included within Prepaid and Other Current Assets within the Consolidated Balance Sheets.
 

Ingevity Corporation

Correction to Previously Issued Financial Statements

During 2016, Ingevity identified various errors related to its previously issued annual and interim Combined Financial Statements. Specifically, in the first quarter of 2016, the company determined that $3.3 million of cumulative intercompany profit in inventory had not been eliminated in prior years. During the fourth quarter, the company also identified errors related to a $1.8 million understatement of accruals for services rendered in prior years, as well as errors related to the timing for which revenue has been previously recognized.

The cumulative impact of the errors identified in 2016 had resulted in the overstatement of pre-tax and net income of $1.6 million and $1.0 million in 2015 and $0.9 million and $0.6 million in 2014, and a cumulative impact to net parent investment of $2.5 million as of January 1, 2014. In addition, such errors resulted in the $9.4 million and $5.5 million overstatement of revenue in 2015 and 2014, respectively. Although Ingevity’s management has determined that the impact of such errors is immaterial to all previously issued financial statements, we revised the previously issued financial statements for the periods ended December 31, 2015 and 2014, as shown in our 2016 Annual Report, and those corrections are also reflected for the three months ended March 31, 2016 in the tables below.

   

Impact of Corrections to the Condensed Consolidated Statements of Operations

 
Three Months Ended
March 31, 2016
In millions, unaudited increase/(decrease)
Net sales $ (4.3 )
Cost of sales (7.3 )
Gross profit 3.0
Selling, general and administrative costs (0.1 )
Income before income taxes 3.1
Provision for income taxes 1.2
Net income (loss) 1.9
Net income (loss) attributable to Ingevity stockholders 1.0
   

Impact of Corrections to the Segment Operating Results

 
Three Months Ended
March 31, 2016
In millions, unaudited increase/(decrease)
Net sales
Performance Materials $ (0.7 )
Performance Chemicals (3.6 )
Total net sales $ (4.3 )
 
Segment operating profit
Performance Materials $ 3.1
Performance Chemicals  
Total segment operating profit $ 3.1  
   

Impact of Corrections to the Condensed Consolidated Statements of Cash Flows

 
Three Months Ended March 31, 2016
In millions, unaudited increase/(decrease)
Cash flows from operating activities: $ 4.1  
Cash flows from financing activities:
Transactions with WestRock, net (4.1 )
Net cash provided (used) by financing activities $ (4.1 )
 

Ingevity Corporation

Non-GAAP Financial Measures

Ingevity has presented certain financial measures, defined below, which have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has provided a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable financial measure calculated in accordance with GAAP. The company believes these non-GAAP measures provide investors, potential investors, securities analysts and others with useful information to evaluate the performance of the business, because such measures, when viewed together with our financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.

Ingevity uses the following non-GAAP measures:

Adjusted earnings (loss) is defined as net income (loss) attributable to Ingevity stockholders plus restructuring and other (income) charges, separation costs, and the income tax expense (benefit) on those items.

Diluted adjusted earnings (loss) per share is defined as diluted earnings (loss) per common share attributable to Ingevity stockholders plus restructuring and other (income) charges per share, separation costs per share, and the income tax expense (benefit) per share on those items.

Adjusted EBITDA is defined as net income (loss) plus provision for income taxes, interest expense, depreciation and amortization, separation costs and restructuring and other (income) charges.

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Net Sales

Segment EBITDA is defined as segment operating profit plus depreciation and amortization.

Segment EBITDA Margin is defined as Segment EBITDA divided by Net Sales.

The Company also uses the above financial measures as the primary measures of profitability used by managers of the business and its segments. In addition, the Company believes Adjusted EBITDA, Adjusted EBITDA Margin, Segment EBITDA and Segment EBITDA Margin are useful measures because they exclude the effects of financing and investment activities as well as non-operating activities. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with GAAP and investors should consider the limitations associated with these non-GAAP measures, including the potential lack of comparability of these measures from one company to another. Reconciliations of these non-GAAP financial measures are set forth within the following pages.

A reconciliation of net income to adjusted EBITDA as projected for 2017 is not provided. Ingevity does not forecast net income as we cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components include additional costs associated with the separation from WestRock, further restructuring and other income or charges incurred in 2017 as well as the related tax impacts of these items. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact adjusted EBITDA.

   

 

INGEVITY CORPORATION

     Reconciliation of Non-GAAP Financial Measures

 

 

Reconciliation of Net Income (Loss) (GAAP) to Adjusted Earnings (Loss) (Non-GAAP)

 
Three Months Ended
March 31,
In millions, except per share amounts; unaudited 2017     2016 (1)
Net income (loss) $ 23.0 $ 11.7
Less: Net income (loss) attributable to noncontrolling interests 4.0   2.5  
Net income (loss) attributable to Ingevity stockholders (GAAP) 19.0 9.2
Restructuring and other (income) charges (2) 2.3 4.6
Separation costs (3) 0.3 6.4
Income tax effect on items above (0.7 ) (1.9 )
Adjusted earnings (loss) (Non-GAAP) $ 20.9   $ 18.3  
Diluted earnings (loss) per common share (GAAP) $ 0.45 $ 0.22
Restructuring and other (income) charges 0.05 0.11
Separation costs 0.01 0.15
Income tax effect on items above (0.02 ) (0.04 )
Diluted adjusted earnings (loss) per share (Non-GAAP) $ 0.49   $ 0.44  
 
Average number of shares outstanding used in

diluted adjusted after-tax earnings per share computations

42.4 42.1
_______________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016.
(2) Charges incurred for the three months ended March 31, 2017 include $1.3 million in severance and other employee-related costs related to a reorganization as part of an effort to streamline our leadership team, flatten the organization and reduce costs. Additional charges include $1.0 million in miscellaneous costs primarily associated with the exit of our Performance Chemicals' manufacturing operations in Palmeira, Santa Catarina, Brazil. Charges incurred for the three months ended March 31, 2016 include severance and other employee-related costs of $1.8 million related to the closure of our Performance Chemicals' derivatives operation in Duque De Caxias, Rio de Janeiro, Brazil and $2.7 million related to a company-wide restructuring that resulted in workforce reductions at several of our locations as well as $0.1 million impairment charge on fixed assets.
(3) In connection with the separation from WestRock we have incurred pre-tax separation costs. These costs were primarily related to professional fees associated with separation activities within the finance, tax and legal functions.
   

INGEVITY CORPORATION

     Reconciliation of Non-GAAP Financial Measures

 

 

Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)

 
Three Months Ended
March 31,
In millions, unaudited 2017     2016 (1)
Net income (loss) (GAAP) $ 23.0 $ 11.7
Provision for income taxes 11.0 11.2
Interest expense, net 3.3 5.4
Separation costs 0.3 6.4
Depreciation and amortization 10.3 9.0
Restructuring and other (income) charges 2.3   4.6  
Adjusted EBITDA (Non-GAAP) $ 50.2   $ 48.3  
 
Net sales $ 218.5 $ 199.6
Net income (loss) margin 10.5 % 5.9 %
Adjusted EBITDA margin 23.0 % 24.2 %
_______________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016.
   

INGEVITY CORPORATION

     Reconciliation of Non-GAAP Financial Measures

 

 

Reconciliation of Segment Operating Profit (GAAP) to Segment EBITDA (Non-GAAP)

 
In millions, unaudited Three Months Ended
March 31,
Performance Materials 2017     2016 (1)
 
Segment operating profit (GAAP) $ 29.5 $ 30.7
Depreciation and amortization 5.0   3.2  
Segment EBITDA (Non-GAAP) $ 34.5   $ 33.9  
Net sales $ 83.4 $ 70.1
Segment operating margin 35.4 % 43.8 %
Segment EBITDA margin 41.4 % 48.4 %
 
Performance Chemicals
Segment operating profit (GAAP) $ 10.4 $ 8.6
Depreciation and amortization 5.3   5.8  
Segment EBITDA (Non-GAAP) $ 15.7   $ 14.4  
Net sales $ 135.1 $ 129.5
Segment operating margin 7.7 % 6.6 %
Segment EBITDA margin 11.6 % 11.1 %
_______________
(1) Certain prior period amounts have been revised to reflect the impact of adjustments made to our financial statements to correct for various immaterial errors previously identified during the quarter and year ended December 31, 2016.

Contacts

Ingevity Corporation
Jack Maurer, 843-746-8242
jack.maurer@ingevity.com
or
Investors:
Dan Gallagher, 843-740-2126
daniel.gallagher@ingevity.com

Release Summary

Ingevity Corporation (NYSE:NGVT) today reported first quarter net sales of $218.5 million and net income of $23.0 million, representing 10.5 percent of sales.

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Contacts

Ingevity Corporation
Jack Maurer, 843-746-8242
jack.maurer@ingevity.com
or
Investors:
Dan Gallagher, 843-740-2126
daniel.gallagher@ingevity.com