earnings
confidence high
sentiment negative
materiality 0.85
Ingevity Q2 net loss $283.7M on goodwill impairment; guides FY sales $1.40-1.50B
Ingevity Corp
2024-Q2 EPS reported
-$9.36
revenue$730,700,000
- Net sales $390.6M, down 19% YoY; net loss of $283.7M ($7.81 diluted EPS) due to Performance Chemicals goodwill impairment.
- Adjusted earnings $36.8M, adjusted diluted EPS $1.01; adjusted EBITDA $101.3M (25.9% margin).
- Terminated a long-term crude tall oil supply contract; closing Crossett, AR facility for cost savings.
- Revised FY 2024 guidance: sales $1.40-1.50B (from prior range) and adjusted EBITDA $350-360M.
- Operating cash flow $29.7M; free cash flow $11.6M in Q2.