Ingevity explores sale of Industrial Specialties line; prelim FY2024 sales $1.40B, EBITDA ~$360M

Ingevity Corp

Exploring strategic alternatives for Performance Chemicals Industrial Specialties product line, including potential divestiture of North Charleston CTO refinery.
Preliminary FY2024 net sales ~$1.40B; Adjusted EBITDA ~$360M (high end of prior guidance); free cash flow >$40M (significantly above guidance).
2025 Adjusted EBITDA expected slightly above $400M, excluding any impact from strategic alternatives review.
Management evaluating additional actions to maximize shareholder value; sequential segment EBITDA margin improvement in H2 2024.

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