Ingevity's first quarter 2024 net sales were $340.1 million, a 13% decrease compared to the prior year, primarily due to the repositioning of the Performance Chemicals segment. The company reported a net loss of $56.0 million, or $1.54 per share, while adjusted earnings were $19.1 million, or $0.52 per share. Adjusted EBITDA was $76.9 million, with a margin of 22.6%.
Net sales decreased by 13% to $340.1 million due to the repositioning of Performance Chemicals.
Net loss was $56.0 million, with a diluted loss per share of $1.54; adjusted earnings were $19.1 million, with diluted adjusted EPS of $0.52.
Adjusted EBITDA was $76.9 million, with an adjusted EBITDA margin of 22.6%.
Performance Materials maintained strong auto carbon volumes and pricing.
The company is reiterating its full year guidance of sales between $1.40 billion and $1.55 billion and adjusted EBITDA between $365 million and $390 million.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance