Ingevity's Q2 2020 net sales were $270.6 million, a 23.3% decrease compared to the prior year quarter. Net income was $20.2 million, a 64.4% decrease, with diluted earnings per share at $0.49. The company reaffirmed its fiscal year 2020 guidance for sales and adjusted EBITDA.
Ingevity delivers results in line with special, one-time second quarter guidance driven by cost reduction actions and strong execution
Company reaffirms fiscal year 2020 guidance of sales between $1.10 billion and $1.20 billion and adjusted EBITDA between $310 million and $350 million
Cost reduction initiatives bolster second quarter profitability, and will save the company $35 million in 2020 and $12 million annually going forward
Net sales of $270.6 million were down 23.3% versus the prior year quarter as a result of weakened demand, particularly in the automotive industry, driven by the economic impacts of COVID-19
Ingevity reaffirmed its fiscal year 2020 guidance of sales between $1.10 billion and $1.20 billion and adjusted EBITDA between $310 million and $350 million.
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