Ingevity reported a 14.2% increase in Q4 net sales to $383.6 million, but net income decreased 47% to $15.6 million due to customer destocking. Despite Q4 challenges, full year 2022 was a record year for net sales and EBITDA.
Net sales increased 14.2% to $383.6 million.
Net income decreased 47% to $15.6 million.
Adjusted EBITDA decreased 7% to $74.3 million with a margin of 19.4%.
Diluted EPS was $0.41, compared to $0.74 in the prior year quarter.
Ingevity announced its 2023 guidance of sales between $1.9 billion to $2.1 billion and adjusted EBITDA between $495 million to $515 million.
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