Ingevity Corp Files 10-Q for Period Ending March 31, 2024

AI Summary

Ingevity Corp (NGVT) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Ingevity Corp reported financial results for the first quarter of 2024, ending March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Segment data for Performance Materials, Pavement Technologies, Performance Chemicals, and Industrial Specialties are included. Geographic segment data for North America, Asia Pacific, EMEA, and South America are provided. Fair value measurements for recurring and nonrecurring items as of March 31, 2024, and December 31, 2023, are detailed.

Why It Matters

For investors and stakeholders tracking Ingevity Corp, this filing contains several important signals. This filing provides a comprehensive overview of Ingevity's financial health and operational performance for the most recent quarter, crucial for investors assessing the company's trajectory. The detailed segment and geographic data allow for a granular understanding of where Ingevity is generating revenue and experiencing growth or challenges.

Risk Assessment

Risk Level: medium — Ingevity Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial disclosures. However, the absence of specific financial performance figures in the provided text limits a deeper risk assessment.

Analyst Insight

Investors should review the full 10-Q filing to analyze specific revenue, net income, and debt-to-equity ratios to make informed investment decisions.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2023-01-01 — Prior Year Q1 Start Date (Comparison period for Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period for Q1 2024)

Key Players & Entities

• Ingevity Corp (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 4920 O'HEAR AVENUE (address) — Business and mail address
• NORTH CHARLESTON (location) — City for business and mail address
• SC (location) — State for business and mail address
• 29405 (postal_code) — ZIP code for business and mail address
• 8437402300 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) NGVT New York Stock Exchange

Filing Documents

• ngvt-20240331.htm (10-Q) — 1269KB
• ex31-thirdamendedandrestat.htm (EX-3.1) — 23KB
• ex311-q12024.htm (EX-31.1) — 10KB
• ex312-q12024.htm (EX-31.2) — 10KB
• ex321-q12024.htm (EX-32.1) — 4KB
• ex322-q12024.htm (EX-32.2) — 4KB
• ngvt-20240331_g1.jpg (GRAPHIC) — 143KB
• 0001653477-24-000058.txt ( ) — 8491KB
• ngvt-20240331.xsd (EX-101.SCH) — 54KB
• ngvt-20240331_cal.xml (EX-101.CAL) — 97KB
• ngvt-20240331_def.xml (EX-101.DEF) — 242KB
• ngvt-20240331_lab.xml (EX-101.LAB) — 576KB
• ngvt-20240331_pre.xml (EX-101.PRE) — 438KB
• ngvt-20240331_htm.xml (XML) — 1557KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Income (Loss) 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

- OTHER INFORMATION

PART II - OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43

SIGNATURES

SIGNATURES 44 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INGEVITY CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, In millions, except per share data 2024 2023 Net sales $ 340.1 $ 392.6 Cost of sales 240.4 262.2 Gross profit 99.7 130.4 Selling, general, and administrative expenses 47.2 48.6 Research and technical expenses 6.8 8.8 Restructuring and other (income) charges, net 62.8 5.6 Acquisition-related costs 0.3 1.9 Other (income) expense, net 32.2 ( 18.2 ) Interest expense, net 22.3 19.6 Income (loss) before income taxes ( 71.9 ) 64.1 Provision (benefit) for income taxes ( 15.9 ) 13.4 Net income (loss) $ ( 56.0 ) $ 50.7 Per share data Basic earnings (loss) per share $ ( 1.54 ) $ 1.36 Diluted earnings (loss) per share ( 1.54 ) 1.35 The accompanying notes are an integral part of these financial statements. 3 INGEVITY CORPORATION Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended March 31, In millions 2024 2023 Net income (loss) $ ( 56.0 ) $ 50.7 Other comprehensive income (loss), net of tax: Foreign currency adjustments: Foreign currency translation adjustment ( 9.1 ) 10.5 Total foreign currency adjustments, net of tax provision (benefit) of zero and zero ( 9.1 ) 10.5 Derivative instruments: Unrealized gain (loss), net of tax provision (benefit) of $( 0.1 ) and $( 0.7 ) ( 0.3 ) ( 2.3 ) Reclassifications of deferred derivative instruments (gain) loss, included in net income (loss), net of tax (provision) benefit of $ 0.2 and $( 0.1 ) 0.5 ( 0.2 ) Total derivative instruments, net of tax provision (benefit) of $ 0.1 and $( 0.8 ) 0.2 ( 2.5 ) Other comprehensive income (loss), net of tax provision (benefit) of $ 0.1 and $( 0.8 ) ( 8.9 ) 8.0 Comprehensive income (loss) $ ( 64.9 ) $ 58.7 The accompanying notes are an integral part of these financial statements. 4 INGEVITY CORPORATION Condensed Consolidated Balance Sheets In millions, except share a