Ingevity Corp Files 10-Q for Q2 2024

Ticker: NGVT · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, chemicals

TL;DR

Ingevity's Q2 10-Q is in: check financials for Performance Materials & Pavement Tech.

AI Summary

Ingevity Corp filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing performance across its segments, including Performance Materials and Pavement Technologies. Specific financial figures and operational metrics were disclosed for these periods.

Why It Matters

This filing provides investors with the latest financial performance data for Ingevity Corp, crucial for understanding the company's current health and future prospects in the chemicals and allied products sector.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial and operational information that could impact investor decisions, but it does not represent a new event or significant negative development.

Key Numbers

Key Players & Entities

FAQ

What were the key financial highlights for Ingevity Corp in the second quarter of 2024?

The 10-Q filing for the period ending June 30, 2024, details Ingevity Corp's financial performance for Q2 2024, though specific dollar amounts require deeper analysis of the full document.

How did the Performance Materials segment perform in the first half of 2024 compared to the same period in 2023?

The filing covers the period from January 1, 2024, to June 30, 2024, and compares it to the prior year's first half (January 1, 2023, to June 30, 2023), providing segment-specific data for Performance Materials.

What is Ingevity Corp's primary business classification according to the SEC filing?

Ingevity Corp is classified under STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800].

When was this 10-Q report filed with the SEC?

This 10-Q report was filed on August 1, 2024.

What is the fiscal year end for Ingevity Corp?

Ingevity Corp's fiscal year ends on December 31.

Filing Stats: 4,661 words · 19 min read · ~16 pages · Grade level 7.8 · Accepted 2024-08-01 16:18:21

Key Financial Figures

Filing Documents

- 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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

SIGNATURES

SIGNATURES 49 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INGEVITY CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, In millions, except per share data 2024 2023 2024 2023 Net sales $ 390.6 $ 481.8 $ 730.7 $ 874.4 Cost of sales 267.4 328.8 507.8 591.0 Gross profit 123.2 153.0 222.9 283.4 Selling, general, and administrative expenses 41.4 51.7 88.6 100.3 Research and technical expenses 7.3 8.0 14.1 16.8 Restructuring and other (income) charges, net 13.1 19.2 75.9 24.8 Goodwill impairment charge 349.1 — 349.1 — Acquisition-related costs ( 0.2 ) 1.8 0.1 3.7 Other (income) expense, net 23.9 3.0 56.1 ( 15.2 ) Interest expense, net 23.2 21.6 45.5 41.2 Income (loss) before income taxes ( 334.6 ) 47.7 ( 406.5 ) 111.8 Provision (benefit) for income taxes ( 50.9 ) 12.2 ( 66.8 ) 25.6 Net income (loss) $ ( 283.7 ) $ 35.5 $ ( 339.7 ) $ 86.2 Per share data Basic earnings (loss) per share $ ( 7.81 ) $ 0.98 $ ( 9.36 ) $ 2.34 Diluted earnings (loss) per share ( 7.81 ) 0.97 ( 9.36 ) 2.33 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 June 30, Six Months Ended June 30, In millions 2024 2023 2024 2023 Net income (loss) $ ( 283.7 ) $ 35.5 $ ( 339.7 ) $ 86.2 Other comprehensive income (loss), net of tax: Foreign currency adjustments: Foreign currency translation adjustment ( 2.6 ) 4.0 ( 11.7 ) 14.5 Total foreign currency adjustments, net of tax provision (benefit) of zero for all periods ( 2.6 ) 4.0 ( 11.7 ) 14.5 Derivative instruments: Unrealized gain (loss), net of tax provision (benefit) of zero , zero , $( 0.1 ), and $( 0.7 ) 0.1 ( 0.1 ) ( 0.2 ) ( 2.4 ) Reclassifications of deferred derivative instruments (gain) loss, included in net income (loss), net of tax (provision) benefit of $ 0.2 , $ 0.5 , $ 0.4 , and $ 0.4 0.6 1.3 1.1 1.1 Total derivative

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