NGVT Research | Milton Maxwell

NGVT

Ingevity Corporation

57.26

-0.26-0.45%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Sales processes advance; buybacks standalone

2/25/26Feb 25, 2026

Q&A confirmed steady progress on APT and Road Markings sales processes, with good interest and announcements eyed by year-end, while $300 million buybacks through 2027 proceed independently of proceeds. Management elaborated on Performance Materials' filtration push into water, pharma, and food & beverage, leveraging unique separation tech, though not baked into near-term guidance. They pegged mid-cycle margins at north of 50% for PM, 18% for Pavement Technologies post-sale, and low-20s for APT. Performance Chemicals seasonality sharpens sans Industrial Specialties—90% EBITDA in Q2/Q3. Buybacks march on, sales or no sales. No M&A appetite; focus stays on cash return. Investors watch sales timelines and filtration traction amid stable auto outlook.

Key Stats

Market Cap

2.09B

P/E (TTM)

Basic EPS (TTM)

-9.94

Dividend Yield

Recent Filings

10-K

FY2025 results

2/26/26Feb 26, 2026

Ingevity's FY2025 net sales from continuing operations dipped 3% y/y to $1,167.6M, with Performance Materials holding steady at $606.9M despite automotive supply disruptions, Performance Chemicals flat at $400.5M as pavement technologies offset road markings weakness, and Advanced Polymer Technologies plunging 15% to $160.2M from weak industrial demand and China competition. Segment EBITDA totaled $418.7M, buoyed by PM's resilient 53.8% margins, but marred by $183.8M APT goodwill impairment and $109.3M road markings long-lived asset charge in Q4. Q4 road markings diligence triggered impairments, while PC repositioning wrapped with $353.7M charges and $105M savings realized. Cash from operations surged to $331.2M on lower restructuring outflows; $56.3M buybacks executed, $297.5M authorized remaining. 2026 guidance eyes $1.1B-$1.2B sales, $380M-$400M adjusted EBITDA. Disruptions at co-located plants risk operations.

8-K

Ingevity's steady EBITDA, portfolio shift

2/25/26Feb 25, 2026

Ingevity reported 2025 continuing operations net sales of $1.2B, down 3%, with adjusted EBITDA steady at $373M and margin up to 31.9% despite tariff hits and supply snags. Completed sale of North Charleston refinery and Industrial Specialties; now exploring alternatives for Advanced Polymer Technologies and Road Markings after $293M impairments. Cash flow roared. 2026 guides sales $1.1-1.2B, adjusted EBITDA $380-400M.

8-K

Board shrinks to nine

2/23/26Feb 23, 2026

Ingevity's board will shrink to nine members at the 2026 Annual Meeting as founding directors Jean S. Blackwell and Daniel F. Sansone opt not to stand for re-election. Blackwell ends a decade of service, including as former chair during key transformation; Sansone retires per age policy. No disagreements noted. Board refreshment aligns with portfolio optimization.

8-K

Ingevity completes asset sale

1/5/26Jan 5, 2026

Ingevity completed the sale of its North Charleston crude tall oil refinery and majority of Industrial Specialties product line to Mainstream Pine Products on January 1, 2026, for $110 million cash at closing plus up to $19 million contingent consideration. The deal, amended to exclude certain agricultural dispersants, reduces portfolio volatility while sharpening focus on higher-margin activated carbon and pavement technologies. Transaction boosts margins. Co-located operations pose plant risks.

8-K

Leadership transitions announced

12/8/25Dec 8, 2025

Ingevity announced CFO Mary Dean Hall's transition out effective May 1, 2026, with internal successor Phillip Platt stepping in, alongside Performance Chemicals President Rich White's departure on the same date and new SVP Operations Reid Clontz appointment effective immediately. These shifts follow the company's strategic portfolio review. Leadership evolves smoothly. No financial impacts disclosed.

About

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. This segment also produces other activated carbon products for food, water, beverage, and chemical purification applications. The Performance Chemicals segment consists of road technologies and industrial specialties. This segment's products are used in pavement construction, pavement preservation, pavement reconstruction and recycling, road markings, agrochemical dispersants, lubricants, certain adhesives, rubber, and other industrial uses. The Advanced Polymer Technologies segment produces caprolactone and caprolactone-based specialty polymers for use in coatings, resins, elastomers, adhesives, bioplastics, and medical devices. It serves automotive parts manufacturers through sales representatives, third-party sales representatives, and distributors. The company was formerly known as WestRock Company, Specialty Chemicals Business and changed its name to Ingevity Corporation in September 2015. Ingevity Corporation was founded in 1964 and is headquartered in North Charleston, South Carolina.

CEO

Ms. Mary Dean Hall

IPO

5/3/2016

Website

https://www.ingevity.com

Employees

1,600

Sector

Basic Materials

Industry

Specialty Chemicals