Ingevity (NGVT) Tops Q2 EPS by 3c, Revenues Beat; Offers FY20 Revenue Guidance
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Ingevity reports second quarter 2020 financial results
July 29, 2020 4:15 PM EDTIngevity 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 Operating cash flow of $48.9 million;... More
