Ingevity (NGVT) Misses Q1 EPS by 5c; Offers FY23 Revenue Guidance
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Ingevity reports first quarter 2023 financial results
May 3, 2023 4:15 PM EDTHIGHLIGHTS: (comparisons versus prior year period)
Net sales of $392.6 million, up 2.6% Net income of $50.7 million and diluted earnings per share (EPS) of $1.35; adjusted earnings of $41.1 million and diluted adjusted EPS of $1.09 Adjusted EBITDA of $103.9 million and adjusted EBITDA margin of 26.5% Operating cash flow of $5.2 million with free cash flow of negative $20.2 million, reflecting seasonal inventory build Share repurchases of $33.4 million Converting Crossett, AR plant to run 100% on non-CTO feedstocks to produce oleo-based alternate fatty acids (AFA) Adjusted 2023 guidance for sales between $1.75 billion to $1.95 billion and adjusted EBITDA between... More