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    Breaking News

    Ingevity Reports 2Q 2021 Financial Results

    Net sales of $358.4 million are up 32.4%; net income of $44.3 million rose 119.3%.

    Ingevity Reports 2Q 2021 Financial Results
    07.29.21
    Ingevity Corporation reported its second quarter 2021 financial results.

    Second quarter net sales of $358.4 million rose 32.4% versus the prior year second quarter. Net income of $44.3 million increased 119.3% and net income margin of 12.4% rose from 7.5% in the prior year. Second quarter diluted earnings per share (EPS) were $1.10 compared to $0.49 in the prior year period. Operating cash flow of $65.8 million drove free cash flow that was up 23.6% to $41.9 million.

    Adjusted EBITDA of $117.7 million rose 75.1% versus the second quarter 2020. Adjusted EBITDA margin of 32.8% rose 800 basis points from the prior year’s second quarter.

    “Our strong second quarter financial results were driven by higher volumes and were supported by price increases across both segments,” said John Fortson, president and CEO. “In Performance Materials, automotive-based activated carbon sales were up sharply compared to the second quarter of 2020 that was affected by industry shutdowns in North America and Europe, even though this quarter’s results were tempered by the ongoing negative impact of the global microchip shortage. In Performance Chemicals, we saw significant growth across all businesses.

    “Our second quarter adjusted EBITDA and adjusted EBITDA margin both rebounded strongly from second quarter last year,” continued Fortson, “and our healthy free cash flow allowed us to reduce our net debt ratio while repurchasing $29 million of shares in the quarter.”
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