Ingevity (NGVT) Tops Q1 EPS by 32c

Ingevity (NYSE: NGVT) reported Q1 EPS of $1.12, $0.32 better than the analyst estimate of $0.80. Revenue for the quarter came in at $288.2 million versus the consensus estimate of $263.84 million.

GUIDANCE:

Ingevity sees FY2020 revenue of $1.1-1.2 billion, versus the consensus of $1.24 billion.

• To account for the uncertainties related to COVID-19, Ingevity revised and broadened its fiscal year 2020 guidance to sales between $1.10 billion and $1.20 billion and adjusted EBITDA between $310 million and $350 million. In addition, the company provided one-time information on the coming quarter, and expects that second quarter 2020 revenue will be down 25% to 30% versus the prior year’s quarter and adjusted EBITDA will be down 35% to 40% versus the prior year.
• “We’re working from a position of financial strength, and we’re working to control what we can control in a tumultuous environment,” said Kelson. “We’re largely reliant either way on conditions in our key end-use applications, particularly the automotive industry. As auto OEMs and customers in other key industries important to Ingevity recover, we will be prepared and in a solid position to bounce back with them.”

For earnings history and earnings-related data on Ingevity (NGVT) click here.

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