Ingevity Revises FY24 Revenue To $1.40B-$1.50B Vs $1.49B Est.; Adj. EBITDA $350M-$360M
Portfolio Pulse from Benzinga Newsdesk
Ingevity has revised its FY24 revenue guidance to $1.40B-$1.50B, down from the previous estimate of $1.49B. The company also adjusted its EBITDA guidance to $350M-$360M. Challenges include high-cost CTO inventory and weak industrial demand, but strengths in Performance Materials and APT are expected to offset some headwinds.
July 31, 2024 | 8:34 pm
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Ingevity has revised its FY24 revenue guidance to $1.40B-$1.50B and adjusted EBITDA to $350M-$360M. The company faces challenges in its Performance Chemicals segment due to high-cost CTO inventory and weak industrial demand, but expects strengths in Performance Materials and APT to offset some of these headwinds.
The revision of revenue and EBITDA guidance downward indicates potential short-term negative impact on the stock price. The challenges in the Performance Chemicals segment and uncertainty in Road Technologies volumes add to the negative sentiment. However, strengths in Performance Materials and APT provide some offsetting factors.
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