Ingevity (NGVT) reports selected preliminary Q3 results
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October 20, 2020 6:46 AM EDT
NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--
Ingevity Corporation (NYSE: NGVT) announced today that it is commencing a private offering of $550.0 million in aggregate principal amount of senior unsecured notes in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, subject to market and other conditions. If the offering is consummated, the company intends to use the proceeds of the offering for the redemption, refinancing or repayment of existing indebtedness. There can be no assurance that the issuance and sale of the notes will be... More
October 20, 2020 6:45 AM EDT
Selected preliminary earnings issued ahead of schedule; conference call still scheduled for Oct. 29, 2020Â
Ingevitys results were driven by global automotive demand and production rebound versus weak second quarter, continued strong paving activity, cost reduction actions and strong execution
Third quarter net sales of $332 million were down 7.8% versus the prior year quarter driven by the economic impacts of COVID-19
Net income of $70 million was up 16.7% versus prior year quarter; net income as a percentage of sales was 21.1%, compared to 16.6% in the prior year quarter
Third quarter adjusted EBITDA of $128 million...
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