Ingevity reduces FY23 adjusted EBITDA guidance to $375M-$390M

“The weak industrial demand environment we have seen throughout the year does not appear to be recovering as we enter the fourth quarter, and therefore we expect continued volume weakness. In addition, as the slowdown persists, there is more pricing pressure, particularly in cyclical markets such as adhesives and oilfield. With our CTO costs rising in the fourth quarter, and our inability to recover costs through pricing actions, we are reducing our full-year adjusted EBITDA guidance to between $375 million and $390 million,” said Ingevity president and CEO, John Fortson.