Ingevity reports Q1 adjusted EPS 52c, consensus 32c

Reports Q1 revenue $340.1M, consensus $318.96M. “Performance Materials maintained the momentum we saw at the end of 2023, with auto carbon volumes and pricing remaining strong, and the continued popularity of hybrid vehicles,” said John Fortson, president and CEO. “Advanced Polymer Technologies volumes were lower versus this time last year, but we are encouraged by the last two quarters of sequential volume growth. Performance Chemicals sales were down as we closed a plant and exited certain low-margin markets in our Industrial Specialties product line as part of our strategic repositioning of Performance Chemicals. We expect seasonal improvement in Performance Chemicals as we move into the prime paving months over the next two quarters and are seeing good momentum in the Road Technologies product line.”