Ingevity sees FY23 revenue $1.75B-$1.95B, consensus $1.92B

"We are expecting a strong year in APT and Performance Materials as the China market recovers and automotive production picks up, as well as strength in our Pavement Technologies business. We expect results in Industrial Specialties to be challenged by elevated CTO costs and the pace of the AFA transition and product adoption. Given this, as well as recent market softness and the possibility of a recession, we are adjusting full year 2023 guidance to sales between $1.75 billion and $1.95 billion, and adjusted EBITDA between $450 million and $480 million," said Fortson.