Ingevity sees FY24 revenue $1.40B-$1.55B, consensus $1.47B

Ingevity announced its 2024 guidance of sales between $1.40 billion and $1.55 billion and adjusted EBITDA between $365 million and $390 million. The revenue and adjusted EBITDA guidance excludes the anticipated resales of excess CTO in 2024, which are non-core to our business, and will be reported in GAAP Other Expense, net. “Our Performance Materials segment and Road Technologies business line have good momentum from last year and are positioned for strong growth going into 2024, and we have taken significant steps to accelerate the repositioning of our Performance Chemicals segment and reduce costs,” said John Fortson, President and CEO. “Uncertainties do remain, particularly around the global industrial recovery which would primarily impact APT and Industrial Specialties, but we are committed to maximizing Ingevity’s profitability. While 2024 will be a transitional year for Performance Chemicals as we complete the execution of our repositioning strategy, we will continue to focus on higher-growth end markets like bioplastics in APT and expect another year of strong results in Performance Materials,” said John Fortson.