We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ingevity's (NGVT) Earnings and Sales Top Estimates in Q4
Read MoreHide Full Article
Ingevity Corporation (NGVT - Free Report) logged profits of $50.8 million or $1.23 per share in fourth-quarter 2020, up around 15% from $44.3 million or $1.05 per share a year ago.
Adjusted earnings per share for the reported quarter were $1.33, surpassing the Zacks Consensus Estimate of 68 cents.
The company’s revenues rose around 7% year over year to $325.6 million in the quarter. The top line also beat the Zacks Consensus Estimate of $278.5 million.
Adjusted EBITDA went up around 22% year over year to $110.9 million in the quarter.
The company benefited, in the fourth quarter, from higher demand for engineered polymers, sustained recovery of global automotive production and ongoing global paving activity.
Ingevity Corporation Price, Consensus and EPS Surprise
Revenues from the Performance Chemicals division fell 6% year over year to $164.9 million in the quarter under review. Strong sales growth in engineered polymers were more than offset by a sharp decline in oilfield technologies applications and lower sales in industrial specialties and paving applications.
Revenues from the Performance Materials unit climbed 25% year over year to $160.7 million. The segment benefited from strong automotive production and sales in China and a favorable shift to trucks and SUVs in the United States and Canada.
FY20 Results
Earnings (as reported) for full-year 2020 were $4.48 per share, up from $4.35 per share a year ago. Adjusted earnings were $4.88 per share, down from $4.93 a year ago.
Revenues fell roughly 6% year over year to $1,216.1 million for the full year, hurt by demand weakness due to the coronavirus pandemic.
Balance Sheet
Ingevity ended 2020 with cash and cash equivalents of $257.7 million, a more than four fold year-over-year increase. Long-term debt was $1,267.4 million, up 3% year over year.
Outlook
The company expects sales of between $1.25 billion and $1.30 billion for 2021. It also anticipates adjusted EBITDA of $400-$420 million for the year. Free cash flow is forecast to be at or above $200 million for 2021.
Ingevity sees revenues and adjusted EBITDA to be flat to up slightly for the Performance Chemicals unit for 2021. Moreover, the Performance Materials segment is forecast to deliver double-digit revenue growth.
Price Performance
Shares of Ingevity have gained 11.3% in the past year against the industry’s growth of 16.5%.
Zacks Rank & Key Picks
Ingevity currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks worth considering in the basic materials space include Fortescue Metals Group Limited (FSUGY - Free Report) , Impala Platinum Holdings Limited (IMPUY - Free Report) and New Gold Inc. (NGD - Free Report) .
Fortescue has a projected earnings growth rate of 74.2% for the current fiscal. The company’s shares have surged around 146% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Impala Platinum has an expected earnings growth rate of 189.4% for the current fiscal. The company’s shares have rallied around 57% in the past year. It currently carries a Zacks Rank #1.
New Gold has a projected earnings growth rate of 733.3% for the current year. The company’s shares have shot up around 107% in a year. It currently carries a Zacks Rank #2.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
Ingevity's (NGVT) Earnings and Sales Top Estimates in Q4
Ingevity Corporation (NGVT - Free Report) logged profits of $50.8 million or $1.23 per share in fourth-quarter 2020, up around 15% from $44.3 million or $1.05 per share a year ago.
Adjusted earnings per share for the reported quarter were $1.33, surpassing the Zacks Consensus Estimate of 68 cents.
The company’s revenues rose around 7% year over year to $325.6 million in the quarter. The top line also beat the Zacks Consensus Estimate of $278.5 million.
Adjusted EBITDA went up around 22% year over year to $110.9 million in the quarter.
The company benefited, in the fourth quarter, from higher demand for engineered polymers, sustained recovery of global automotive production and ongoing global paving activity.
Ingevity Corporation Price, Consensus and EPS Surprise
Ingevity Corporation price-consensus-eps-surprise-chart | Ingevity Corporation Quote
Segment Review
Revenues from the Performance Chemicals division fell 6% year over year to $164.9 million in the quarter under review. Strong sales growth in engineered polymers were more than offset by a sharp decline in oilfield technologies applications and lower sales in industrial specialties and paving applications.
Revenues from the Performance Materials unit climbed 25% year over year to $160.7 million. The segment benefited from strong automotive production and sales in China and a favorable shift to trucks and SUVs in the United States and Canada.
FY20 Results
Earnings (as reported) for full-year 2020 were $4.48 per share, up from $4.35 per share a year ago. Adjusted earnings were $4.88 per share, down from $4.93 a year ago.
Revenues fell roughly 6% year over year to $1,216.1 million for the full year, hurt by demand weakness due to the coronavirus pandemic.
Balance Sheet
Ingevity ended 2020 with cash and cash equivalents of $257.7 million, a more than four fold year-over-year increase. Long-term debt was $1,267.4 million, up 3% year over year.
Outlook
The company expects sales of between $1.25 billion and $1.30 billion for 2021. It also anticipates adjusted EBITDA of $400-$420 million for the year. Free cash flow is forecast to be at or above $200 million for 2021.
Ingevity sees revenues and adjusted EBITDA to be flat to up slightly for the Performance Chemicals unit for 2021. Moreover, the Performance Materials segment is forecast to deliver double-digit revenue growth.
Price Performance
Shares of Ingevity have gained 11.3% in the past year against the industry’s growth of 16.5%.
Zacks Rank & Key Picks
Ingevity currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks worth considering in the basic materials space include Fortescue Metals Group Limited (FSUGY - Free Report) , Impala Platinum Holdings Limited (IMPUY - Free Report) and New Gold Inc. (NGD - Free Report) .
Fortescue has a projected earnings growth rate of 74.2% for the current fiscal. The company’s shares have surged around 146% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Impala Platinum has an expected earnings growth rate of 189.4% for the current fiscal. The company’s shares have rallied around 57% in the past year. It currently carries a Zacks Rank #1.
New Gold has a projected earnings growth rate of 733.3% for the current year. The company’s shares have shot up around 107% in a year. It currently carries a Zacks Rank #2.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>