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Ingevity (NGVT) Adds Caprolactone Polyol Production at DeRidder
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Ingevity Corporation (NGVT - Free Report) recently announced the addition of caprolactone polyol production capabilities at its plant in DeRidder, LA. The move is aimed at meeting the growing demand for its Capa suite of caprolactone technologies primarily for industrial equipment, adhesives, coatings and automotive applications.
The latest upgrade will increase the company’s global polyol production capacity by 40%. This will enable Ingevity to meet higher demand and serve customers effectively. It will also improve the supply chain, lower lead times and enhance the overall customer service globally.
The investment in this plant will also include installation of monomer storage capacity to support the production of polyol derivatives as well as streamline and facilitate bulk monomer shipments to U.S. customers. Ingevity projects the DeRidder construction to commence in the summer of 2021 and the new capacity to be online by the first quarter of 2022.
Shares of Ingevity have increased 29.4% in the past year compared with 19% rise of the industry.
The company, in its fourth-quarter earnings call, stated that it expects sales between $1.25 billion and $1.30 billion for 2021. It also anticipates adjusted EBITDA in the range 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 in the Performance Chemicals unit for 2021. Moreover, the Performance Materials segment is projected to deliver double-digit revenue growth.
Ingevity currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
BHP has an expected earnings growth rate of 65.6% for the current fiscal. The company’s shares have gained around 62% in the past year. It currently carries a Zacks Rank #2.
Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 72.7% in the past year. It currently sports a Zacks Rank #1.
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Ingevity (NGVT) Adds Caprolactone Polyol Production at DeRidder
Ingevity Corporation (NGVT - Free Report) recently announced the addition of caprolactone polyol production capabilities at its plant in DeRidder, LA. The move is aimed at meeting the growing demand for its Capa suite of caprolactone technologies primarily for industrial equipment, adhesives, coatings and automotive applications.
The latest upgrade will increase the company’s global polyol production capacity by 40%. This will enable Ingevity to meet higher demand and serve customers effectively. It will also improve the supply chain, lower lead times and enhance the overall customer service globally.
The investment in this plant will also include installation of monomer storage capacity to support the production of polyol derivatives as well as streamline and facilitate bulk monomer shipments to U.S. customers. Ingevity projects the DeRidder construction to commence in the summer of 2021 and the new capacity to be online by the first quarter of 2022.
Shares of Ingevity have increased 29.4% in the past year compared with 19% rise of the industry.
The company, in its fourth-quarter earnings call, stated that it expects sales between $1.25 billion and $1.30 billion for 2021. It also anticipates adjusted EBITDA in the range 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 in the Performance Chemicals unit for 2021. Moreover, the Performance Materials segment is projected to deliver double-digit revenue growth.
Ingevity Corporation Price and Consensus
Ingevity Corporation price-consensus-chart | Ingevity Corporation Quote
Zacks Rank & Key Picks
Ingevity currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 84.3% for the current fiscal. The company’s shares have surged around 178.4% in a year. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BHP has an expected earnings growth rate of 65.6% for the current fiscal. The company’s shares have gained around 62% in the past year. It currently carries a Zacks Rank #2.
Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 72.7% in the past year. It currently sports a Zacks Rank #1.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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