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 (NGVT) Announces Price Hike of Chemical-Based Products
Read MoreHide Full Article
Ingevity Corporation (NGVT - Free Report) recently announced a general increase in prices for all merchant and derivatized tall oil rosin, tall oil fatty acid and kraft lignosulfonate products linked to its industrial specialties portfolio.
The price hike is due to continued strong market demand as well as higher raw materials and logistics costs. The price increase will be between 10-20%.
The new prices will be effective Jul 1, 2021, or as contracts permit.
Ingevity, which is among the prominent players in the specialty chemical space along with Axalta Coating Systems Ltd. (AXTA - Free Report) , Element SolutionsInc. (ESI - Free Report) and Celanese Corporation (CE - Free Report) , topped earnings and revenue expectations in the first quarter. The company benefited in the quarter, from higher demand across its businesses. It saw a strong rise in automotive-based activated carbon sales and a significant growth in engineered polymers across several applications. Improved demand is expected to continue to drive performance.
Ingevity, in its last earnings call, raised its outlook for 2021 sales to $1.275-$1.325 billion from $1.25-$1.30 billion expected earlier. Currently, it anticipates adjusted EBITDA of $410-$430 million, up from the prior view of $400-$420 million.
However, the company witnessed costs-related headwinds in the first quarter. Higher freight and raw material prices affected results. The company expects headwinds from raw material cost inflation as well as transportation and logistics disruptions to continue throughout the rest of the year. As such, higher raw material costs are likely to put pressure on its performance.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
Ingevity (NGVT) Announces Price Hike of Chemical-Based Products
Ingevity Corporation (NGVT - Free Report) recently announced a general increase in prices for all merchant and derivatized tall oil rosin, tall oil fatty acid and kraft lignosulfonate products linked to its industrial specialties portfolio.
The price hike is due to continued strong market demand as well as higher raw materials and logistics costs. The price increase will be between 10-20%.
The new prices will be effective Jul 1, 2021, or as contracts permit.
Ingevity, which is among the prominent players in the specialty chemical space along with Axalta Coating Systems Ltd. (AXTA - Free Report) , Element Solutions Inc. (ESI - Free Report) and Celanese Corporation (CE - Free Report) , topped earnings and revenue expectations in the first quarter. The company benefited in the quarter, from higher demand across its businesses. It saw a strong rise in automotive-based activated carbon sales and a significant growth in engineered polymers across several applications. Improved demand is expected to continue to drive performance.
Ingevity, in its last earnings call, raised its outlook for 2021 sales to $1.275-$1.325 billion from $1.25-$1.30 billion expected earlier. Currently, it anticipates adjusted EBITDA of $410-$430 million, up from the prior view of $400-$420 million.
However, the company witnessed costs-related headwinds in the first quarter. Higher freight and raw material prices affected results. The company expects headwinds from raw material cost inflation as well as transportation and logistics disruptions to continue throughout the rest of the year. As such, higher raw material costs are likely to put pressure on its performance.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>