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Element Solutions Inc. (ESI) - free report >>
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Ingevity (NGVT) to Boost Monomer Capacity Due to Demand Surge
Ingevity Corporation (NGVT - Free Report) recently announced that it will increase the production capacity of caprolactone monomer at its facility in Warrington, the U.K., through a series of optimization projects over the coming year. The move is expected to boost Ingevity’s global monomer production capacity by more than 20% and also allow it to better serve its customers.
Ingevity stated that it has been experiencing steady growth in demand for the high-performance sustainable solutions in its engineered polymers Capa portfolio and the capacity boost will enhance the reliability of monomer supply in the merchant chain. The announcement follows the recent news of the opening of an innovation center in Warrington at the end of 2021 and plans of enhancing polyol production capabilities at its DeRidder, LA, facility in the second quarter of 2022.
Shares of Ingevity have jumped 29.7% in a year, outperforming the industry’s rise of 18.5%. The estimated earnings growth rate for the company for the current year is pegged at 12.1%.
In its last-quarter earnings call, the company raised its outlook for 2021 sales to $1.32-$1.36 billion from $1.275-$1.325 billion expected earlier and adjusted EBITDA to $425-$440 million from $410-$430 million. It is hopeful of a strong performance in the second half of the year despite challenges from transportation and logistics, disruptions in inputs of the auto sector, and raw-material cost inflation.
Ingevity Corporation Price and Consensus
Ingevity Corporation price-consensus-chart | Ingevity Corporation Quote
Zacks Rank & Stocks to Consider
Currently, Ingevity carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include AdvanSix Inc. (ASIX - Free Report) , DAQO New Energy Corp. (DQ - Free Report) , and Element Solutions Inc. (ESI - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 178.1% for the current year. The company’s shares have shot up 195.9% over the past year.
DAQO has a projected earnings growth rate of 566.9% for the current year. The company’s shares have grown 51.5% over the past year.
Element has a projected earnings growth rate of 44.8% for the current year. The company’s shares have climbed 86% over the past year.