Ingevity Corporation’s (NGVT - Free Report) board has approved and authorized an additional share repurchase worth up to $350 million. The share repurchase is in addition to the $100 million share repurchase program approved in February 2017. As of Nov 1, 2018, the company had repurchased around $28 million total value of shares under the 2017 repurchase program, with around $72 million remaining available.
Ingevity, which is among the prominent specialty chemical companies along with Ashland Global Holdings Inc. (ASH - Free Report) , W.R. Grace & Co. (GRA - Free Report) and Ferro Corporation (FOE - Free Report) , is committed to deliver value to shareholders. The share repurchase program will provide flexibility to the company as Ingevity continually examines options for utilization of cash.
Ingevity Corporation Price and Consensus
Ingevity, last month, released its third-quarter results. The company increased the mid-point and narrowed the range for its 2018 guidance for adjusted EBITDA to $306-$314 million from $302-$314 million. The company reaffirmed sales guidance of between $1.10 billion and $1.13 billion for the year.
In third-quarter 2018, the company’s profit and revenues increased year over year. Adjusted EBITDA climbed year over on the back of increased volumes, better price and mix, and reduced raw materials and production costs. Revenues from Performance Chemicals and Performance Materials segments went up year over year.
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