The Shadow
NORTH CHARLESTON, S.C. — Ingevity Corp. has reported fourth quarter 2019 earnings of $1.10 per share.
This compares to earnings of $1.07 per share a year ago. The figures are adjusted for non-recurring items.
Fourth quarter net sales were $303.4 million, representing an increase of 8.9 percent versus $278.6 million in the prior year’s fourth quarter.
Net income of $44.3 million, increased 5.2 percent versus $42.1 million in the previous year’s quarter.
Ingevity’s fourth quarter net income margin of 14.6 percent was down 50 basis points versus the prior year quarter.
The fourth quarter diluted earnings per share were $1.05 compared to 99 cents in the prior year period.
“As expected, we finished the year with strong performance in the fourth quarter,” said Michael Wilson, Ingevity’s president and CEO.
“Despite continued macroeconomic pressure — particularly in industrial applications — we benefited from growth in end-use applications that are driven more by regulation, technology adoption and infrastructure spending.”
“We delivered improved profitability in the quarter with adjusted EBITDA up 24 percent on a revenue increase of 9 percent.
As a result, our adjusted EBITDA for the year were above the midpoint of our most recent guidance,” Wilson added.
For the full year, net sales were $1.293 billion, representing an increase of 14.1 percent versus $1.134 billion in the prior year including the addition of the engineered polymer product line, formed through the first quarter 2019 acquisition of the Capa caprolactone business.
Net income of $183.7 million was up 1 percent versus $181.8 million in the previous year.
Ingevity’s full year net income margin of 14.2 percent was down 180 basis points compared to the prior year.
The full year diluted earnings per share were $4.35 compared to $3.97 in the prior year period.
