Ingevity Corporation reported third quarter 2024 net sales of $376.9 million, a 16% decline compared to the same period in 2023. This decrease was primarily attributed to the repositioning of the Performance Chemicals segment, which involved reducing exposure to certain markets and was also impacted by weather conditions in the Road Technologies product line.
The company recorded a net loss of $107.2 million, resulting in a diluted loss per share of $2.95. This loss included significant pre-tax restructuring charges of $86.9 million related to the closure of the Crossett, Arkansas, facility and $100.0 million for the termination of a long-term crude tall oil (CTO) contract, both part of the Performance Chemicals repositioning.
Despite the net loss, adjusted earnings were $40.2 million, with diluted adjusted earnings per share (EPS) of $1.10, surpassing the consensus estimate of $0.90. Adjusted EBITDA for the quarter was $106.4 million, down 3.6%, with an adjusted EBITDA margin of 28.2%, and the company affirmed its full-year 2024 guidance for sales between $1.40 billion and $1.50 billion and adjusted EBITDA between $350 million and $360 million.
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