08.03.22
Ingevity Corporation reported its financial results for the second quarter 2022.
Record net sales of $419.9 million in the second quarter rose 17.2% versus the prior year quarter, as the company drove price increases across the businesses to help offset ongoing inflationary cost pressures. Second quarter net income of $59.8 million increased 35% compared to the prior year quarter.
Second quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $121.1 million was up 2.9% year over year with adjusted EBITDA margin of 28.8%. Second quarter operating cash flow was $90.5 million and free cash flow was $60.9 million.
“Our second quarter revenue is a record, reflecting our team’s ability to drive profitable business growth. And as we announced, with the planned acquisition of Ozark Materials and our investment in Nexeon Limited, we are putting capital to work and executing on strategic growth initiatives that will create value for our shareholders,” said John Fortson, president and CEO.
Commenting on the business segments, Fortson said, “In Performance Chemicals, we continued to see strong top line growth due primarily to price increases across the segment supported by continued broad-based demand. In Performance Materials, the microchip supply chain seems to be improving, but the ripple effects stemming from the prolonged China COVID-related shutdowns negatively impacted our activated carbon product sales for the quarter.”
Record net sales of $419.9 million in the second quarter rose 17.2% versus the prior year quarter, as the company drove price increases across the businesses to help offset ongoing inflationary cost pressures. Second quarter net income of $59.8 million increased 35% compared to the prior year quarter.
Second quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $121.1 million was up 2.9% year over year with adjusted EBITDA margin of 28.8%. Second quarter operating cash flow was $90.5 million and free cash flow was $60.9 million.
“Our second quarter revenue is a record, reflecting our team’s ability to drive profitable business growth. And as we announced, with the planned acquisition of Ozark Materials and our investment in Nexeon Limited, we are putting capital to work and executing on strategic growth initiatives that will create value for our shareholders,” said John Fortson, president and CEO.
Commenting on the business segments, Fortson said, “In Performance Chemicals, we continued to see strong top line growth due primarily to price increases across the segment supported by continued broad-based demand. In Performance Materials, the microchip supply chain seems to be improving, but the ripple effects stemming from the prolonged China COVID-related shutdowns negatively impacted our activated carbon product sales for the quarter.”