Financial Data and Key Metrics Changes - First quarter sales were $284 million, down 17% year-over-year due to repositioning actions in Performance Chemicals and weak industrial demand [10] - Adjusted gross profit increased by 10% to $129 million, with gross margin improving over 1,000 basis points [10] - Adjusted EBITDA rose by $17 million, with margins improving from 21.9% to 32.1%, marking the fourth consecutive quarter of year-over-year margin improvement [11][12] - Free cash flow improved by $44 million year-over-year to $15 million, reflecting benefits from repositioning actions [12] Business Line Data and Key Metrics Changes - Performance Materials saw higher sales due to favorable regional and product mix, with EBITDA margins remaining near 54% [13][15] - Advanced Polymer Technologies (APT) experienced lower overall sales, but EBITDA increased by $3 million, with margins rising to 29.6% [19] - Performance Chemicals sales decreased by 35% primarily due to repositioning actions, but segment EBITDA showed year-over-year improvement of $10 million [21][22] Market Data and Key Metrics Changes - North American auto production is expected to decline by approximately 10% year-over-year, impacting guidance for the Performance Materials segment [8][15] - Volume growth was observed in China due to government incentives driving higher vehicle sales, while North American volumes were down year-over-year [13][14] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategy to optimize the portfolio and drive business performance, aiming to create significant value for shareholders [8][24] - The strategic review of Industrial Specialties and the North Charleston refinery is progressing well, with expectations to communicate a path forward before the end of the year [22] Management's Comments on Operating Environment and Future Outlook - Management is actively monitoring developments related to tariffs and macro demand conditions, believing the direct impact on the business will be minimal [7][24] - Despite headwinds, the company is confident in its ability to deliver strong profitability in 2025 and beyond [8][24] Other Important Information - The company has introduced a new President for APT, who brings over 25 years of experience in transforming business profitability [20] - The average age of automobiles in the U.S. is at an all-time high, suggesting a future need for replacements [15] Q&A Session Summary Question: Pricing in Performance Materials business - Management indicated that they have a strong position and are seeing encouraging performance, with pricing being a lever they can pull if needed [29][30][32] Question: Update on strategic review of Industrial Specialties - The process is progressing well with a broad degree of interest, and management is being deliberate in their approach [34][36] Question: Strategic and operational priorities in a volatile environment - The focus remains on disciplined execution, optimizing business performance, and reducing leverage [40][41] Question: Cash flow forecast amidst potential auto production decline - Management is confident in free cash flow generation even in a declining sales environment due to effective working capital management [43][44] Question: Impact of EV slowdown on forecasts - While EVs are slowing down, management remains optimistic about the adoption of new technologies and their investment in Nexeon [47][48][50] Question: Filtration market capacity for potential volume shifts - The filtration market is sizable and can absorb underutilized capacity, although it is a lower margin market compared to auto [53][54] Question: Long-term leverage goals - The long-term target for leverage remains between 2 to 2.5 times [58]

Financial Performance - Net sales decreased by 16.5% from $340.1 million in Q1 2024 to $284 million in Q1 2025[7] - Adjusted EBITDA increased by 22.7% from $74.4 million in Q1 2024 to $91.3 million in Q1 2025[7] - Adjusted EBITDA margin increased by 1020 bps from 21.9% in Q1 2024 to 32.1% in Q1 2025[7] - Diluted adjusted EPS increased by 110.6% from $0.47 in Q1 2024 to $0.99 in Q1 2025[7] - Free cash flow improved from negative $28.7 million in Q1 2024 to positive $15.4 million in Q1 2025[71] Segment Performance - Performance Materials net sales increased by 1.2% from $145.1 million to $146.8 million, with a 1.4% increase in Segment EBITDA from $78 million to $79.1 million[18] - Advanced Polymer Technologies net sales decreased by 12.1% from $48 million to $42.2 million, but Segment EBITDA increased by 31.6% from $9.5 million to $12.5 million[23] - Performance Chemicals net sales decreased by 35.4% from $147 million to $95 million, but Segment EBITDA improved by $10.3 million from negative $10.6 million to negative $0.3 million[28] Guidance and Outlook - The company widened its revenue guidance to $1.25 - $1.4 billion and affirmed free cash flow guidance of $220 - $260 million[33] - The company expects net debt ratio to be below 2.8x by year end[17, 33] - A 10% reduction in North America auto production is expected to lower Performance Materials EBITDA by approximately $15-$20 million[33, 34]

[Ingevity Q1 2025 Financial Results Overview](index=1&type=section&id=Ingevity%20reports%20first%20quarter%202025%20financial%20results) [Q1 2025 Financial Highlights](index=1&type=section&id=HIGHLIGHTS) Ingevity's first quarter 2025 results showed a **17% decline** in net sales to **$284.0 million**, primarily due to the strategic repositioning of the Performance Chemicals segment, while adjusted EBITDA grew **23%** to **$91.3 million** with margins improving to **32.1%**, driven by cost reductions and a better product mix Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $284.0M | $340.1M | -17% | | Net Income | $20.5M | ($56.0M) | N/A | | Diluted EPS | $0.56 | ($1.54) | N/A | | Adjusted EBITDA | $91.3M | $74.4M | +23% | | Adjusted EBITDA Margin | 32.1% | 21.9% | +10.2 p.p. | | Diluted Adjusted EPS | $0.99 | $0.47 | +111% | | Operating Cash Flow | $25.4M | ($12.1M) | N/A | | Free Cash Flow | $15.4M | ($28.7M) | N/A | - The decline in net sales was **primarily attributed** to the strategic repositioning of the Performance Chemicals segment, which involved exiting certain lower-margin end markets[3](index=3&type=chunk) - The **significant improvement** in **Adjusted EBITDA** and margins was a **result of successful repositioning actions** in Performance Chemicals, including reduced raw material costs and an improved product mix[4](index=4&type=chunk)[5](index=5&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) The company's segments showed mixed results, with Performance Materials sales growing slightly, Advanced Polymer Technologies sales declining but achieving higher EBITDA, and Performance Chemicals experiencing a significant sales drop but a substantial improvement in its EBITDA loss [Performance Materials Segment](index=1&type=section&id=Performance%20Materials) Sales in the Performance Materials segment increased by **1%** to **$146.8 million**, driven by higher volumes in China and the Asia Pacific region, with segment EBITDA also rising by **1%** to **$79.1 million**, maintaining a strong EBITDA margin of **53.9%** Performance Materials Q1 2025 Results | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $146.8M | $145.1M | +1% | | Segment EBITDA | $79.1M | $78.0M | +1% | | Segment EBITDA Margin | 53.9% | 53.8% | +0.1 p.p. | - Growth was **primarily due to higher volumes** in China and the Asia Pacific region. In North America, an **improved mix of higher-value products** for fuel-efficient vehicles offset lower volumes[8](index=8&type=chunk) [Advanced Polymer Technologies Segment](index=2&type=section&id=Advanced%20Polymer%20Technologies) The Advanced Polymer Technologies segment reported a **12% sales decrease** to **$42.2 million**, as lower volumes in Asia offset gains in EMEA and North America, yet segment EBITDA increased by **$3.0 million** to **$12.5 million**, and margins expanded to **29.6%**, primarily due to higher plant utilization rates Advanced Polymer Technologies Q1 2025 Results | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $42.2M | $48.0M | -12% | | Segment EBITDA | $12.5M | $9.5M | +31.6% | | Segment EBITDA Margin | 29.6% | 19.8% | +9.8 p.p. | - The increase in **EBITDA** was driven by **higher utilization rates** as the company built inventory ahead of a planned extended outage in Q2 for new boiler installation[9](index=9&type=chunk) [Performance Chemicals Segment](index=2&type=section&id=Performance%20Chemicals) Performance Chemicals sales fell **35%** to **$95.0 million**, with the Industrial Specialties product line down **50%** due to strategic repositioning and the exit from lower-margin markets, but segment EBITDA improved by **$10.3 million** to a near break-even negative **$0.3 million**, demonstrating the positive impact of cost savings, improved product mix, and lower raw material costs Performance Chemicals Q1 2025 Results | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $95.0M | $147.0M | -35% | | - Industrial Specialties | $50.7M | $101.3M | -50% | | - Road Technologies | $44.3M | $45.7M | -3% | | Segment EBITDA | ($0.3M) | ($10.6M) | +$10.3M | - The **significant improvement** in **EBITDA** reflects the **successful execution of repositioning actions**, including cost savings, exiting low-margin markets, and lower raw material costs[10](index=10&type=chunk) [Liquidity and Capital Management](index=2&type=section&id=Liquidity%2FOther) The company **Generated operating cash flow** of **$25.4 million** and **$15.4 million** in **free cash flow**, aided by improved working capital from lower raw material costs, with no shares repurchased and **$353.4 million remains available** under the current **Board authorization**, and **Net leverage improved sequentially** to **3.3 times** - **Generated operating cash flow** of **$25.4 million** and **free cash flow** of **$15.4 million**[11](index=11&type=chunk) - **No share repurchases were made** in Q1; **$353.4 million remains available** under the current **Board authorization**[11](index=11&type=chunk) - **Net leverage improved sequentially** to **3.3 times**[11](index=11&type=chunk) [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) Ingevity has **widened to reflect risks** from international trade relations and lowered expectations for global auto production, while continuing to focus on improving profitability and reducing leverage Revised Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Sales | $1.25 billion to $1.40 billion | | Adjusted EBITDA | $380 million to $415 million | - The guidance range was **widened to reflect risks** associated with lowered expectations of global auto production due to the current state of international trade relations[12](index=12&type=chunk) [Financial Statements & Schedules](index=4&type=section&id=FINANCIAL%20SCHEDULES) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, Ingevity reported **Net sales** of **$284.0 million**, a decrease from **$340.1 million** in Q1 2024, with **Gross profit** increasing to **$113.4 million** from **$99.7 million**, and achieving a **Net income** of **$20.5 million**, a significant turnaround from a net loss of **$56.0 million** in the prior-year period, resulting in a **Diluted EPS** of **$0.56** compared to a loss of **$1.54** Q1 2025 Statement of Operations (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $284.0 | $340.1 | | Gross profit | $113.4 | $99.7 | | Restructuring and other charges, net | $12.3 | $62.8 | | Income (loss) before income taxes | $26.8 | ($71.9) | | Net income (loss) | $20.5 | ($56.0) | | Diluted earnings (loss) per share | $0.56 | ($1.54) | [Segment Operating Results](index=6&type=section&id=Segment%20Operating%20Results) In Q1 2025, Performance Materials sales grew slightly to **$146.8 million** with stable **EBITDA** of **$79.1 million**, Performance Chemicals sales dropped to **$95.0 million** from **$147.0 million**, but its **EBITDA** loss narrowed significantly to **$0.3 million** from **$10.6 million**, and Advanced Polymer Technologies sales decreased to **$42.2 million**, while its **EBITDA** grew to **$12.5 million** Q1 Net Sales by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Performance Materials | $146.8 | $145.1 | | Performance Chemicals | $95.0 | $147.0 | | Advanced Polymer Technologies | $42.2 | $48.0 | | **Total net sales** | **$284.0** | **$340.1** | Q1 Segment EBITDA (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Performance Materials | $79.1 | $78.0 | | Performance Chemicals | ($0.3) | ($10.6) | | Advanced Polymer Technologies | $12.5 | $9.5 | | **Total segment EBITDA** | **$91.3** | **$76.9** | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Ingevity's **Total Assets** stood at **$2,056.1 million**, a slight increase from **$2,022.6 million** at year-end 2024, with **Total Liabilities** relatively stable at **$1,821.5 million**, and key changes including an increase in accounts receivable and **Inventories, net**, while **Long-term debt** saw a slight reduction Balance Sheet Summary (in millions) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $71.5 | $68.0 | | Inventories, net | $245.4 | $226.8 | | **Total Assets** | **$2,056.1** | **$2,022.6** | | Long-term debt | $1,332.6 | $1,339.7 | | **Total Liabilities** | **$1,821.5** | **$1,827.4** | | **Total Equity** | **$234.6** | **$195.2** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first three months of 2025, the company **Generated operating cash flow** of **$25.4 million**, a **significant improvement** from a **$12.1 million** use of cash in the same period of 2024, with cash used in investing activities at **$11.5 million** and cash used in financing activities at **$11.0 million**, leading to a net increase in cash for the quarter Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $25.4 | ($12.1) | | Net cash provided by (used in) investing activities | ($11.5) | ($16.3) | | Net cash provided by (used in) financing activities | ($11.0) | $23.4 | | **Change in cash, cash equivalents, and restricted cash** | **$4.3** | **($6.8)** | [Non-GAAP Reconciliations](index=10&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for key non-GAAP metrics used by management, including **Adjusted Earnings**, **Adjusted EBITDA**, **Free Cash Flow**, and **Net Debt Ratio**, which are adjusted for items like restructuring charges, acquisition costs, and other special items to provide a clearer view of the company's core operational performance and liquidity [Reconciliation of Net Income to Adjusted Earnings](index=12&type=section&id=Reconciliation%20of%20Adjusted%20Earnings%20(Loss)%20and%20Diluted%20Adjusted%20Earnings%20(Loss)%20per%20Share) **Adjusted earnings** for Q1 2025 were **$36.4 million**, or **$0.99** per **diluted share**, compared to **$17.2 million**, or **$0.47** per share, in Q1 2024, with adjustments from GAAP **Net income** of **$20.5 million** primarily including **$12.3 million** in **Restructuring and other charges, net** and **$7.9 million** in proxy contest charges Q1 Reconciliation to Adjusted Earnings (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) (GAAP) | $20.5 | ($56.0) | | Restructuring and other charges, net | $12.3 | $62.8 | | Loss on CTO resales | — | $26.5 | | Proxy contest charges | $7.9 | — | | Tax effect and other items | ($4.3) | ($21.2) | | **Adjusted earnings (loss) (Non-GAAP)** | **$36.4** | **$17.2** | [Reconciliation of Net Income to Adjusted EBITDA](index=14&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) **Adjusted EBITDA** for Q1 2025 was **$91.3 million**, an increase from **$74.4 million** in Q1 2024, with the reconciliation from GAAP **Net income** including adding back interest, taxes, D&A, and **Other adjustments**, and the **Adjusted EBITDA Margin** improved significantly to **32.1%** from **21.9%** in the prior year Q1 Reconciliation to Adjusted EBITDA (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) (GAAP) | $20.5 | ($56.0) | | Provision (benefit) for income taxes | $6.3 | ($15.9) | | Interest expense, net | $19.4 | $22.3 | | Depreciation and amortization | $24.9 | $29.6 | | Restructuring and other charges, net | $12.3 | $62.8 | | Other adjustments | $7.9 | $31.6 | | **Adjusted EBITDA (Non-GAAP)** | **$91.3** | **$74.4** | [Calculation of Free Cash Flow](index=15&type=section&id=Calculation%20of%20Free%20Cash%20Flow) The company **Generated operating cash flow** of **$15.4 million** in **free cash flow** in Q1 2025, a substantial improvement from a cash use of **$28.7 million** in Q1 2024, calculated by subtracting **Capital expenditures** of **$10.0 million** from net cash provided by operating activities of **$25.4 million** Q1 Free Cash Flow Calculation (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $25.4 | ($12.1) | | Less: Capital expenditures | $10.0 | $16.6 | | **Free Cash Flow (Non-GAAP)** | **$15.4** | **($28.7)** | [Calculation of Net Debt Ratio](index=16&type=section&id=Calculation%20of%20Net%20Debt%20Ratio) As of March 31, 2025, Ingevity's **Net Debt** was calculated at **$1,242.8 million**, and with a **LTM Adjusted EBITDA** of **$379.6 million**, the **Net debt ratio** stood at **3.3x** Net Debt Ratio Calculation as of March 31, 2025 (in millions) | Component | Amount | | :--- | :--- | | Total Debt | $1,397.0 | | Less: Cash and equivalents | $71.7 | | Less: Restricted investment | $82.5 | | **Net Debt** | **$1,242.8** | | LTM Adjusted EBITDA | $379.6 | | **Net debt ratio (Non GAAP)** | **3.3x** |

Group 1: Product Launch and Innovation - BASF SE has launched three new natural-based products for personal care: Verdessence Maize, Lamesoft OP Plus, and Dehyton PK45 GA/RA [1][2] - Verdessence Maize is a plant-based styling polymer made from renewable feedstocks, offering performance comparable to synthetic polymers [3] - Lamesoft OP Plus is a biodegradable opacifier dispersion that enhances the appearance of formulations, while Dehyton PK45 GA/RA is a betaine derived from Rainforest Alliance Certified coconut oil, suitable for shampoos and cleansers [3] Group 2: Market Position and Performance - BASF's focus on biodegradable solutions aims to capture the conscious consumer market in the personal care sector [3] - The company's stock has declined by 18.4% over the past year, slightly worse than the industry average decline of 17.1% [4] - BASF currently holds a Zacks Rank of 3 (Hold), with better-ranked stocks in the Basic Materials sector including Ingevity Corporation, Axalta Coating Systems, and Carpenter Technology Corporation [5]

Core Viewpoint - Ingevity Corporation (NGVT) has shown a strong performance with a 9.6% increase in shares over the past six months, outperforming the Zacks Chemicals Specialty industry's decline of 8% during the same period [1][2]. Group 1: Strategic Actions and Financial Performance - The company is focused on expanding capacity and driving long-term growth through organic investments and strategic repositioning [3][4]. - Ingevity is repositioning its Performance Chemicals segment to reduce exposure to lower-margin markets, which includes consolidating operations and closing the Crossett facility, leading to significant cost savings of approximately $84 million in 2024 and an expected $10-$25 million in 2025 [4][5]. - The company aims to enhance shareholder value through improved EBITDA, margins, and strong cash flows, benefiting from operational improvements and lower input costs [5]. Group 2: Acquisitions and Market Position - The acquisition of the Capa caprolactone business has provided Ingevity with a new technology platform for revenue and earnings growth, with a focus on high-growth applications [6]. - In July 2024, Ingevity expanded its Capa caprolactone distribution network in Europe, further strengthening its market position [6]. - The acquisition of Ozark Materials has also bolstered the company's presence in the paving construction industry [6]. Group 3: Market Ranking - Ingevity currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence in its performance [7].

Core Insights - Ingevity's shares have declined approximately 8.3% since the last earnings report, underperforming the S&P 500 [1] - There is uncertainty regarding whether this negative trend will continue or if the company is poised for a breakout before the next earnings release [1] Earnings Report Summary - The last earnings report for Ingevity was about a month ago, and it is essential to analyze this report to understand the key catalysts affecting the company's performance [1] - No earnings estimate revisions have been made by analysts in the past two months, indicating a period of quiet regarding future earnings expectations [2]

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Ingevity Corporation’s (NGVT) stock looks promising at the moment. Its shares have popped roughly 41% over the past six months. NGVT is expected to benefit from the strategic repositioning of its Performance Chemicals segment, strategic acquisitions and actions to drive growth.We are positive on the company’s prospects and believe that the time is right for you to add the stock to the portfolio as it is poised to carry the momentum ahead.Let's see what makes NGVT stock an attractive investment option at the ...

Industry Overview - The Zacks Chemicals Specialty industry is facing challenges due to soft demand, particularly in Europe and China, alongside elevated input, supply chain, and logistics costs [1][5][7] - The industry consists of manufacturers producing specialty chemical products for various end-use markets, including textiles, automotive, and agriculture [3][4] Demand and Economic Conditions - Demand softness is noted in building and construction as well as industrial markets, primarily due to economic slowdowns in Europe and China [5][6] - Elevated borrowing costs and inflation are negatively impacting the residential construction industry, contributing to weakened manufacturing activities [6][7] Cost Pressures - Specialty chemical manufacturers are experiencing inflation in raw material costs and disruptions in supply chains and freight transportation [7] - Although raw material costs have moderated, they remain higher than pre-pandemic levels, continuing to pressure margins [7] Strategic Measures - Companies in the specialty chemicals sector are implementing strategic measures such as cost-cutting, productivity improvements, and expansion into high-growth markets to navigate the challenging environment [2][8] - Actions to strengthen balance sheets and boost cash flows are also being prioritized [8] Industry Performance - The Zacks Chemicals Specialty industry has underperformed compared to the S&P 500 and the broader Zacks Basic Materials sector, with a loss of 20.1% over the past year [11] - The industry currently trades at an EV/EBITDA ratio of 22.1X, higher than the S&P 500's 17.59X and the sector's 11.84X [12] Company Highlights - **Axalta Coating Systems**: This company is benefiting from strength in its refinish business, with expected earnings growth of 7.2% for 2025 and a recent upward revision of 5.9% in earnings estimates [13][15] - **Ingevity Corp**: Expected to see earnings growth of 26.8% for 2025, with operational improvements and strategic acquisitions aiding performance [16][17] - **Flexible Solutions International Inc.**: This company has an expected earnings growth rate of 50% for 2025, with recent upward revisions of 12.5% in earnings estimates [19][20]

Core Insights - Ingevity Corporation (NGVT) reported a fourth-quarter 2024 profit of $16.6 million or 46 cents per share, a significant improvement from a loss of $116.8 million or $3.23 per share in the same quarter last year [1] - Adjusted earnings for the quarter were 95 cents per share, exceeding the Zacks Consensus Estimate of 12 cents [1] Revenue Performance - Revenues decreased by 19.6% year over year to $298.8 million, primarily due to the repositioning of the Performance Chemicals segment [2] - The Performance Chemicals division generated revenues of $98.7 million, down approximately 44% year over year [3] - Road Technologies' sales were $48.5 million, down 9.2%, while Industrial Specialties sales fell 59.2% to $50.2 million [3] - Performance Materials revenues rose by 2.2% to $156.2 million, driven by volume growth in North America and China [4] - Advanced Polymer Technologies segment sales increased by 3.5% to $43.9 million, attributed to higher volumes [5] Financial Metrics - The fourth-quarter operating cash flow was $64.5 million, with free cash flow of $39.6 million, which included a $50 million termination fee related to a long-term CTO supply contract [6] - Net leverage improved to 3.5x from 4x in the previous quarter [6] Future Outlook - For 2025, NGVT aims to enhance shareholder value through improved EBITDA, margins, and strong cash flows, with sales projected between $1.3 billion and $1.4 billion [7] - The company anticipates adjusted EBITDA in the range of $400-$415 million for 2025 [7] Stock Performance - Ingevity's shares have declined by 4.3% over the past year, compared to a 20.6% decline in the industry [8]