Ingevity's (NGVT) Earnings and Revenues Miss Estimates in Q2

Core Viewpoint - Ingevity Corporation reported a significant loss in Q2 2024, with a net loss of $283.7 million or $7.81 per share, contrasting sharply with a profit of $35.5 million or 97 cents per share in the same quarter last year [1] Financial Performance - The company's revenues fell by 18.9% year over year to $390.6 million, missing the Zacks Consensus Estimate of $415.5 million [2] - Adjusted earnings for the quarter were $1.01 per share, down from $1.41 a year ago, and below the Zacks Consensus Estimate of $1.05 [1][2] Segmental Review - Performance Chemicals division revenues decreased by approximately 34.7% year over year to $185.5 million, missing the Zacks Consensus Estimate of $215.9 million [3] - Performance Materials unit saw an increase of around 8.7% year over year, generating revenues of $157.2 million, surpassing the Zacks Consensus Estimate of $150.4 million [3] - Advanced Polymer Technologies segment revenues declined by 9.9% to $47.9 million, also missing the Zacks Consensus Estimate of $49.2 million [4] Financial Position - Ingevity ended the quarter with cash and cash equivalents of $107.4 million, reflecting a year-over-year increase of approximately 57.9% [5] - Long-term debt decreased by 8.1% year over year to $1,401 million [5] - Operating cash flow for the quarter was $29.7 million, down around 38.6% year over year [5] Outlook - The company revised its sales guidance for 2024 to a range of $1.4 billion to $1.5 billion and adjusted EBITDA outlook to $350 million to $360 million [6] Price Performance - Ingevity's shares have declined by 23.2% over the past year, compared to a 13% decline in the industry [7]