Ingevity(US:NGVT)2021-11-01 15:01Q3 2021 Performance Highlights - Net sales increased by 13.6% to $376.8 million, compared to $331.7 million in Q3 2020[7] - Adjusted EBITDA decreased by 6.3% to approximately $120 million, with the adjusted EBITDA margin down 680 bps to 31.7%[6, 7] - Performance Materials segment was negatively impacted by depressed automotive production due to the global microchip shortage, while Engineered Polymers and Industrial Specialties showed strong growth[6] Segment Performance - Performance Chemicals sales increased by 37.7% to $258.7 million, driven by strong demand in Engineered Polymers and Industrial Specialties[10, 11] - Engineered Polymers sales increased by 109.1% to $52.9 million[11] - Industrial Specialties sales increased by 47.1% to $132.5 million[11] - Performance Materials sales decreased by 17.9% to $118.1 million due to lower automotive production[14, 15] - Performance Chemicals segment EBITDA increased by 33.7% to $63.1 million[10, 11] - Performance Materials segment EBITDA decreased by 29.9% to $56.4 million[14, 15] Financial Metrics - Free cash flow for the quarter was $75 million, enabling $32 million of share repurchases at an average price of $77.79[26] - Year-to-date share repurchases totaled $100 million (1.3 million shares) at an average price of $77.26[26] - Net debt ratio was maintained at 2.1x, within the target range of 2.0x-2.5x[26] Full Year 2021 Guidance - Revenue is projected to be between $1.32 billion and $1.36 billion[30] - Adjusted EBITDA is projected to be between $405 million and $420 million[31] - Capital expenditures are expected to be between $100 million and $115 million[32] - Free cash flow is expected to be greater than $200 million[33] - Net debt ratio is expected to be between 2.0x and 2.5x[34]