Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 49

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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7.7 million, and unfavorable pricing and sales composition (mix) of $1.6 million. Gross profit for the three months ended March 31, 2025 includes realized savings of $6.0 million from the Performance Chemicals repositioning actions initiated in 2023. 

31

Selling, general and administrative expenses

Three Months Ended March 31, 2025 vs. 2024 

SG&A was $43.1 million (15 percent of Net sales) and $47.2 million (14 percent of Net sales) for the three months ended March 31, 2025 and 2024, respectively. Overall, SG&A decreased by $4.1 million or nine percent driven by our Performance Chemicals repositioning actions that reduced non-cash intangible amortization expense by $1.9 million and included $1.0 million in cash savings. SG&A was further reduced by decreased spending on commercial activities of $1.2 million. 

Research and technical expenses

Three Months Ended March 31, 2025 vs. 2024 

Research and technical expenses as a percentage of Net sales remained relatively consistent period over period, at 2.7 percent and 2.0 percent for the three months ended March 31, 2025 and 2024, respectively. Research and technical expenses as a percentage of Net sales increased due to lower sales. Overall, Research and technical expenses increased by $0.9 million, compared to the prior year quarter, driven by a $1.9 million increase primarily within our Performance Materials reportable segment. The increase was partially offset by approximately $1.0 million in cash savings realized from the Performance Chemicals repositioning actions initiated in 2023.

Restructuring and other (income) charges, net

Three Months Ended March 31, 2025 vs. 2024 

Three Months Ended March 31,In millions20252024Work force reductions and other $1.2 $— Performance Chemicals repositioning11.1 62.3 Restructuring charges$12.3 $62.3 North Charleston plant transition— 0.5 Other (income) charges, net$— $0.5 Restructuring and other (income) charges, net (1)$12.3 $62.8 _______________(1) See Note 11 for more information. 

Acquisition-related costs

Three Months