Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 240

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 6
Chunk 240
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 and variances from 2023 and 2022, respectively.

Change vs. prior yearIn millions Prior year Net salesVolumePrice/MixCurrency effectCurrent year Net salesYear Ended December 31, 2024 vs. 2023$1,692.1 (274.9)(1.0)(9.8)$1,406.4 Year Ended December 31, 2023 vs. 2022$1,668.3 (106.3)142.3 (12.2)$1,692.1 

2024 Performance Summary

The Net sales decrease was driven primarily by the Performance Chemicals industrial specialties product line due to repositioning actions that have resulted in the reduction of sales to lower margin end-use markets, therefore reducing Net sales during the year by approximately $210 million. Also contributing to the lower sales was unfavorable weather in key North American regions impacting the Performance Chemicals road technologies product line contributing to the decline in Net sales of $27.5 million, continued weakness in certain industrial end markets that negatively impacted sales in the Performance Chemicals industrial specialties product line that contributed to the reduction in Net sales of $56.4 million, and lower sales in our Advanced Polymer Technologies reportable segment of $15.4 million, partially offset by an increase in our Performance Materials reportable segment of $23.6 million.

Year Ended December 31, 2024 vs. 2023

The Net sales decrease in 2024 was driven by volume decline of $274.9 million (16 percent), unfavorable foreign exchange impacts of $9.8 million (one percent), and unfavorable pricing and sales mix of $1.0 million (zero percent). 

Year Ended December 31, 2023 vs. 2022

The Net sales increase in 2023 was driven by favorable pricing and sales mix of $142.3 million (nine percent), primarily attributed to an increase in Performance Chemicals of $93.1 million, partially offset by volume decline of $106.3 million (six percent), and unfavorable foreign exchange impacts of $12.2 million (one percent).

31

Gross profit

Year Ended December 31, 2024 vs. 2023

Gross profit decrease of $17.2 million was driven by unfavorable sales volume of $35.8 million, unfavorable pricing and sales mix of $6.4 million, and unfavorable foreign exchange impacts of $2.9 million, partially offset by decreased manufacturing costs