Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 710

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 710
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 $0.5 million (zero percent), comprised of road technologies ($3.7 million), offset by industrial specialties ($3.2 million).

Segment EBITDA. The decrease of $51.0 million in 2024 was driven by a volume decrease of $45.0 million, higher manufacturing costs of $21.4 million, primarily due to higher cost CTO, and unfavorable foreign currency exchange and other charges of $5.1 million. The decrease was partially offset by favorable pricing and sales mix of $0.5 million and lower SG&A expenses of $20.0 million, which benefited from the Performance Chemicals' repositioning and cost savings initiatives implemented in 2023.

Year Ended December 31, 2023 vs. 2022

Segment net sales. The sales increase was driven by favorable pricing and sales mix of $93.1 million (11 percent), comprised of industrial specialties ($62.7 million) and road technologies product lines ($30.4 million), respectively. The increase was partially offset by a volume decline of $65.3 million (seven percent), driven by a decline in industrial specialties ($163.7 million), partially offset by growth in road technologies ($98.4 million). Unfavorable foreign currency exchange also impacted Net sales by $0.8 million (zero percent).

Segment EBITDA. Segment EBITDA decreased $94.7 million, mainly due to higher manufacturing costs of $157.8 million primarily due to increased CTO cost, a volume decline of $34.1 million, and unfavorable foreign currency exchange impacts of $0.1 million, These increases were partially offset by favorable pricing and sales mix of $89.7 million, and decreased SG&A expenses of $7.6 million.

Advanced Polymer Technologies

2024 Performance Summary

Advanced Polymer Technologies generated higher volumes year over year as the segment made progress in end markets such as elastomers, adhesives, and coatings; however, unfavorable overall product mix and selective price concessions contributed to a revenue decline of eight percent. The segment benefited from lower energy costs and an improvement in utilization rates as a result of higher volumes but these cost savings were more than offset by the revenue decline, resulting in segment EBITDA of $35.2 million and a segment EBITDA margin of 18.7 percent.

In millionsYears Ended December 31,202420232022Advanced Polymer Technologies - Net sales$188.6 $204.0 $244.7 Segment EBITDA