Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 125

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 general, and administrative expenses, and $5 million in Research and technical expenses, respectively. We expect to realize all remaining savings in 2025. 

In addition to the cash savings, we expect to realize approximately $15 million to $17 million in lower full year depreciation and intangible amortization expenses, respectively. To date, we realized savings of approximately $12 million. We expect to realize the remaining savings in 2025.

The charges we currently expect to incur and the savings we expect to obtain in connection with these actions are subject to a number of assumptions and risks, and actual results may differ materially. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or in connection with, these actions.

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Results of Operations

Three Months Ended March 31,In millions20252024Net sales$284.0 $340.1 Cost of sales170.6 240.4 Gross profit113.4 99.7 Selling, general, and administrative expenses43.1 47.2 Research and technical expenses7.7 6.8 Restructuring and other (income) charges, net12.3 62.8 Acquisition-related costs— 0.3 Other (income) expense, net4.1 32.2 Interest expense, net19.4 22.3 Income (loss) before income taxes26.8 (71.9)Provision (benefit) for income taxes6.3 (15.9)Net income (loss)$20.5 $(56.0)

Q1 2025 Performance Summary

The Net sales decrease was driven primarily by the Performance Chemicals industrial specialties product line due to repositioning actions which included the focus on reducing exposure to lower margin end-use markets and therefore reduced sales during the quarter by approximately $37 million. Also contributing to the lower sales was continued weakness in certain industrial end markets that negatively impacted sales in our industrial specialties product line and our Advanced Polymer Technologies reportable segment, slightly offset by an increase in our Performance Materials reportable segment.

Net sales

The table below shows the 2025 Net sales and variances from 2024:Change vs. prior yearIn millionsPrior year Net salesVolumePrice/MixCurrency effectCurrent year Net SalesThree months ended March 31, 2025 vs. 2024$340.1 (55.4)— (0.7)$