Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 510

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 510
---
 we realized savings of approximately $10 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.

30

Results of OperationsYears Ended December 31,In millions202420232022Net sales$1,406.4 $1,692.1 $1,668.3 Cost of sales951.7 1,220.2 1,098.2 Gross profit454.7 471.9 570.1 Selling, general, and administrative expenses166.7 183.7 198.8 Research and technical expenses28.1 31.8 30.3 Restructuring and other (income) charges, net186.2 170.2 13.8 Goodwill impairment charge349.1 — — Acquisition-related costs0.3 3.6 5.0 Other (income) expense, net169.8 5.7 (1.7)Interest expense97.8 93.3 61.8 Interest income(7.7)(6.3)(7.5)Income (loss) before income taxes(535.6)(10.1)269.6 Provision (benefit) for income taxes(105.3)(4.7)58.0 Net income (loss)$(430.3)$(5.4)$211.6 

Net sales

The table below shows 2024 and 2023 Net sales 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