Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 711

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 711
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$35.2 $44.5 $40.0 

Net Sales Comparison of Years Ended December 31, 2024, 2023, and 2022

Change vs. prior yearIn millions Prior year Net salesVolumePrice/MixCurrency effectCurrent year Net salesYear Ended December 31, 2024 vs 2023$204.0 7.1 (18.8)(3.7)$188.6 Year Ended December 31, 2023 vs 2022$244.7 (58.3)17.0 0.6 $204.0 

Year Ended December 31, 2024 vs. 2023

Segment net sales. The decrease of $15.4 million in 2024 was driven by unfavorable pricing and sales mix of $18.8 million (nine percent), and unfavorable foreign currency exchange of $3.7 million (two percent), partially offset by volume growth of $7.1 million (three percent). 

Segment EBITDA. The decrease of $9.3 million in 2024 was driven by unfavorable pricing and sales mix of $18.8 million, and unfavorable foreign currency exchange impacts and other charges of $2.8 million. The decrease was partially offset by lower manufacturing costs of $8.8 million, volume growth of $2.9 million, and lower SG&A expenses of $0.6 million. 

37

Year Ended December 31, 2023 vs. 2022

Segment net sales. The sales decrease was driven by a volume decline of $58.3 million (24 percent), partially offset by favorable pricing and sales mix of $17.0 million (seven percent), and favorable foreign currency exchange of $0.6 million (zero percent).

Segment EBITDA. Segment EBITDA increased $4.5 million, mainly due to favorable pricing and sales mix of $17.1 million, decreased manufacturing costs of $9.9 million, and decreased SG&A expenses of $5.9 million. These increases were partially offset by volume declines of $23.7 million, and unfavorable foreign currency exchange impacts and other miscellaneous charges of $4.7 million. 

38

Use of Non-GAAP Financial Measures

Ingevity has presented the financial measure, Adjusted EBITDA, defined below, which has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has provided a reconciliation to