Ingevity (NGVT) FY2019 results: revenue $1.3 billion, up 14.1% on the year
Ingevity Corp. (NGVT) reported revenue of $1.3 billion for fiscal 2019, the year ended 31 December 2019, up 14.1% on the year before. Net income was $184 million, up 8.6%, and diluted earnings per share $4.35. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$1.3 billion
+14.1% on the year
FY2014FY2019
Operating margin
30.7%
28.3% a year earlier
FY2014FY2019
Net income
$184 million
+8.6% on the year
FY2014FY2019
Diluted EPS
$4.35
+9.6% on the year
FY2014FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,293
1,134
972
+14.1%
Cost of revenue
811
717
643
+13.1%
Gross profit
482
417
329
+15.6%
Gross margin
37.3%
36.8%
33.8%
Research and development
19.7
21.5
19.8
-8.4%
Selling, general and administrative
163
132
106
+23.2%
Operating income
397
320
243
+23.8%
Operating margin
30.7%
28.3%
25.0%
Interest expense
54.6
33.2
18.1
+64.5%
Pre-tax income
228
222
175
+2.8%
Income tax
44.2
40.0
29.6
+10.5%
Effective tax rate
19.4%
18.0%
16.9%
Net income
184
169
126
+8.6%
Net margin
14.2%
14.9%
13.0%
Diluted EPS
$4.35
$3.97
$2.97
+9.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
276
252
174
+9.4%
Capital expenditure
115
93.9
52.6
+22.3%
Free cash flow
161
158
122
+1.8%
Free cash flow margin
12.4%
13.9%
12.5%
Cash from investing
-658
-414
-58.6
Cash from financing
369
154
-57.8
+140.2%
Depreciation and amortisation
85.0
57.0
40.4
+49.1%
Share-based compensation
12.3
12.5
10.1
-1.6%
Buybacks
6.4
47.4
6.6
-86.5%
Diluted shares, weighted
42m
43m
43m
-0.9%
Shares outstanding at period end
42m
42m
42m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
531
339
264
+56.7%
Non-controlling interest
n/a
0.0
14.0
Debt
1,258
759
455
+65.7%
Operating lease liabilities
36.7
0.0
n/a
Finance lease liabilities
80.0
n/a
n/a
Other liabilities
236
218
197
+8.6%
Total liabilities and equity
2,142
1,315
930
+62.8%
Fixed assets
665
524
438
+26.9%
Goodwill
436
131
12.4
+233.9%
Intangible assets
396
126
4.9
+215.4%
Cash and equivalents
56.5
77.5
87.9
-27.1%
Receivables
150
119
100
+26.2%
Inventory
212
191
160
+11.0%
Other assets
225
147
126
+53.0%
Total assets
2,142
1,315
930
+62.8%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.