Ingevity (NGVT) Q4 FY2021 earnings: revenue $336 million, up 3.2% on the year

Ingevity Corp. (NGVT) reported revenue of $336 million for Q4 FY2021, the quarter ended 31 December 2021, up 3.2% on the same quarter a year earlier. Net income was $29 million, down 36.3% on the year, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$336 million

+3.2% on the year · -10.8% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

23.7%

34.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$29 million

-36.3% on the year

Q1 FY2020Q4 FY2021

Diluted EPS

$0.74

-33.3% on the year

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	336	377	326	-10.8%	+3.2%
Cost of revenue	231	n/a	n/a
Gross profit	105	n/a	n/a
Gross margin	31.2%	n/a	n/a
Research and development	7.0	n/a	n/a
Selling, general and administrative	48.3	n/a	n/a
Operating income	79.6	120	111	-33.4%	-28.2%
Operating margin	23.7%	31.7%	34.1%
Pre-tax income	36.3	n/a	n/a
Income tax	7.0	n/a	n/a
Effective tax rate	19.3%	n/a	n/a
Net income	29.3	-4.2	46.0		-36.3%
Net margin	8.7%	n/a	n/a
Diluted EPS	$0.74	-$0.11	$1.11		-33.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	76.0	n/a	n/a
Capital expenditure	37.4	n/a	n/a
Free cash flow	38.6	n/a	n/a
Free cash flow margin	11.5%	n/a	n/a
Cash from investing	-57.2	n/a	n/a
Cash from financing	-12.8	n/a	n/a
Depreciation and amortisation	28.2	27.6	26.7	+2.2%	+5.6%
Share-based compensation	2.5	n/a	n/a
Buybacks	9.1	n/a	n/a
Diluted shares, weighted	40m	40m	41m	+0.2%	-4.3%
Shares outstanding at period end	39m	39m	41m	-0.3%	-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	674	644	642	+4.5%	+4.9%
Debt	1,270	1,274	1,306	-0.3%	-2.8%
Operating lease liabilities	36.2	n/a	n/a
Finance lease liabilities	102	n/a	n/a
Other liabilities	388	n/a	n/a
Total liabilities and equity	2,469	n/a	n/a
Fixed assets	720	n/a	n/a
Goodwill	442	n/a	n/a
Intangible assets	338	n/a	n/a
Investments	35.3	n/a	n/a
Cash and equivalents	275	269	258	+2.2%	+6.9%
Inventory	241	n/a	n/a
Other assets	418	n/a	n/a
Total assets	2,469	n/a	n/a

Questions

What was Ingevity's revenue in Q4 FY2021?

Ingevity (NGVT) reported revenue of $336 million for Q4 FY2021, the quarter ended 31 December 2021, up 3.2% on the same quarter a year earlier.

How much did Ingevity earn in Q4 FY2021?

Net income for Q4 FY2021 was $29 million, down 36.3% on the year, and diluted earnings per share $0.74.

When did Ingevity report Q4 FY2021 results?

Ingevity filed its 10-K for the year that ended with the quarter on 24 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	336	383	420	482	384	393	482	446	372	340	391	334	299	248	332	333	255	258	314	305
Cost of revenue	231	245	269	306	278	262	329	317	312	240	267	202	197	136	204	199	167	142	175	172
Gross profit	105	138	151	176	105	130	153	129	59.5	99.7	123	132	102	112	128	134	87.9	116	139	133
Gross margin	31%	36%	36%	37%	27%	33%	32%	29%	16%	29%	32%	39%	34%	45%	39%	40%	34%	45%	44%	44%
R&D	7.0	7.3	8.2	7.6	7.2	8.8	8.0	7.8	7.2	6.8	7.3	6.2	7.3	7.0	7.0	7.0	7.4	6.7	6.1	8.3
SG&A	48.3	40.0	48.7	54.2	55.9	48.6	51.7	40.0	43.4	47.2	41.4	37.9	39.4	41.9	43.6	44.1	41.6	40.7	39.0	38.1
Operating income	79.6	119	121	138	74.3	104	121	110	61.8	76.9	101	110	80.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	24%	31%	29%	29%	19%	26%	25%	25%	17%	23%	26%	33%	27%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	15.9	14.2	13.5
Pre-tax income	36.3	77.6	76.5	95.8	19.7	64.1	47.7	32.1	-154	-71.9	-335	54.0	8.8	37.6	-137	62.2	-105	30.2	50.7	68.9
Tax rate	19%	22%	22%	21%	21%	21%	26%	21%	n/a	n/a	n/a	12%	-89%	23%	n/a	34%	n/a	23%	21%	26%
Net income	29.3	60.8	59.8	75.4	15.6	50.7	35.5	25.2	-117	-56.0	-284	-107	16.6	20.5	-146	43.5	-84.6	59.8	35.3	49.3
Net margin	9%	16%	14%	16%	4%	13%	7%	6%	-31%	-16%	-73%	-32%	6%	8%	-44%	13%	-33%	23%	11%	16%
Diluted EPS	$0.74	$1.55	$1.54	$1.98	$0.41	$1.35	$0.97	$0.69	-$3.23	-$1.54	-$7.81	-$2.95	$0.46	$0.56	-$4.02	$1.18	-$2.37	$1.66	$1.00	$1.41
Operating cash flow	76.0	24.3	90.5	100	98.2	5.3	48.4	107	44.6	-12.1	29.7	46.5	64.5	25.4	79.0	130	97.1	-2.0	-13.8	99.2
Capital expenditure	37.4	27.6	29.6	36.1	49.2	25.4	21.7	33.5	29.2	16.6	18.1	18.0	24.9	10.0	12.2	11.9	23.6	10.3	10.3	13.7
Free cash flow	38.6	-3.3	60.9	64.0	49.0	-20.1	26.7	73.4	15.4	-28.7	11.6	28.5	39.6	15.4	66.8	118	73.5	-12.3	-24.1	85.5
Buybacks	9.1	40.4	49.5	49.3	6.0	33.4	58.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.2	31.1	52.3	34.5	38.5
Shares outstanding	39m	39m	38m	37m	37m	37m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	35m	35m	34m	34m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 24 February 2022: the filing.