Ingevity (NGVT) FY2023 results: revenue $1.2 billion, down 27.1% on the year

Ingevity Corp. (NGVT) reported revenue of $1.2 billion for fiscal 2023, the year ended 31 December 2023, down 27.1% on the year before. Net income was -$5 million, and diluted earnings per share $-0.15. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$1.2 billion

-27.1% on the year

FY2016FY2023

Operating margin

34.8%

27.1% a year earlier

FY2016FY2023

Net income

-$5 million

FY2016FY2023

Diluted EPS

-$0.15

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,216	1,668	1,392	-27.1%
Cost of revenue	770	1,098	879	-29.8%
Gross profit	445	570	513	-21.9%
Gross margin	36.6%	34.2%	36.9%
Research and development	25.4	30.3	26.3	-16.2%
Selling, general and administrative	162	199	179	-18.6%
Operating income	423	453	422	-6.5%
Operating margin	34.8%	27.1%	30.3%
Interest expense	93.3	61.8	51.7	+51.0%
Pre-tax income	130	270	163	-51.8%
Income tax	24.2	58.0	44.7	-58.3%
Effective tax rate	18.6%	21.5%	27.5%
Net income	-5.4	212	118
Net margin	-0.4%	12.7%	8.5%
Diluted EPS	-$0.15	$5.50	$2.95

$ million except per share.

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	FY2023	FY2022	FY2021	On the year
Operating cash flow	205	313	293	-34.5%
Capital expenditure	110	142	104	-22.9%
Free cash flow	95.3	171	189	-44.1%
Free cash flow margin	7.8%	10.2%	13.6%
Cash from investing	-77.3	-552	-139
Cash from financing	-99.9	48.1	-133
Depreciation and amortisation	123	109	110	+12.9%
Share-based compensation	10.6	16.1	12.3	-34.2%
Buybacks	92.1	145	109	-36.6%
Diluted shares, weighted	36m	38m	40m	-5.1%
Shares outstanding at period end	36m	37m	39m	-2.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	631	698	674	-9.6%
Debt	1,467	1,472	1,270	-0.4%
Operating lease liabilities	48.6	40.8	36.2	+19.1%
Finance lease liabilities	100	101	102	-1.0%
Other liabilities	376	424	388	-11.3%
Total liabilities and equity	2,623	2,736	2,469	-4.1%
Fixed assets	762	799	720	-4.6%
Goodwill	528	518	442	+1.7%
Intangible assets	336	405	338	-17.0%
Investments	n/a	n/a	35.3
Securities held for sale or to maturity	63.9	71.6	n/a	-10.8%
Cash and equivalents	95.9	76.7	275	+25.0%
Inventory	309	335	241	-7.8%
Other assets	529	531	418	-0.5%
Total assets	2,623	2,736	2,469	-4.1%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.