South Carolina, US – Ingevity has reported sales of $482m for the second quarter of 2023, up 15% on the $420m achieved in the same quarter last year. Adjusted EBITDA of $121m was almost exactly the same as the 2022 quarter. The sales increase was attributed to price increases across all parts of the business.
Sales in its advanced polymer technologies segment, which includes its portfolio for polyurethanes, were down very slightly, at $53.2m in the 2023 quarter and $53.8m in the same quarter last year. However, EBITDA in this part of the business more than tripled to $11.6m, up from $3.8m in the 2022 quarter, assisted by lower input costs. Good performance in automotive and bioplastics was offset by lower volumes in footwear, the company said.
“This quarter we delivered double-digit revenue growth and maintained strong adjusted EBITDA margins in a challenging economic environment,” said John Fortson, the company’s president and CEO. “Our strong results in this environment reflect our broad portfolio of products that serve diverse end markets across all regions.”
