Fourth Consecutive Quarter of Year-over-Year Margin Expansion
Ingevity demonstrated meaningful progress with its fourth consecutive quarter of year-over-year margin expansion, reflecting increased profitability and strong free cash flow generation.
Adjusted EBITDA and Free Cash Flow Improvement
Adjusted EBITDA improved by $17 million, with margins increasing from 21.9% to 32.1%. Free cash flow improved by $44 million from Q1 last year, primarily due to repositioning benefits.
Performance Materials Sales Growth
Performance Materials had higher sales due to favorable regional and product mix as well as annual price increases. The EBITDA margins remained near 54% for the quarter.
Strong Cash Flow and Debt Reduction
The company's successful execution of repositioning and improved working capital is driving strong free cash flow, continuing to reduce leverage with net leverage ending the quarter at 3.3x.