Ingevity (NGVT) Extends Distributorship With TRiiSO for Capa
Ingevity Corporation NGVT has announced the extension of the distributorship with TRiiSO LLC to expand the distribution footprint for the company's Capa products from the existing western United States to encompass the entire United States and Canada. The new arrangement will enhance capabilities to better serve existing Capa customers and aid growth in new North American markets.
The expansion of this partnership will enable more usage of Ingevity's Capa technology as well as increase support for existing and future applications, NGVT noted.
TRiiSO's nationwide reach and 50-year track record of serving the coatings, adhesives, sealants and elastomers (CASE) industry boosts Ingevity's dedication to providing innovative products and best-in-class technical and customer support to existing and future clients.
TRiiSO's technical support strengths complement Ingevity's commitment to providing solutions to challenging formulation issues. The new agreement will take effect as of Dec 25, 2023.
Shares of Ingevity have lost 50.5% over the past year against an 8.4% rise of its industry.
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Ingevity, on its third-quarter call, said that since the year-long soft industrial demand environment has not improved, volume weakness is likely to persist. Further, price pressure is increasing as the weakness continues, especially in cyclical areas like adhesives and oilfield. The company cut its adjusted EBITDA outlook for the full year to between $375 million and $390 million due to growing CTO expenses in the fourth quarter and the failure to recover costs through pricing adjustments.
Ingevity Corporation Price and Consensus
Ingevity Corporation price-consensus-chart | Ingevity Corporation Quote
Zacks Rank & Key Picks
Ingevity currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials space include Denison Mines Corp. DNN, Axalta Coating Systems Ltd. AXTA and The Andersons Inc. ANDE.
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently carries a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock is up around 50% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 15.2% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 29.2% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
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