Ingevity Corporation (NYSE:NGVT) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET

Company Participants

John Nypaver - VP, IR & Treasurer

John Fortson - President, CEO & Director

Mary Hall - EVP & CFO

Richard White - SVP & President, Performance Chemicals

Steve Hulme - SVP & President, Advanced Polymer Technologies

Stuart Woodcock - EVP & President, Performance Materials

Conference Call Participants

Vincent Anderson - Stifel, Nicolaus & Company

Jonathan Tanwanteng - CJS Securities

Christopher Kapsch - Loop Capital Markets

Ian Zaffino - Oppenheimer

Michael Sison - Wells Fargo Securities

Daniel Rizzo - Jefferies

Operator

Good morning, or good afternoon, all, and welcome to the Ingevity First quarter 2023 Earnings Webcast. My name is Adam and I'll be your representative today. [Operator Instructions].

I will now hand the call over to John Nypaver to begin. So John, please go ahead when you're ready.

John Nypaver

Thank you, Adam. Good morning, and welcome to Ingevity's First Quarter 2023 Earnings Call. Early this morning, we posted a presentation on our Investor site that you can use to follow today's discussion. It can be found on ir.ingevity.com under Events and Presentations.

Also, throughout this call, we may refer to non-GAAP financial measures which are intended to supplement, not substitute for comparable GAAP measures. Definitions of these non-GAAP financial measures and reconciliations to comparable GAAP measures are included in our earnings release and are also in our Form 10-K.

We may also make forward-looking statements regarding future events and future financial performance of the company during this call. And we caution you that these statements are just projections, and actual results or events may differ materially from those projections as further described in our earnings release.

Our agenda is on Slide 3. Our speakers today are: John Fortson, our President and CEO; and Mary Hall, our CFO; our business leads which include Ed Woodcock, President of Performance Materials; Rich White, President of Performance Chemicals; and Steve Hume, President of Advanced Polymer Technologies, are available for questions and comments.

John will start us off with some highlights for the quarter. Mary will follow with a review of our consolidated financial performance in the business segment results for the first quarter. John will then provide an update on guidance followed by closing comments.

With that, over to you John.

John Fortson

Thanks, John, and hello, everyone. On Slide 4, you can see our highlights for Q1. After a slow start, we put up a solid quarter. The quarter ended with what we would consider more normal sales levels. However, it was not enough to offset the weakness of the start. This manifested itself in lower volumes and all of our businesses except Pavement Technologies.