Ingredion(INGR)

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Ingredion Named to World's Most Ethical Companies List for 11th Year
Newsfilter· 2025-03-11 10:05
WESTCHESTER, Ill., March 11, 2025 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE:INGR), a leading global provider of ingredient solutions for food, beverage and industrial applications, today announced it has been recognized for the 11th time as one of the 2025 World's Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. "We are proud to be named one of the World's Most Ethical Companies by Ethisphere in 2025. This honor underscores ...
Ingredion Named to World's Most Ethical Companies List for 11th Year
Globenewswire· 2025-03-11 10:05
WESTCHESTER, Ill., March 11, 2025 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions for food, beverage and industrial applications, today announced it has been recognized for the 11th time as one of the 2025 World’s Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. “We are proud to be named one of the World’s Most Ethical Companies by Ethisphere in 2025. This honor underscores ...
Ingredion Inc Q4: A Mixed Result Doesn't Give Me Confidence In 2025
Seeking Alpha· 2025-03-05 18:04
Group 1 - Ingredion Incorporated (NYSE: INGR) recently reported Q4 results, indicating a need for detailed analysis of the numbers and future prospects for the company [1] - The company is viewed as having potential for long-term growth, with a focus on a 5-10 year investment horizon [1] Group 2 - The article emphasizes a preference for a diversified portfolio that includes growth, value, and dividend-paying stocks, with a particular inclination towards value investments [1]
Ingredion Invests $50 Million in Cedar Rapids, Iowa Facility to Expand Specialty Industrial Starch Capacity for Packaging and Papermaking Industries
Newsfilter· 2025-02-28 04:53
Company Overview - Ingredion Incorporated is a leading global provider of ingredient solutions, serving customers in over 120 countries with annual net sales of approximately $7.4 billion in 2024 [3] - The company specializes in turning grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for various markets, including food, beverage, animal nutrition, brewing, and industrial applications [3] - Ingredion operates innovation centers known as Ingredion Idea Labs® and employs more than 11,000 people globally [3] Investment and Expansion - Ingredion announced a $50 million investment to modernize and expand its Cedar Rapids, Iowa facility, focusing on the production of industrial starches for the packaging and papermaking industries [1][2] - The investment aims to increase capacity and improve production efficiency, positioning Ingredion to better serve the growing demand for functional solutions that meet stringent requirements for strength, biodegradability, and recyclability [2] Market Demand and Commitment - There is a rising demand for stronger natural polymer-based food packaging and functional solutions in the containerboard and papermaking sectors [2] - Ingredion is committed to supporting these industries as they adapt to changing consumer and environmental requirements, contributing to the circular economy of the paper and packaging industries [2]
Ingredion(INGR) - 2024 Q4 - Annual Report
2025-02-20 21:16
Part I [Business Overview](index=7&type=section&id=Item%201.%20Business) Ingredion is a global ingredient solutions provider, transforming plant-based materials into value-added ingredients for diverse markets, operating through three main segments - Ingredion is a global ingredient solutions provider that converts grains, fruits, and vegetables into value-added ingredients for various markets, including food, beverage, animal nutrition, and industrial sectors[19](index=19&type=chunk) - The company's primary products are starches and sweeteners, derived mainly from corn and other starch-based materials. Starches accounted for approximately **49% of net sales in 2024**, while sweeteners accounted for **35%**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - As of December 31, 2024, the company operated a global network of **46 manufacturing facilities** to support its product lines[42](index=42&type=chunk) [Business Segments](index=8&type=section&id=Business%20Segments) This section outlines Ingredion's three new reportable segments effective January 1, 2024, and their net sales contributions by industry - Effective January 1, 2024, Ingredion realigned its operations into three new reportable segments: Texture & Healthful Solutions (T&HS), Food & Industrial Ingredients - Latin America (F&II - LATAM), and Food & Industrial Ingredients - U.S./Canada (F&II - U.S./Canada)[26](index=26&type=chunk) Net Sales by Industry and Segment (2024) | Industries Served | Total Ingredion | T&HS | F&II - LATAM | F&II - U.S./Canada | All Other | | :--- | :--- | :--- | :--- | :--- | :--- | | Food | 56 % | 81 % | 46 % | 41 % | 55 % | | Beverage | 10 % | 4 % | 10 % | 16 % | 10 % | | Brewing | 7 % | 1 % | 18 % | 4 % | 1 % | | **Food and Beverage Ingredients** | **73 %** | **86 %** | **74 %** | **61 %** | **66 %** | | Animal Nutrition | 8 % | 2 % | 13 % | 8 % | 12 % | | Other | 19 % | 12 % | 13 % | 31 % | 22 % | | **Total Net Sales** | **100 %** | **100 %** | **100 %** | **100 %** | **100 %** | - No single customer accounted for **10% or more** of the company's net sales in 2022, 2023, or 2024[26](index=26&type=chunk) [Raw Materials and Operations](index=10&type=section&id=Raw%20Materials%20and%20Operations) This section details Ingredion's primary raw materials, their price volatility, and the company's hedging strategies - The primary raw material is corn (yellow dent), supplemented by tapioca, potato, rice, pulses, and sugar. The company also uses specialty grains like waxy and high amylose corn, which require planning cycles of up to three years[44](index=44&type=chunk)[47](index=47&type=chunk) - Corn prices are volatile and influenced by factors such as weather, government policies (including ethanol production), and global grain supply. The company uses derivative hedging contracts to manage price risk for its firm-priced business[46](index=46&type=chunk)[49](index=49&type=chunk) [Human Capital and Governance](index=11&type=section&id=Human%20Capital%20and%20Governance) This section provides an overview of Ingredion's workforce, regulatory compliance, and executive leadership - As of December 31, 2024, Ingredion employed approximately **11,200 people**, with **3,200 in the U.S. and Canada**. About **33%** of the U.S. and Canadian workforce is unionized[59](index=59&type=chunk) - The company is subject to extensive government regulation, including from the FDA, and environmental laws. In 2024, it spent **$49 million** on environmental control and wastewater treatment equipment, with a planned investment of approximately **$66 million** for 2025[63](index=63&type=chunk)[64](index=64&type=chunk) - The company's executive team is led by James P. Zallie, President and CEO, and James D. Gray, EVP and CFO[68](index=68&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) Ingredion faces diverse business, industry, regulatory, financial, and operational risks, including shifts in consumer demand, volatile input costs, and cybersecurity threats - **Business & Industry Risks:** Demand is affected by changing consumer preferences (e.g., avoiding high fructose corn syrup, GMOs) and the rise of weight-loss medications. The company is heavily reliant on the food (**56%**), beverage (**10%**), and brewing (**7%**) industries[70](index=70&type=chunk)[76](index=76&type=chunk) - **Input Cost & Competition Risks:** Raw material costs (**40-60%** of finished product costs) and energy costs (**~8%** of finished product costs) are volatile. The company faces intense competition from ADM, Cargill, Tate & Lyle, and Primient, which can make it difficult to pass on cost increases[79](index=79&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) - **Operational & Strategic Risks:** The business is exposed to operating difficulties at its capital-intensive facilities, product safety issues, and risks associated with climate change. Failure to successfully execute acquisitions, divestitures, or manage joint ventures could also adversely affect results[87](index=87&type=chunk)[90](index=90&type=chunk)[94](index=94&type=chunk) - **Financial & IT Risks:** The company is exposed to foreign currency fluctuations, changes in tax laws (including OECD's Pillar Two), and rising interest rates. IT systems are vulnerable to increasingly sophisticated cybersecurity threats, which could disrupt operations and cause reputational damage[97](index=97&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) [Cybersecurity](index=23&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cybersecurity risk management program, aligned with the NIST framework and overseen by the Board, with no material breaches reported to date - The Board of Directors, through its Audit Committee, oversees the company's cybersecurity risk management program[126](index=126&type=chunk) - The company's incident and crisis management plans are aligned with the National Institute of Standards and Technology (NIST) framework and include regular tabletop exercises, vulnerability assessments, and employee training[127](index=127&type=chunk)[128](index=128&type=chunk) - The Chief Digital and Information Officer, with over **30 years of experience**, is responsible for the global IT and digital strategy, including cybersecurity[132](index=132&type=chunk)[133](index=133&type=chunk) - To date, cybersecurity breaches have not materially affected the company[134](index=134&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) As of February 20, 2025, Ingredion operated 46 global manufacturing facilities, with plans to close specific sites in the UK, Brazil, and Canada - The company operates **46 manufacturing facilities**, which are owned or leased. The breakdown by segment is: T&HS (**23**), F&II - LATAM (**10**), F&II - U.S./Canada (**6**), and All Other (**7**)[135](index=135&type=chunk)[136](index=136&type=chunk) - Ingredion has announced the closure or intent to close its facilities in Goole, UK; Alcantara, Brazil; and Vanscoy, Canada[137](index=137&type=chunk) [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) Ingredion is in discussions with the Illinois EPA regarding a 2023 emissions violation at its Bedford Park facility, with no currently known legal proceedings expected to have a material impact - On February 8, 2023, the Illinois EPA issued a Notice of Violation to the company regarding emissions at its Bedford Park, Illinois facility that exceeded permit limits. The company is in discussions with the agency regarding this matter[138](index=138&type=chunk) - The company does not believe that currently known legal proceedings, including the Illinois EPA matter and other ordinary course claims, will be material to its financial condition or results of operations[139](index=139&type=chunk) Part II [Market for Common Equity and Share Repurchases](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ingredion's common stock trades on the NYSE, and the company repurchased 891,000 shares in Q4 2024 under an ongoing program with 3.3 million shares remaining - The company's common stock is listed on the New York Stock Exchange under the symbol "INGR". As of February 14, 2025, there were **2,801 holders of record**[142](index=142&type=chunk) Issuer Purchases of Equity Securities (Q4 2024) | Period (shares in thousands) | Total Number of Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Program | Maximum Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | :--- | | October 1 – October 31, 2024 | — | — | — | 4,238 | | November 1 – November 30, 2024 | 271 | $144.93 | 271 | 3,967 | | December 1 – December 31, 2024 | 620 | $143.30 | 620 | 3,347 | | **Total** | **891** | **$143.83** | **891** | | - A stock repurchase program authorizing the purchase of up to **6.0 million shares** is in effect until December 31, 2025. As of year-end 2024, **3.3 million shares** were available for repurchase[144](index=144&type=chunk) [Management's Discussion and Analysis (MD&A)](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Ingredion's 2024 financial performance saw a decline in net sales and operating income, primarily due to divestitures and price mix, while net income slightly increased, supported by strong liquidity and reduced leverage Financial Performance Summary (2024 vs. 2023) | Metric | 2024 | 2023 | Change | Key Drivers | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $7.4B | $8.2B | -9% | Unfavorable price mix, lower corn costs, South Korea divestiture | | Operating Income | $883M | $957M | -8% | Impairment charges from facility closures | | Net Income (to Ingredion) | $647M | $643M | +1% | Lower financing costs, gain on sale of business, offset by higher tax rate | | Diluted EPS | $9.71 | $9.60 | +1% | Driven by higher net income | - The gross profit margin increased to **24% in 2024** from **21% in 2023**, driven by favorable raw material and lower input costs[154](index=154&type=chunk) - The company recorded restructuring and impairment charges of **$127 million in 2024**, primarily related to the cessation of operations at facilities in Vanscoy (Canada), Goole (UK), and Alcantara (Brazil)[156](index=156&type=chunk) - The effective tax rate increased to **29.8% in 2024** from **22.4% in 2023**, driven by the impact of the Mexican peso, an unfavorable legal judgment, and the elimination of certain tax incentives in Brazil[158](index=158&type=chunk) [Segment Performance](index=29&type=section&id=Segment%20Performance) This section details the operating income performance and key drivers for Ingredion's three new reportable segments in 2024 Segment Operating Income (2024 vs. 2023) | Segment | 2024 Operating Income | 2023 Operating Income | Change | Key Drivers | | :--- | :--- | :--- | :--- | :--- | | **T&HS** | $350M | $394M | -11% | Unfavorable price mix and higher-cost inventory carry-forward | | **F&II - LATAM** | $483M | $452M | +7% | Lower input costs in Mexico and Brazil | | **F&II - U.S./Canada** | $373M | $298M | +25% | Favorable catch-up pricing under multi-year contracts and lower raw material costs | | **All Other** | ($22M) | ($2M) | N/A | Increased loss driven by the sale of the South Korea business | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) This section outlines Ingredion's financial liquidity, debt position, and cash flow activities for 2024, including future capital expenditure plans - As of December 31, 2024, total available liquidity was **$2.6 billion**, comprising **$1.5 billion** in domestic liquidity (including a **$1.0 billion** commercial paper program) and **$1.1 billion** in international liquidity[168](index=168&type=chunk)[169](index=169&type=chunk) - Total debt outstanding was **$1.8 billion** as of December 31, 2024. The company was in compliance with all financial covenants under its revolving credit agreement[170](index=170&type=chunk)[172](index=172&type=chunk) Cash Flow Summary (2024 vs. 2023) | Cash Flow Activity (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Cash from Operating Activities | $1,436 | $1,057 | | Cash used for Investing Activities | ($47) | ($329) | | Cash used for Financing Activities | ($765) | ($569) | - Capital expenditures for 2025 are anticipated to be approximately **$450 million**[176](index=176&type=chunk) [Key Financial Performance Metrics (Non-GAAP)](index=31&type=section&id=Key%20Financial%20Performance%20Metrics%20%28Non-GAAP%29) This section discusses Ingredion's use of non-GAAP financial metrics, including Adjusted ROIC and Net Debt to Adjusted EBITDA, to assess profitability and leverage - The company uses non-GAAP metrics, Adjusted Return on Invested Capital (Adjusted ROIC) and Net Debt to Adjusted EBITDA, to monitor profitability and financial leverage[179](index=179&type=chunk) - Adjusted ROIC was **14.8% in 2024**, compared to **13.3% in 2023**, exceeding the long-term objective of **10.0%**[185](index=185&type=chunk)[187](index=187&type=chunk) - The Net Debt to Adjusted EBITDA ratio was **0.7 as of December 31, 2024**, down from **1.5 in 2023**, and well below the long-term target of **2.5 or less**[190](index=190&type=chunk)[192](index=192&type=chunk) [Critical Accounting Policies and Estimates](index=34&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section describes Ingredion's critical accounting policies and estimates, particularly those involving significant management judgment for assets and retirement benefits - Key critical accounting policies involve significant management judgment and estimates regarding Property, Plant & Equipment (PP&E), definite-lived intangible assets, indefinite-lived intangible assets and goodwill, and retirement benefits[194](index=194&type=chunk)[195](index=195&type=chunk)[199](index=199&type=chunk) - The company assesses goodwill and indefinite-lived intangible assets for impairment annually on July 1 or more frequently if indicators arise. The 2024 assessments, including one following a segment reorganization, found no impairments[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - Accounting for retirement benefits requires significant assumptions about discount rates, expected returns on assets, and mortality rates. A **one-percentage-point decrease** in the discount rate would increase the projected benefit obligation for U.S. and non-U.S. pension plans by **$27 million** and **$20 million**, respectively[203](index=203&type=chunk)[205](index=205&type=chunk) [Market Risk Disclosures](index=37&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ingredion manages market risks from commodity prices, foreign currency, and interest rates through derivative instruments, with potential impacts from hypothetical market fluctuations disclosed - The company actively manages market risks from commodity prices, foreign currency rates, and interest rates using derivative instruments like futures, options, and swaps[211](index=211&type=chunk) - As of Dec 31, 2024, the company had hedges for approximately **105 million bushels of corn** and **24 million mmbtus of natural gas**. A hypothetical **10% decline** in market prices would result in a charge to OCL of approximately **$40 million**, net of tax[214](index=214&type=chunk) - Approximately **95%** of the company's total debt is fixed-rate. A hypothetical **1 percentage point increase** in the weighted average floating interest rate would increase annual interest expense by approximately **$1 million**[216](index=216&type=chunk) - Due to global operations, the company is exposed to foreign currency risk. A hypothetical **10% decline** in the U.S. dollar's value would result in a transactional foreign exchange gain of approximately **$33 million** and reduce the cumulative translation loss in equity by about **$200 million**[220](index=220&type=chunk) [Financial Statements and Supplementary Data](index=40&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The consolidated financial statements for 2024, audited by KPMG LLP with an unqualified opinion, present the company's financial position and results, highlighting critical audit matters - The financial statements were audited by KPMG LLP, which provided an unqualified opinion on both the financial statements and the effectiveness of internal control over financial reporting[226](index=226&type=chunk)[227](index=227&type=chunk) - KPMG identified two critical audit matters: (1) the evaluation of the fair value of certain reporting units for reassigning goodwill after the company's reorganization, and (2) the sufficiency of audit evidence over geographically dispersed inventory[232](index=232&type=chunk)[236](index=236&type=chunk) Consolidated Balance Sheet Summary (as of Dec 31, 2024) | Account | Amount (in millions) | | :--- | :--- | | Total Current Assets | $3,355 | | Total Assets | $7,444 | | Total Current Liabilities | $1,281 | | Long-Term Debt | $1,787 | | Total Liabilities | $3,554 | | Total Ingredion Stockholders' Equity | $3,804 | Consolidated Statement of Cash Flows Summary (Year Ended Dec 31, 2024) | Cash Flow Activity | Amount (in millions) | | :--- | :--- | | Cash provided by operating activities | $1,436 | | Cash used for investing activities | ($47) | | Cash used for financing activities | ($765) | | **Increase in cash and cash equivalents** | **$596** | [Note 2: Acquisitions and Divestitures](index=55&type=section&id=Note%202.%20Acquisitions%20and%20Divestitures) This note details Ingredion's significant acquisition and divestiture activities in 2024, including the sale of its South Korea business and increased ownership in PureCircle Limited - On February 1, 2024, the company completed the sale of its South Korea business to an affiliate of the Sajo Group. This resulted in a net pre-tax gain of **$90 million in 2024**[293](index=293&type=chunk) - During 2024, Ingredion purchased additional shares in PureCircle Limited for **$40 million**, increasing its ownership from **88% to 98%**[296](index=296&type=chunk) [Note 3: Intangible Assets](index=55&type=section&id=Note%203.%20Intangible%20Assets) This note provides details on Ingredion's goodwill and other intangible assets, including their reallocation following a segment reorganization and impairment assessments - As of December 31, 2024, the company had goodwill of **$906 million** and other net intangible assets of **$358 million**, including **$143 million** of indefinite-lived trademarks/tradenames[299](index=299&type=chunk)[301](index=301&type=chunk) - Following a change in reportable segments on January 1, 2024, goodwill was reallocated to the new reporting units using a relative fair value approach. No impairments were identified during the January 1 or July 1, 2024 assessments[297](index=297&type=chunk)[298](index=298&type=chunk)[300](index=300&type=chunk) [Note 12: Segment and Geographical Information](index=80&type=section&id=Note%2012.%20Segment%20and%20Geographical%20Information) This note outlines Ingredion's revised reportable segments effective January 1, 2024, and provides a breakdown of net sales by country of origin - Effective January 1, 2024, the company changed its reportable segments to T&HS, F&II - LATAM, and F&II - U.S./Canada, with other businesses in 'All Other'[389](index=389&type=chunk)[390](index=390&type=chunk) Net Sales by Country of Origin (2024) | Country | Net Sales (in millions) | | :--- | :--- | | U.S. | $2,870 | | Mexico | $1,503 | | Brazil | $584 | | Canada | $527 | | Germany | $385 | | Others | $2,061 | | **Total** | **$7,430** | [Controls and Procedures](index=88&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that Ingredion's disclosure controls and internal control over financial reporting were effective as of December 31, 2024, a conclusion affirmed by KPMG LLP's unqualified opinion - Management, including the CEO and CFO, concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective[416](index=416&type=chunk) - Based on an evaluation against the COSO framework (2013), management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[419](index=419&type=chunk) - No changes occurred in the fourth quarter of 2024 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[420](index=420&type=chunk) Part III [Directors, Executive Officers, Compensation, and Governance](index=91&type=section&id=Items%2010-14) Information for directors, executive officers, compensation, and governance is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the registrant's definitive Proxy Statement for its 2025 Annual Meeting of Stockholders[8](index=8&type=chunk)[432](index=432&type=chunk)[434](index=434&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=92&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists exhibits filed with the Form 10-K, including corporate governance documents and material contracts, with financial statement schedules omitted as information is elsewhere - All financial statement schedules were omitted because the necessary information is included in the Consolidated Financial Statements and related notes[437](index=437&type=chunk) - The report includes a list of exhibits filed or incorporated by reference, such as the Certificate of Incorporation, bylaws, indentures, credit agreements, and various management compensation plans and agreements[438](index=438&type=chunk)[439](index=439&type=chunk)
Oobli and Ingredion Announce Partnership as Demand for Sweet Proteins Accelerates
Prnewswire· 2025-02-13 14:01
Core Insights - Oobli has successfully closed an $18 million Series B1 funding round, with new investors including Ingredion Ventures, Lever VC, and Sucden Ventures joining existing investors [5] - Oobli has partnered with Ingredion to enhance access to healthier sweetener systems, combining natural sweeteners like stevia with Oobli's sweet proteins [1][2] - The partnership aims to innovate in the sugar reduction space, leveraging sweet proteins to create better-for-you sweeteners for various food and beverage applications [3] Company Overview - Oobli is the first company globally to develop a sweet protein platform, focusing on replacing sugar in food and beverages with proteins that have no glycemic impact [7] - Oobli's sweet proteins are produced via fermentation, making them a cost-effective and environmentally friendly alternative to traditional sugar sources [7] - Ingredion, a leading global ingredient solutions provider, reported annual net sales of approximately $7.4 billion in 2024, serving customers in over 120 countries [8] Regulatory Developments - Oobli has received FDA GRAS "no questions" letters for two of its sweet proteins, monellin and brazzein, confirming their safety for use in food and beverage products [4] - The company has four proteins with self-affirmed FDA GRAS status and one with FDA FEMA GRAS status, positioning it as a leader in the sweet protein market [7] Product Development - Oobli and Ingredion have tested several co-developed products, receiving positive consumer feedback, which has led to the partnership [3] - The two companies plan to unveil new sweet treats at the Future Food Tech event in San Francisco on March 13-14, 2025 [3]
Ingredion Incorporated 报告 2024 年第四季度及全年业绩表现强劲
Globenewswire· 2025-02-06 13:38
2024 年全年,报告和调整后的*每股收益分别为 9.71 美元和 10.65 美元,相比之下,2023 年全年分别为 9.60 美元和 9.42 美元2024 年全年的经营现金流为 14.36 亿美元,其中约 4 亿美元的增长来自营运资本余额的有利变动,这主要得益于玉米成本下降2024 年,公司向股东返还了 4.26 亿美元,其中股票回购占 2.16 亿美元公司预期 2025 年全年报告和调整后的每股收益将在 10.75 美元至 11.55 美元之间 韦斯特切斯特,伊利诺伊州, Feb. 06, 2025 (GLOBE NEWSWIRE) -- 全球领先的食品和饮料制造业配料解决方案提供商 Ingredion Incorporated(纽约证券交易所代码:INGR)今日公布了其 2024 年第四季度和全年业绩。 Ingredion 总裁兼首席执行官 Jim Zallie 表示:“我们第四季度的财务业绩再创新高,这主要归功于质构与健康解决方案部(以下简称‘T&HS’)销量的持续强劲增长,以及我们在美国/加拿大和拉美地区食品与工业配料部(以下简称‘F&II’)的出色业绩。 我们在 2024 年进行了重组并确立了 ...
Ingredion(INGR) - 2024 Q4 - Earnings Call Presentation
2025-02-04 13:19
Fourth Quarter and Full Year 2024 Earnings Call Jim Zallie President and CEO James Gray Executive Vice President and CFO Option 1 Non-GAAP Financial Measures This presentation provides information about adjusted diluted earnings per share ("adjusted EPS"), adjusted operating income, adjusted effective income tax rate, and other financial measures (collectively, the "non-GAAP financial measures") which are not measurements of financial performance calculated in accordance with U.S. generally accepted account ...
Ingredion Invests $100 Million in Indianapolis Plant to Improve Efficiency and Enable Future Texture Solutions Growth
Globenewswire· 2025-02-04 12:05
Core Insights - Ingredion Incorporated announced investments exceeding $100 million to enhance efficiency, modernize equipment, and install an energy cogeneration system at its Indianapolis facility [1][2]. Investment and Expansion - The project aims to expand Ingredion's capabilities in delivering texture innovations to growing end markets while enhancing the economic viability and sustainability of the Indianapolis plant [2]. - The upgrades to energy infrastructure are expected to improve operational efficiency and reliability, as well as reduce greenhouse gas emissions [2]. Leadership Statements - Valdirene Evans, senior vice president and president of global texture solutions, stated that these investments will support future customer growth and expand capacity for texture solutions [3]. - Eric Seip, senior vice president of global operations, emphasized that the investments will modernize operations, improve agility in delivering solutions, and enhance energy efficiency and cost competitiveness [3]. Project Timeline - The completion of the project is anticipated in the second half of 2026 [4]. Company Overview - Ingredion, headquartered in the Chicago suburbs, serves customers in over 120 countries and reported annual net sales of approximately $7.4 billion in 2024 [5]. - The company specializes in turning plant-based materials into value-added ingredient solutions for various markets, including food, beverage, and industrial sectors [5].
Ingredion(INGR) - 2024 Q4 - Annual Results
2025-02-04 11:07
Financial Performance - Full-year 2024 reported and adjusted EPS were $9.71 and $10.65, compared to $9.60 and $9.42 in 2023, reflecting a year-over-year increase of 1.1% and 12.9% respectively[4] - The company reported a net income of $654 million for full-year 2024, a slight increase of 1% compared to the previous year[38] - Net income for 2024 was $654 million, slightly up from $651 million in 2023, indicating a growth of 0.5%[42] - For full-year 2024, the company reported net sales of approximately $7.4 billion, a decrease of 9% compared to the previous year[29] - Total net sales for 2024 were $7,430 million, down 9% from $8,160 million in 2023[43] - Operating income decreased by 20% to $162 million in 2024 compared to $202 million in 2023[43] - Non-GAAP adjusted operating income increased by 22% to $248 million in Q4 2024 from $203 million in Q4 2023[43] - The company reported a net gain on the sale of business amounting to $90 million in 2024[42] Cash Flow and Shareholder Returns - Full-year cash from operations reached $1,436 million, benefiting from a favorable change in working capital balances of approximately $400 million due to decreased corn costs[4] - The company returned $426 million to shareholders in 2024, which included $216 million in share repurchases[4] - The company paid $210 million in dividends to shareholders for full-year 2024 and repurchased 1.65 million shares at a net cost of $216 million[22] - Cash provided by operating activities rose to $1,436 million in 2024, up from $1,057 million in 2023, a growth of 35.8%[42] - The company repurchased common stock worth $216 million in 2024, compared to $101 million in 2023[42] Future Outlook - The company expects full-year 2025 reported and adjusted EPS to be in the range of $10.75 to $11.55, indicating positive growth outlook[4] - Full-year 2025 net sales are expected to increase by low single-digits, driven by greater volume demand[24] - Reported and adjusted operating income for full-year 2025 is anticipated to rise by mid-single-digits[24] - Corporate costs for full-year 2025 are projected to increase by mid-single-digits to high single-digits[26] - Cash from operations for full-year 2025 is expected to be between $800 million and $950 million[26] - Capital expenditures for the full year are expected to be approximately $400 to $450 million[26] - For Q1 2025, net sales are expected to decline by low single-digits compared to the same quarter last year, while operating income is expected to rise by high single-digits[27] Segment Performance - Fourth quarter net sales decreased by 6% year-over-year to $1,800 million, while full-year net sales were down 9% to $7,430 million[12] - Fourth quarter reported operating income was $162 million, a decrease of 20%, while adjusted operating income increased by 22% to $248 million[13] - The Texture & Healthful Solutions segment achieved a 1% increase in fourth quarter net sales to $581 million, driven by favorable input costs[14] - The Food & Industrial Ingredients - U.S./Canada segment reported a 74% increase in fourth quarter operating income to $82 million, benefiting from favorable catch-up pricing in multi-year contracts[19] Asset Management - Total assets decreased to $7,444 million in 2024 from $7,642 million in 2023, a decline of 2.6%[40] - Cash and cash equivalents increased significantly to $997 million in 2024 from $401 million in 2023, representing a growth of 148.9%[42] - Retained earnings increased to $5,092 million in 2024 from $4,654 million in 2023, a rise of 9.4%[40] Restructuring and Charges - The company recorded pre-tax restructuring charges of $6 million and $18 million for the three and twelve months ended December 31, 2024, respectively, compared to $1 million for both periods in 2023[50] - Pre-tax impairment charges amounted to $83 million for the three months ended December 31, 2024, and $109 million for the twelve months, significantly higher than the $10 million recorded in 2023[50] - The company recorded a pre-tax net charge of $7 million for tornado damage incurred at a U.S. warehouse during the twelve months ended December 31, 2024[50] Taxation - The effective income tax rate for the three months ended December 31, 2024, was reported at 36.2%, while the adjusted effective tax rate was 25.2%[52] - The expected effective tax rate range for full-year 2025 is between 26.0% and 27.5%[56] - The company recognized a tax provision of $6 million and $18 million for the three and twelve months ended December 31, 2024, respectively, due to the impact of the Mexican peso against the U.S. dollar[50]