Financial Performance - Net sales increased 3% to $8.2 billion in 2023 from $7.9 billion in 2022, driven by price and customer mix, partially offset by lower volumes and unfavorable foreign exchange impacts[167][169] - Operating income rose 26% to $957 million in 2023 from $762 million in 2022, primarily due to favorable price mix and a more favorable effective tax rate[167] - Net income attributable to Ingredion increased 31% to $643 million in 2023 from $492 million in 2022, driven by price mix and a lower effective tax rate[167][176] - Gross profit margin improved to 21% in 2023 from 19% in 2022, supported by higher net sales and a 1% decrease in cost of sales[170] - Net income for 2023 was $651 million, up from $502 million in 2022[204] - Adjusted operating income, net of tax, increased to $728 million in 2023 from $575 million in 2022[204] - Adjusted EBITDA increased to $1.189 billion in 2023 from $1.002 billion in 2022[212] - Net sales for 2023 were $8,160 million, compared to $7,946 million in 2022 and $6,894 million in 2021[257] - Net income attributable to Ingredion for 2023 was $643 million, compared to $492 million in 2022 and $117 million in 2021[257] - Total Equity increased from $3,957 million in 2020 to $4,654 million in 2023, reflecting a growth of 17.6% over three years[265] - Net income attributable to Ingredion grew from $117 million in 2020 to $643 million in 2023, a significant increase of 449.6%[265] - Cash provided by operating activities surged from $392 million in 2021 to $1,057 million in 2023, marking a 169.6% increase[267] - Total income before income taxes increased from $668 million in 2022 to $839 million in 2023, with foreign income contributing $595 million in 2023 compared to $557 million in 2022[349] Regional Performance - North America's net sales grew 5% to $5.188 billion in 2023, with operating income increasing 27% to $718 million, driven by favorable price mix[177] - South America's net sales decreased 6% to $1.062 billion in 2023, with operating income declining 16% to $142 million due to lower volumes and higher energy costs[178][179] - Asia-Pacific's net sales decreased 2% to $1.089 billion in 2023, but operating income increased 35% to $126 million, driven by lower input costs[181] - EMEA's net sales increased 5% to $821 million in 2023, with operating income rising 42% to $156 million, primarily due to favorable price mix[182] Liquidity and Capital Allocation - Total available liquidity as of December 31, 2023, was $1.7 billion, including $705 million in domestic liquidity and $1.0 billion in international liquidity[185][186] - Capital investment commitments for 2024 are anticipated to be approximately $340 million, up from $316 million in 2023[193] - Dividends paid increased by 7% to $194 million in 2023 from $181 million in 2022, driven by an increase in the quarterly dividend rate per share[195] - The company repurchased 1.0 million outstanding shares of common stock in 2023 at a net cost of $101 million[195] - Adjusted Return on Invested Capital (ROIC) improved to 13.3% in 2023 from 11.0% in 2022, exceeding the long-term objective of 10.0%[209] - Net Debt to Adjusted EBITDA ratio improved to 1.5 in 2023 from 2.2 in 2022, below the long-term target of 2.5 or less[213] - Total net debt decreased to $1.779 billion in 2023 from $2.244 billion in 2022[204] - Capital expenditures and mechanical stores purchases remained stable at approximately $300 million annually from 2021 to 2023[267] - Repurchases of common stock totaled $101 million in 2023, compared to $68 million in 2021, showing a 48.5% increase[267] - Dividends paid, including to non-controlling interests, increased from $184 million in 2021 to $194 million in 2023, a 5.4% rise[267] - Cash and cash equivalents grew from $328 million in 2021 to $401 million in 2023, reflecting a 22.3% increase[267] Tax and Interest Rates - The effective income tax rate was 24.9% in 2023, down from 27.0% in 2022[208] - The effective tax rate decreased from 24.9% in 2022 to 22.4% in 2023, influenced by foreign-derived intangible income (FDII) and Brazil's tax incentives[353] - Total provision for income taxes increased from $166 million in 2022 to $188 million in 2023, with current tax expense rising from $169 million to $194 million[349] - Net deferred tax liabilities decreased from $132 million in 2022 to $101 million in 2023, with deferred tax assets increasing from $227 million to $249 million[350] - Unrecognized tax benefits increased slightly from $30 million in 2022 to $31 million in 2023, with $20 million potentially affecting future effective tax rates[357] - The company accrued $5 million in interest and penalties related to unrecognized tax benefits as of December 31, 2023[359] - A hypothetical 1 percentage point increase in the weighted average floating interest rate would increase annual interest expense by approximately $4 million[237] Assets and Liabilities - The carrying values of Property, Plant and Equipment (PP&E) and definite-lived intangible assets were $2.4 billion and $242 million, respectively, as of December 31, 2023[217] - The carrying value of indefinite-lived intangible assets and goodwill at December 31, 2023 was $143 million and $918 million, respectively, compared to $143 million and $900 million at December 31, 2022[221] - Goodwill balance at December 31, 2023, was $918 million, with $19 million added from acquisitions and no impairments recorded[316] - Total investments as of December 31, 2023, were $143 million, including $27 million in equity investments and $112 million in equity method investments[320] - The company had total debt outstanding of $2.2 billion as of December 31, 2023, down from $2.5 billion in 2022[343] - Total long-term debt decreased from $1.94 billion in 2022 to $1.74 billion in 2023, with a fair value of $1.59 billion in 2023 compared to $1.73 billion in 2022[345] - Total short-term borrowings decreased from $543 million in 2022 to $448 million in 2023, with commercial paper decreasing from $390 million to $327 million[345] - Lease expense increased from $89 million in 2022 to $92 million in 2023, with operating lease expense rising from $59 million to $63 million[346] - Present value of future lease payments is $213 million, with non-current operating lease liabilities at $157 million and operating lease assets at $208 million as of December 31, 2023[347] Pension and Postretirement Benefits - Net periodic pension and postretirement benefit cost for all plans was $12 million in 2023 and $6 million in 2022[226] - The weighted average discount rate used to determine obligations under U.S. pension plans as of December 31, 2023 and 2022 was 5.00% and 5.19%, respectively[227] - The expected long-term rate of return on assets for U.S. pension plans was assumed to be 5.50% and approximately 4.66% for Canadian plans in 2023[229] - The company's pension benefit obligations totaled $505 million as of December 31, 2023[251] Hedging and Derivatives - A hypothetical 10% decline in market prices applied to the fair value of commodity hedge instruments at December 31, 2023 would result in a charge to other comprehensive loss of approximately $48 million, net of income tax benefit of $18 million[235] - As of December 31, 2023, the company had outstanding futures and option contracts hedging the forecasted purchase of approximately 109 million bushels of corn and 28 million mmbtus of natural gas[235] - The company hedged approximately 109 million bushels of corn as of December 31, 2023, compared to 120 million bushels in 2022[331] - The company hedged approximately 28 million mmbtus of natural gas as of December 31, 2023, compared to 31 million mmbtus in 2022[331] - The notional value of foreign currency derivatives for hedging assets was $694 million in 2023, up from $405 million in 2022[333] - The notional value of foreign currency cash flow hedging instruments for assets was $449 million in 2023, down from $668 million in 2022[334] - The notional value of foreign currency cash flow hedging instruments for liabilities was $621 million in 2023, down from $840 million in 2022[334] - The company recorded a net loss of $46 million on commodities-related derivative instruments as of December 31, 2023[337] - The fair value of derivative assets was $26 million in 2023, down from $60 million in 2022[342] - The fair value of derivative liabilities was $76 million in 2023, up from $64 million in 2022[342] Acquisitions and Divestitures - Ingredion increased its ownership in PureCircle to 88% as of December 31, 2023, from 87% in 2022 and 75% in 2021, with purchases of $2 million in 2023 and $46 million in 2022[308] - The company acquired a 65% controlling interest in Mannitab Pharma Specialties for $22 million, with $19 million of goodwill and $9 million of intangible assets recorded[309] - Ingredion acquired 100% of Amishi Drugs and Chemicals for $7 million, adding $3 million of goodwill and intangible assets[310] - The acquisition of KaTech in 2021 added $26 million of goodwill and intangible assets, and $14 million of tangible assets, with a total cash payment of $40 million[311] - Ingredion divested its South Korea business for 384.0 billion South Korean won ($294 million), with an expected gain of $283 million in Q1 2024[313] - The South Korea business generated operating profits of $30 million in 2023, $14 million in 2022, and $27 million in 2021[313] Foreign Exchange and Currency Impact - The company estimates a hypothetical 10% decline in the value of the U.S. dollar would result in a transactional foreign exchange loss of approximately $21 million[241] - The cumulative translation loss in the AOCL account was approximately $1.0 billion as of December 31, 2023[241] - The aggregate net assets of foreign subsidiaries with local currency as the functional currency approximated $2.2 billion at December 31, 2023[241] - A hypothetical 10% decline in the U.S. dollar value relative to foreign currencies would result in a reduction to cumulative translation loss and a credit to OCL of approximately $250 million[241] - The company had foreign currency forward sales contracts with an aggregate notional amount of $694 million and purchase contracts of $182 million not designated as hedging instruments as of December 31, 2023[241] - The company had foreign currency forward sales contracts with an aggregate notional amount of $449 million and purchase contracts of $621 million classified as cash flow hedges as of December 31, 2023[241] - The company expects $1 million of net losses to be reclassified to earnings over the next 12 months[241] Energy and Commodity Costs - Energy costs represent approximately 8% of the company's cost of sales, with natural gas, electricity, coal, fuel oil, wood and other biomass sources used to generate energy[234] - The health care cost trend rate assumptions for 2024 were 7.80% for U.S. plans, 5.04% for Canadian plans, and 8.94% for Brazilian plans[230] Accounting Policies and Valuation - Accounts receivable are carried at approximate fair value, net of an allowance for credit losses, which is adjusted based on historical experience and future economic forecasts[277] - Inventories are stated at the lower of cost or net realizable value, with costs predominantly determined using the weighted average method[278] - Marketable securities are carried at fair value, with changes in fair value recorded in operating or non-operating income depending on their use[279] - Equity investments without readily determinable fair values are carried at cost, less impairments, and adjusted for observable price changes[280] - Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments, with an incremental borrowing rate used for most leases[282] - Property, plant, and equipment are depreciated on a straight-line basis over estimated useful lives ranging from 2 to 50 years[284] - Long-lived assets classified as held for sale are measured at the lower of carrying value or fair value less costs to sell, with depreciation and amortization ceased[285] - Goodwill and indefinite-lived intangible assets are assessed for impairment annually, with qualitative factors considered before quantitative analysis[286][287] - Derivative financial instruments are used for hedging, with effectiveness assessed at inception and on an ongoing basis[291] - Share-based compensation is recognized on a straight-line basis over the requisite service period, with forfeiture rates estimated and updated[299] Depreciation and Amortization - Depreciation and amortization expenses remained consistent at around $220 million annually from 2021 to 2023[267] - Amortization expense for intangible assets was $26 million annually from 2021 to 2023, with estimated future amortization of $26 million per year through 2028[318][319] Non-Controlling Interests and Share-Based Compensation - Net income attributable to non-controlling interests decreased from $11 million in 2020 to $7 million in 2023, a 36.4% decline[265] - Share-based compensation, net of issuance, increased from $8 million in 2020 to $7 million in 2023, showing a slight decrease of 12.5%[265] Impairments and Joint Ventures - The Argentina joint venture resulted in a $340 million impairment charge, with a 49% ownership stake and a devaluation impact not reflected in 2023 results[324][326] Commercial Paper and Borrowings - The average amount of commercial paper outstanding in 2023 was $397 million with an average interest rate of 5.30%[344]

2023 年第四季度報告和調整後營業收入*分別增長 29% 和 21%2023 年全年報告和調整後每股收益 (EPS) *分別為 9.60 美元和 9.42 美元，分別增長 31% 和 26%，其中韓國經營績效分別貢獻了 0.47 美元和 0.45 美元2023 年全年經營現金流為 10.57 億美元，比 2022 年增長 1.52 億美元該公司預計 2024 年全年報告 EPS 將在 10.20 美元至 11.15 美元之間，調整後 EPS 將在 9.15 美元至 9.85 美元之間，反映了韓國業務剝離的影響 伊利諾伊州，韋斯特切斯特, Feb. 09, 2024 (GLOBE NEWSWIRE) -- 全球領先的食品和飲料製造業配料方案供應商Ingredion Incorporated (NYSE: INGR)，今日發布了 2023 年第四季度和 2023 年全年業績報告。根據美國公認會計原則 (GAAP) 報告的 2023 年和 2022 年第四季度以及 2023 年和 2022 年全年業績，其中包括從公司呈報的非 GAAP 財務指標中排除的項目。 「我們的業績表現異常出色，並在 2023 年保持彈性， ...

Ingredion Incorporated (NYSE:INGR) Q4 2023 Earnings Conference Call February 6, 2024 9:00 AM ET Company Participants Noah Weiss - Vice President, Investor Relations James P. Zallie - President and Chief Executive Officer James D. Gray - Executive Vice President and Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Andrew Strelzik - BMO Capital Markets Ben Theurer - Barclays Kristen Owen - Oppenheimer Josh Spector - UBS Adam Samuelson - Goldman Sachs Operator Good day, and thank yo ...

Totals may not foot due to rounding | --- | --- | |-------------------------|--------| | Margin | $ 3.78 | | Volume | (1.65) | | Foreign Exchange Rates | (0.16) | | Other Income | 0.02 | | Changes from Operations | $ 1.99 | Full year cash from operations and capital allocation Full year 2024 outlook Q1 2024 expected to be lower than prior year including Argentina devaluation impact 20 • Closed S. Korea divestiture on February 1, 2024 • Opportunistic share repurchases Texture & Healthful Solutions Other SUGA ...

Ingredion Incorporated. (NYSE:INGR) Q3 2023 Earnings Conference Call November 7, 2023 ET Company Participants Noah Weiss - VP, IR James Zallie - President, CEO & Director Jim Gray - EVP & CFO Conference Call Participants Kristen Owen - Oppenheimer Benjamin Theurer - Barclays Ben Bienvenu - Stephens Adam Samuelson - Goldman Sachs Andrew Strelzik - BMO Capital Markets Operator Thank you for standing by. And welcome to the Ingredion’s Third Quarter 2023 Earnings Call. At this time, all participants are in a li ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-13397 Ingredion Incorporated (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of i ...

James Gray Executive Vice President and CFO 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 accounting principles ("GAAP"). We have provided a reconciliation of each of these nonGAAP financial measures to the most ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 5 Westbrook Corporate Center Westchester, Illinois 60154 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13397 Ingredion Incorporated (Exact name of registrant as specified in its ...

• Softer volume demand across the food supply chain due to inventory rebalancing and consumers economizing • Continued focus on operational cost discipline and productivity initiatives 23 olde Creation Customer Co-Creation and Consumer Preferred Innovation Core Food and Industrial Ingredients Upcoming investor activities Toronto non-deal roadshow September 12, 2023 To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), we use non- ...

Ingredion Incorporated (NYSE:INGR) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET Company Participants Noah Weiss - Vice President, Investor Relations Jim Zallie - President and Chief Executive Officer Jim Gray - Executive Vice President and Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Inc Andrew Strelzik - BMO Capital Markets Cody Ross - UBS Ben Theurer - Barclays Operator Good day and thank you for standing by. Welcome to the Ingredion Second Quarter 2023 Earnin ...