2024 年第二季度报告和调整后的营业收入*与上年同期相比分别下降4% 和 增长 8%2024 年第二季度报告和调整后的每股收益*为 2.22 美元和 2.87 美元，分别下降 8% 和增长 24%将全年报告每股收益指引提高至 10.20 美元至 10.70 美元之间，调整后的每股收益提高到 9.70 美元至 10.20 美元之间 伊利诺伊州威斯特彻斯特, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (纽约证券交易所交易代码：INGR) 是一家全球领先的食品和饮料制造行业原料解决方案提供商，于今日发布 2024 年第二季度业绩。 2024 年第二季度和 2023 年第二季度的业绩根据美国公认会计原则 (“GAAP”) 报告，包括了公司呈报的非 GAAP 财务指标中排除的项目。 Ingredion 总裁兼首席执行官 Jim Zallie 表示：“在纹理与健康解决方案部的带领下，Ingredion 第二季度实现了大幅增长，销量同比增长 8%。 此外，我们的食品和工业部门很好地应对了强劲的客户需求，实现了超乎寻常的利润增长。” “本季度，我们还部 ...

Group 1: Earnings Performance - Ingredion reported quarterly earnings of $2.87 per share, exceeding the Zacks Consensus Estimate of $2.53 per share, and up from $2.32 per share a year ago, representing an earnings surprise of 13.44% [1] - Over the last four quarters, Ingredion has surpassed consensus EPS estimates three times [2] - The company posted revenues of $1.88 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.67%, and down from $2.07 billion year-over-year [2] Group 2: Stock Performance and Outlook - Ingredion shares have increased approximately 10.6% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [3] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $2.82 on revenues of $2.08 billion, and for the current fiscal year, it is $9.70 on revenues of $7.89 billion [7] Group 3: Industry Context - The Zacks Industry Rank for Food - Miscellaneous is currently in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5] - Another company in the same industry, Smucker, is expected to report quarterly earnings of $2.19 per share, reflecting a year-over-year change of -0.9% [9]

Financial Performance - Second quarter 2024 reported operating income declined 4% to $240 million, while adjusted operating income increased 8% to $270 million compared to the prior year[1][10]. - Reported diluted EPS for Q2 2024 was $2.22, an 8% decrease year-over-year, while adjusted diluted EPS increased 24% to $2.87[1][4]. - Net sales for Q2 2024 were $1.878 billion, a 9% decrease from $2.069 billion in Q2 2023, primarily due to lower raw material costs and lost sales volume from the sale of the South Korea business[1][9]. - Operating income for Food & Industrial Ingredients - U.S./Canada increased by 31% to $105 million in Q2 2024, driven by lower raw material costs[15]. - The Company's gross profit for Q2 2024 was $446 million, reflecting a 1% increase from $441 million in Q2 2023[30]. - Net income attributable to Ingredion for Q2 2024 was $148 million, a 9% decrease from $163 million in Q2 2023[30]. - The Texture & Healthful Solutions segment reported a 5% decline in net sales for Q2 2024, totaling $588 million compared to $618 million in Q2 2023[34]. - The Food & Industrial Ingredients - U.S./Canada segment saw an 8% decrease in net sales, totaling $555 million in Q2 2024[34]. - The company reported a net income of $368 million for the first six months of 2024, compared to $358 million for the same period in 2023[33]. Guidance and Projections - The company raised its full-year reported EPS guidance to a range of $10.20 to $10.70 and adjusted EPS guidance to a range of $9.70 to $10.20[1]. - For Q3 2024, the Company expects net sales to be flat, with reported and adjusted operating income projected to increase by high-double-digits[19]. - The full-year 2024 reported EPS is expected to be in the range of $10.20 to $10.70, while adjusted EPS is anticipated to be between $9.70 and $10.20[19]. - Full-year 2024 net sales are expected to decline by low single digits, reflecting lower corn values[19]. - Cash from operations for full-year 2024 is projected to be between $800 million and $950 million, with capital expenditures expected to be approximately $340 million[20]. Debt and Cash Management - Total debt as of June 30, 2024, was $1.9 billion, down from $2.2 billion at the end of 2023, while cash and short-term investments increased to $510 million[5]. - Cash provided by operating activities for the first six months of 2024 was $521 million, up from $279 million in the same period of 2023[33]. - Cash and cash equivalents increased to $505 million as of June 30, 2024, compared to $257 million at the end of June 30, 2023[33]. - Current assets decreased to $3,099 million as of June 30, 2024, down from $3,399 million at December 31, 2023[32]. - Total liabilities decreased to $3,442 million as of June 30, 2024, compared to $3,992 million at December 31, 2023[32]. - Retained earnings increased to $4,914 million as of June 30, 2024, up from $4,654 million at December 31, 2023[32]. Taxation - Effective tax rates for Q2 2024 were reported at 34.8% and 25.4% for reported and adjusted rates, respectively, compared to 25.1% and 28.3% in the prior year[5]. - The effective income tax rate for the three months ended June 30, 2024, was 34.8%, while the adjusted effective income tax rate was 25.4%[43]. - The effective tax rate for full-year 2024 is expected to be between 27.0% and 28.0%[19]. - Adjusted Effective Income Tax Rate is projected to be between 26.5% and 27.5% for 2024[47]. - Tax provisions related to the Mexican peso's movement against the U.S. dollar resulted in a tax provision of $10 million for the three months ended June 30, 2024[39]. - Net gain on sale of business contributes 1.3% to the Adjusted ETR[47]. - Impairment charge negatively impacts the Adjusted ETR by 1.0%[47]. - Tax item related to Mexico reduces the Adjusted ETR by 0.5%[47]. - Other tax matters decrease the Adjusted ETR by 0.2%[47]. - Restructuring and resegmentation costs are not expected to impact the Adjusted ETR[47]. - Other matters have a minimal negative effect of (0.1%) on the Adjusted ETR[47]. Strategic Initiatives - The Cost2Compete program aims for $50 million in run-rate savings by the end of 2025, with $18 million already realized[2]. - The company increased its ownership in PureCircle to 98% as part of its sugar reduction strategy, supporting future organic growth[2]. - The company incurred a pre-tax restructuring charge of $3 million for the three months ended June 30, 2024, and a total of $6 million for the six months ended June 30, 2024, related to restructuring activities[39]. - A pre-tax gain of $82 million was recorded on the sale of a business in South Korea, completed on February 1, 2024[39]. - Non-GAAP adjusted net income for the three months ended June 30, 2024, was $192 million, with adjusted diluted EPS of $2.87, compared to $156 million and $2.32 for the same period in 2023, indicating an increase of 23.1% in adjusted net income and 23.8% in adjusted EPS[38].

Second quarter 2024 reported and adjusted operating income* declined 4% and grew 8%, respectively, compared to prior year Second quarter 2024 reported and adjusted EPS* were $2.22 and $2.87, a decrease of 8% and an increase of 24%, respectively Raising guidance for full-year reported EPS to be in the range of $10.20 to $10.70 and adjusted EPS to be in the range of $9.70 to $10.20 WESTCHESTER, Ill., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient ...

Second quarter 2024 reported and adjusted operating income* declined 4% and grew 8%, respectively, compared to prior year Second quarter 2024 reported and adjusted EPS* were $2.22 and $2.87, a decrease of 8% and an increase of 24%, respectively Raising guidance for full-year reported EPS to be in the range of $10.20 to $10.70 and adjusted EPS to be in the range of $9.70 to $10.20 WESTCHESTER, Ill., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient ...

Core Viewpoint - Ingredion has shown a strong margin performance in Q1 2023, leading to an increase in full-year earnings guidance, while sales guidance was cut to around 10% growth, indicating potential challenges ahead [4]. Financial Performance - Full-year sales for Ingredion increased by 3% to $8.16 billion, primarily driven by price increases, which offset a $648 million decline in volume/mix [5]. - Operating earnings grew by 26% to $957 million, resulting in a 31% increase in GAAP earnings per share to $9.60, with adjusted earnings at $9.42 per share [5]. - Net debt was reduced to $1.8 billion, with EBITDA around $1 billion, leading to a leverage ratio below 2 times [5]. Market Position and Competitors - Ingredion operates in a global ingredients market exceeding $150 billion, offering over 1,000 products categorized under sweeteners, fruits and vegetable products, and starches [8]. - The company has faced stagnant sales around $6 billion from 2017 to the pandemic, with earnings declining from approximately $7 to $5 per share during that period [8]. - Competitor McCormick has experienced similar struggles but has not seen the same revenue uplift as Ingredion in recent years, despite commanding a premium valuation [4]. Recent Developments - In early 2023, Ingredion divested its South Korean business, contributing $325 million in sales, which accounted for about 4% of total sales [5]. - The company anticipates flat to low single-digit sales growth for the year, excluding the impact of the South Korean business, with confidence attributed to the resolution of de-stocking headwinds and innovation within its portfolio [6]. - The first quarter of 2023 saw reported sales decline by 12% to $1.88 billion, influenced by a $40 million volume decline and a $51 million headwind from the South Korean divestment [6]. Future Outlook - For 2024, capital spending is projected at $340 million, compared to a $219 million depreciation expense in 2023, indicating a focus on growth despite cash flow costs [6]. - The company maintains a full-year earnings guidance midpoint of $9.50 per share, suggesting stagnation at a higher performance level, with shares trading around 13 times adjusted earnings [6]. - A current dividend of $3.12 offers a 2.5% yield, supported by a low payout ratio and strong financial footing [6].

WESTCHESTER, Ill., July 17, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food manufacturing industry, will release its 2024 second quarter financial results for the period ended June 30, 2024, before the market opens Tuesday, August 6, 2024. Jim Zallie, president and chief executive officer and Jim Gray, executive vice president and chief financial officer, will host a conference call August 6 at 8 a.m. CT to discuss the Company's fin ...

WESTCHESTER, Ill., July 16, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage industry, today released its 2023 sustainability report, titled "Building a Sustainable Future. Together." The report details progress against the Company's 2030 sustainability goals and underscores its purpose to bring the potential of people, nature and technology together to make life better. "I take great pride in the sustainability achievem ...

"I take great pride in the sustainability achievements we realized in 2023. The targets we've set for 2030 are far more than mere benchmarks; they embody our dedication to caring for our planet," said Jim Zallie, Ingredion's president and CEO. "We've successfully lowered our greenhouse gas emissions, strengthened our relationships with partners and communities, and made strategic investments to reinforce the sustainability of our supply chain on a global scale." Progressed our absolute Scopes 1 and 2 carbon ...

Better Juice Gives Sorbets and Fruit Ice Creams a Sugar Reduction Revamp To create sugar-reduced sorbets, the company successfully adapted its patent-protected technology to process fruit concentrates and purées, the core ingredient of sorbets. The start-up produced sorbets in a range of flavors, including apple, orange, and strawberry, reducing sugar content by 50% to-70% and calories by 40%. REHOVOT, Israel, June 24, 2024 /PRNewswire/ -- On a fresh mission to offer health-conscious consumers guilt-free in ...