Ingredion(US:INGR)2025-05-06 10:15Financial Performance - First quarter 2025 reported and adjusted operating income increased by 30% and 26% year-over-year, respectively[3]. - First quarter 2025 reported EPS was $3.00, down from $3.23 in Q1 2024, while adjusted EPS rose to $2.97 from $2.08[4]. - Full-year 2025 reported EPS guidance improved to a range of $10.93 to $11.63, with adjusted EPS expected between $10.90 and $11.60[17]. - Net income attributable to Ingredion decreased by 9% to $197 million in Q1 2025, down from $216 million in Q1 2024[33]. - Earnings per share (EPS) for Q1 2025 were $3.05 (basic) and $3.00 (diluted), representing a decline of 7% from $3.29 and $3.23 in Q1 2024[33]. - Non-GAAP adjusted net income for Q1 2025 was $195 million, resulting in an adjusted diluted EPS of $2.97, while in Q1 2024, it was $139 million with an adjusted diluted EPS of $2.08[48]. - The effective income tax rate for Q1 2025 was reported at 25.5%, while the adjusted non-GAAP effective income tax rate was 25.4%[53]. - For the full-year 2025, Ingredion expects GAAP EPS to range from $10.93 to $11.63, with adjusted EPS guidance between $10.90 and $11.60[55]. - The expected effective income tax rate for the full-year 2025 is projected to be between 26.0% and 27.5%[57]. Sales and Revenue - First quarter net sales decreased by 4% to $1,813 million, impacted by lower raw material costs and the sale of the South Korea business[6][8]. - Net sales for Q1 2025 were $1,813 million, a decrease of 4% compared to $1,882 million in Q1 2024[33]. - The Texture & Healthful Solutions segment reported a 1% increase in net sales to $602 million, while the Food & Industrial Ingredients - LATAM segment saw a 7% decline to $573 million[39]. Operating Income - Operating income for the Texture & Healthful Solutions segment increased by 34% to $99 million, driven by lower input costs and increased volumes[10]. - Food & Industrial Ingredients - LATAM segment reported operating income of $127 million, a 26% increase, benefiting from the stability of the Argentine peso[12]. - Food & Industrial Ingredients - U.S./Canada segment operating income rose to $92 million, a 6% increase, aided by lower raw material costs[14]. - Total operating income increased by 30% to $276 million in Q1 2025, driven by improved performance across several segments[39]. - Operating income rose by 30% to $276 million in Q1 2025, compared to $213 million in Q1 2024[33]. - Operating income for Q1 2025 was $276 million, up from $213 million in Q1 2024, with non-GAAP adjusted operating income at $273 million compared to $216 million in the prior year[50]. Cash Flow and Debt - Total debt as of March 31, 2025, was $1,784 million, with cash and short-term investments totaling $846 million[5]. - Cash from operations for full-year 2025 is projected to be in the range of $825 million to $950 million[21]. - Operating cash flow for Q1 2025 was $77 million, a significant drop from $209 million in Q1 2024[37]. - Cash and cash equivalents decreased to $837 million at the end of Q1 2025 from $997 million at the end of 2024[35]. Capital Expenditures - Full-year 2025 capital expenditures are expected to be approximately $400 to $450 million[21]. Impairments and Restructuring - Restructuring and resegmentation costs for Q1 2025 were $1 million, compared to $3 million in Q1 2024[51]. - Ingredion recorded $6 million in impairment charges in Q1 2025, primarily related to certain equity investments[51]. - The company reported a pre-tax benefit of $10 million in Q1 2025, mainly from insurance recoveries and favorable judgments related to indirect taxes in Brazil[51]. - Ingredion experienced a net gain of $82 million on the sale of a business in South Korea during Q1 2024[51].