Ingredion(US:INGR)2025-11-07 20:32Financial Performance - Net income attributable to Ingredion for year-to-date 2025 increased to $564 million from $552 million for year-to-date 2024, including a $90 million pre-tax gain from the sale of the South Korea business in February 2024 [88]. - Operating income increased 10 percent year over year to $796 million for year-to-date 2025 from $721 million for year-to-date 2024, driven by higher gross profit and lower restructuring charges [88]. - Gross profit increased 4 percent to $1,398 million for year-to-date 2025 from $1,342 million for year-to-date 2024, primarily due to lower corn and input costs [88]. - Net sales decreased 3 percent to $5,462 million for year-to-date 2025 from $5,630 million for year-to-date 2024, primarily due to lower price mix from lower raw material input costs [88]. - T&HS net sales increased 1 percent to $1,806 million for year-to-date 2025 from $1,785 million for year-to-date 2024, attributed to higher volumes and favorable foreign exchange impacts [116]. - F&II–LATAM net sales decreased 6 percent to $1,754 million for year-to-date 2025 from $1,866 million for year-to-date 2024, primarily due to lower volumes and unfavorable foreign exchange impacts [118]. - F&II–U.S./Canada net sales decreased 6 percent to $1,550 million for year-to-date 2025 from $1,644 million for year-to-date 2024, driven by lower volumes and unfavorable price mix [120]. Liquidity and Debt - Total available liquidity as of September 30, 2025, was $3.8 billion, including $1.4 billion in domestic liquidity and $2.4 billion in international liquidity [124][125]. - Total debt outstanding as of September 30, 2025, was $1.8 billion, with a weighted average interest rate of approximately 4.0 percent [126]. - The company anticipates sufficient liquidity from available cash balances, future cash flow from operations, and access to debt markets for at least the next twelve months [128]. - The company may need to raise additional capital or incur indebtedness for less predictable strategic initiatives, such as acquisitions [128]. Cash Flow and Capital Expenditures - Cash provided by operating activities decreased to $539 million year-to-date 2025 from $1,000 million year-to-date 2024, primarily due to a $487 million change in working capital [129]. - Capital expenditures for year-to-date 2025 were $298 million, up from $170 million in year-to-date 2024, with full-year capital investment commitments expected between $400 million and $425 million [130]. - Cash used for financing activities decreased to $340 million year-to-date 2025 from $601 million year-to-date 2024, reflecting the absence of commercial paper borrowings [131]. Shareholder Returns - Dividends paid increased slightly to $157 million year-to-date 2025 from $156 million year-to-date 2024, with the quarterly dividend rate rising to $0.82 per share from $0.80 [132]. - The company repurchased 1,036 thousand shares of common stock at a net cost of $134 million year-to-date 2025, compared to 762 thousand shares at a net cost of $87 million in year-to-date 2024 [131]. Other Information - The company entered into a new revolving credit agreement providing a five-year unsecured revolving credit facility with an aggregate principal amount of $1.0 billion, maturing on August 27, 2030 [127]. - The company received proceeds of $255 million from the sale of its South Korea business in year-to-date 2024, compared to $12 million in year-to-date 2025 [130]. - The company has not made any changes to its critical accounting policies and estimates during year-to-date 2025 [133].