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- Third quarter 2024 reported and adjusted* operating income increased 26% and 29% compared to prior year
- Third quarter 2024 reported and adjusted EPS were $2.83 and $3.05, an increase of 20% and 31%, respectively
- Raising guidance for full-year reported EPS to be in the range of $10.60 to $10.90 and adjusted EPS to be in the range of $10.35 to $10.65
WESTCHESTER, Ill., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its 2024 third quarter results.
“Texture & Healthful Solutions exhibited robust sales volume growth in the third quarter, which supported double-digit operating income growth for the segment," said Jim Zallie, president and CEO of Ingredion. “Additionally, the food and industrial businesses continued to generate significant operating profit growth. Of note, in our Food & Industrial Ingredients LATAM segment, the exceptional operating profit growth reflects recovery from last year’s transition to a more sustainable energy source in Brazil as well as continued strength in Mexico.”
"11% sales volume growth in Texture & Healthful Solutions was fueled by solid U.S. market performance in categories such as savory, packaged meals, and frozen prepared foods. Moreover, our European sales volume grew double-digits from an uptick in consumer buying behavior.”
"Operating excellence and contract management across each of our Food and Industrial Ingredients segments were also key drivers of exceptional profit growth. As we continued to face input and wage cost inflation, our sales teams worked successfully with customers to adjust multi-year contract pricing, which supported margin recovery. Furthermore, volume recovery improved fixed cost absorption, and our operations and procurement teams have driven structural savings, which is complementing the savings coming from our Cost2Compete program.”
“The strong performance across all segments enabled us to deliver our highest-ever third quarter operating income performance along with strong cash flow. We anticipate this momentum carrying through quarter four and into 2025. We believe our Driving Growth Roadmap continues to guide long-term value creation for our shareholders as we realize the benefits of our new segmentation to deepen our customer relationships and drive innovative solutions,” Zallie concluded.
* Reported results are in accordance with U.S. generally accepted accounting principles “GAAP.” Adjusted financial measures are non-GAAP financial measures. See “II. Non-GAAP Information” in the Supplemental Financial Information that follows the Condensed Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
Diluted Earnings Per Share (EPS)
| 3Q23 | 3Q24 | |||
| Reported Diluted EPS | $2.36 | $2.83 | ||
| Impairment charges | 0.10 | 0.08 | ||
| Restructuring and resegmentation costs | — | 0.08 | ||
| Net gain on sale of business | — | (0.21) | ||
| Tax items and other matters | (0.13) | 0.27 | ||
| Adjusted Diluted EPS** | $2.33 | $3.05 | ||
Estimated factors affecting changes in Reported and Adjusted EPS
| Third Quarter | |
| Total change in adjusted EPS** | 0.72 |
| Total operating items | 0.77 |
| Margin | 0.93 |
| Volume | (0.12) |
| Foreign exchange | (0.01) |
| Other income | (0.03) |
| Total non-operating items | (0.05) |
| Other non-operating income | 0.01 |
| Financing costs | 0.30 |
| Tax rate | (0.37) |
| Shares outstanding | 0.02 |
| Non-controlling interests | (0.01) |
** Totals may not sum due to rounding
Other Financial Items
- At September 30, 2024, total debt was $1.8 billion, and cash, including short-term investments, was $884 million, respectively, versus $2.2 billion and $409 million at December 31, 2023.
- In the third quarter, reported net financing costs were $1 million, compared to $26 million for the year-ago third quarter, driven by lower net interest expense and benefited by $10 million of favorable foreign exchange impacts.
- Reported and adjusted effective tax rates for the quarter were 30.8% and 26.9%, respectively, compared to 13.5% and 17.3% for the year-ago period. The increase in the reported effective tax rate was primarily driven by an adverse ruling that generated a multi-year tax contingency in the third quarter of 2024, as well as lapping a prior year retroactive law change to claim certain multi-year foreign tax credits against U.S taxes, and the change in value of the Mexican peso against the U.S. dollar. These impacts were partially offset by the tax treatment on the sale of our South Korea business during 2024.
- Net capital expenditures were $170 million year-to-date through September 30, 2024.
About the Company
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2023 annual net sales of nearly $8 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.
To view full press release, please visit here: https://www.globenewswire.com/en/news-release/2024/11/05/2974727/0/en/Ingredion-Incorporated-Reports-Strong-Third-Quarter-Results-and-Raises-Full-Year-Outlook.html
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