From GlobeNewswire:

Ingredion Incorporated has reported strong financial performance for the fourth quarter of 2023, showing a 29% and 21% increase in reported and adjusted operating profit, respectively. They also reported an increase of 31% and 26% in annual reported and adjusted EPS for 2023, attributing their strong results to pricing measures and proactive cost-saving policies. The company’s CEO, Jim Zallie, emphasized the company’s excellent performance, steady growth, and ability to overcome challenges such as inflation and raw material volatility. He expressed confidence in the company’s ability to deliver long-term value to shareholders through continued growth and operational excellence.

Ingredion also highlighted their commitment to enhancing their diversified and balanced portfolio of raw materials and solutions, which has led to strong growth in specialty ingredients and recovering customer demand in the second half of 2023. Looking to 2024, the company predicts a reported EPS outlook of $10.20 to $11.15, reflecting the expected benefits from the sale of their Korea business. Adjusted EPS is forecasted at $9.15 to $9.85, eliminating the impact of the Korea business sale. The company is focused on achieving profitable growth, expanding margins, and generating strong cash flow in 2024. They also expect an improved overall cash flow of $700-900 million and are projecting capital expenditure of approximately $340 million.

The company reported net sales of $19,814 million for the full year of 2023, with Asia-Pacific showing a decrease in net sales of 2% and EMEA showing a 15% increase. Adjusted operating profit was reported as $979 million for the full year – an increase of 23%. North America net sales for the year were $4,188 million, an increase of 5%, while South America net sales totaled $1,149 million. Asia-Pacific reported net sales of $1,089 million, while Europe, Middle East, and Africa (EMEA) saw net sales of $1,821 million for the year.

Ingredion also described its financial activities, including the payment of a $194 million dividend and a stock repurchase of 1 million shares for $110 million. Looking forward to 2024, the company forecasts a single-digit mid-teen decrease in net sales for the first quarter and a decrease in reported and adjusted operating profit in the range of 23-35%. Ingredion will also be hosting a conference call and webcast with CEO and CFO participation to discuss these results, with additional financial and management information available on their website.
For more information on Ingredion, visit their website at ingredion.com.



Read more: Ingredion, 강력한 2023년도 4분기 및 연간 실적 발표