From GlobeNewswire:

Ingredion Incorporated (NYSE: INGR) released their fourth quarter and full year 2023 performance report, showing a 29% and 21% growth in adjusted operating income. Full year adjusted EPS increased by 31% to $9.60, with $0.47 and $0.45 contributions from South Korea. 2023 full year operating cash flow was $10.57 billion, a $152 million increase from 2022. The company forecasts 2024 full year reported EPS to range between $10.20 and $11.15, with adjusted EPS between $9.15 and $9.85, reflecting the impact of the South Korea business divestiture.

Ingredion Chairman and CEO Jim Zallie expressed exceptional performance, with 20% growth in revenue for the fourth quarter and full year of 2023. The company overcame inflation and raw material volatility with targeted pricing and cost-saving measures, increasing gross margin for six consecutive quarters. With cash flow over $10 billion and delivering $295 million in profit to shareholders for the year, Zallie stated the company is making significant progress in strengthening diversified ingredient and solution portfolio.

Looking ahead to 2024, the company expects business reorganization to better align resources and capabilities with customer needs, aiming for profitable growth, expanded profit margins, and strong cash flow. Engineering a growth roadmap to create long-term shareholder value through deepened customer relationships, innovation, and operational excellence is a top priority for Ingredion.

In the fourth quarter, net sales declined by 3%, but operating income increased by 29% from the previous year. For the full year of 2023, net sales increased by 3%, while operating income also showed growth of 26%. The growth was driven by favorable price mix combinations.

In terms of geographic information, the fourth quarter saw mixed results, with net sales in North America declining by 2%, South America declining by 8%, Asia-Pacific declining by 3%, and EMEA declining by 5%. However, operating income showed positive growth in North America, South America, and Asia-Pacific.

The company plans to pay dividends of $194 million to shareholders and has repurchased 1 million shares of common stock at a net cost of $101 million. For the full year of 2024, the company forecasts reported EPS between $10.20 and $11.15, with adjusted EPS between $9.15 and $9.85. Operating cash flow is expected to be between $7.5 billion and $9 billion, with capital expenditures of approximately $340 million.

The company plans to conduct a conference call on February 6, 2024, to discuss the financial performance in detail. This call will be available for live web streaming on the company’s website.

Ingredion’s diluted EPS for the fourth quarter was $1.97, a 15% increase from the previous year. Full year diluted EPS increased by 31% to $9.60. The company’s net sales for 2023 saw a 3% year-over-year growth, while operating income increased by 26% from the previous year.

*This news is based on a real press release from Ingredion Incorporated. Adjusted EPS has been calculated based on the figures provided in the article.



Read more: Ingredion Incorporated 公布 2023 年第四季度和全年強勁業績