From GlobeNewswire:

Ingredion Incorporated (NYSE: INGR) has reported a 29% increase in operating income for the fourth quarter of 2023, with adjusted diluted earnings per share (EPS) for the full year totaling $9.42. The company generated over $1 billion in cash flow from operations in 2023. It anticipates declared EPS for 2024 to be between $10.20 and $11.15, reflecting the impact of the sale of its South Korea business.

The company’s Chairman and CEO, Jim Zallie, expressed pride in the exceptional performance despite challenges posed by inflation and raw material volatility. He highlighted a 20% growth in operating income for the full year and a sixth consecutive quarterly increase in gross margins. Zallie also emphasized the company’s proactive cost reduction initiatives and targeted pricing actions.

Ingredion’s net sales decreased by 3% in the fourth quarter of 2023 compared to the same period in 2022, attributed to reduced volumes partially offset by pricing and exchange rate effects. However, full-year net sales increased by 3%. Operating income in North America increased by $21 million in the fourth quarter, driven by favorable pricing despite lower volumes and increased fixed costs.

In South America, operating income increased by $2 million in the fourth quarter, primarily due to favorable exchange rates and strong performance in the company’s joint venture in Argentina. However, full-year operating income decreased by $27 million, driven by lower pricing in Brazil and Andean markets. The impact of the peso devaluation in Argentina in December 2023 is not reflected in the joint venture’s results, which are reported a month in arrears.



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