From GlobeNewswire:

Ingredion Incorporated has reported a 29% increase in their operating income for the fourth quarter of 2023, and a 21% increase in operating income for the full year, reaching a total of $202 million and $203 million respectively. This increase was driven by favorable raw material and input costs as well as encouraging pricing.

For the full year of 2023, Ingredion has reported an increase in EPS of 31% to $9.60, and a 26% increase in adjusted EPS to $9.42. Operating income for the full year also increased to $957 million. The company projects full year 2024 EPS to be in the range of $10.20 to $11.15, reflecting the impact of divestiture of South Korean business.

In 2023, Ingredion’s net sales for North America increased by 5% and operating income increased by 27%. There was an 8% decrease in net sales for South America and a 16% decrease in operating income.

Asia-Pacific recorded a 2% decrease in net sales for the full year of 2023, but an increase of 35% in operating income. For EMEA, there was a 15% increase in net sales and a 42% increase in operating income for the full year of 2023.

In 2023, Ingredion paid $194 million in dividends to shareholders and repurchased 1.0 million shares of common stock at a cost of $101 million. The company is dedicated to providing value to shareholders in the form of dividends and share buybacks.



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