From GlobeNewswire:

Ingredion Incorporated (NYSE: INGR) has announced its fourth quarter and full year 2023 results, with a 29% increase in reported operating income and a 21% increase in adjusted operating income. The full year 2023 reported and adjusted EPS were $9.60 and $9.42, marking a 31% and 26% increase, respectively. The company expects an EPS for 2024 in the range of $10.20 to $11.15.

The company’s cash flow from operating activities for the full year 2023 was $1.057 billion, compared to $152 million in 2022. Ingredion is confident in its ability to achieve profitable growth, higher margins, and strong cash flow in 2024. The company is focused on strengthening its diversified and balanced portfolio of ingredients and solutions. Ingredion’s customer relationships, innovation, and operational excellence continue to drive success in the market.

The company’s fourth quarter net sales were down 3% from the previous year, but for the full year, net sales increased by 3%. The reported and adjusted operating incomes for the fourth quarter increased by 29% and 21%, respectively, and for the full year, they increased by 26% and 23%. The company saw increases in both operating income categories, driven largely by a favorable price mix.

Ingredion’s North America segment operating income for the fourth quarter increased by 17%, while the South America segment operating income decreased by 16%. In the Asia-Pacific region, segment operating income increased by 65% in the fourth quarter. For the Europe, Middle East, and Africa (EMEA) segment, operating income increased by 25% in the fourth quarter.

The company’s total debt and total liquidity, including short-term financial assets, were $2.2 billion and $409 million as of December 31, 2023. The company’s cash flow from operating activities increased to $1.057 billion, primarily due to changes in working capital and the net income of the current period. Net financing costs for the fourth quarter were $26 million, compared to $34 million in the same period last year.

Ingredion has demonstrated strong financial performance in the fourth quarter and full year of 2023, driven by a combination of factors such as improved operational efficiency, strategic pricing actions, and proactive cost reduction initiatives. With its strong outlook for 2024 and focus on customer needs, the company is well-positioned for continued success.



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