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Ingredion Incorporated Reports Third Quarter 2021 Results and Raises Full Year Adjusted Earnings Expectation

  • Third quarter 2021 reported and adjusted EPS* were $1.75 and $1.67, respectively, compared to third quarter 2020 reported and adjusted EPS of $1.36 and $1.77, respectively.
  • The Company expects full year 2021 adjusted EPS to be in the range of $6.65-$7.00, up from the previously provided full year outlook of $6.45-$6.85.

WESTCHESTER, Ill., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the third quarter of 2021. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2021 and 2020, include items that are excluded from the non-GAAP financial measures that the Company presents.

“We delivered outstanding top-line performance of 17% net sales growth in the quarter resulting from well managed sales execution to fulfill strong customer demand. Every region achieved double-digit sales growth through a clear focus on managing price mix and partnering with customers to meet changing demand requirements as a result of global supply chain constraints. At the same time, we kept pace with higher input costs to deliver reported operating income up 12% and adjusted operating income down 9%, against previously anticipated high double-digit corn cost inflation,” said Jim Zallie, Ingredion’s president and chief executive officer.

"Once again, our specialty ingredients growth platforms achieved double-digit increases in net sales, which outpaced the remainder of our portfolio. During the quarter, we generated the largest specialty sales growth from our sugar reduction and specialty sweeteners platform, driven by customer wins from PureCircle and strong demand recovery globally. In addition, consumers’ heightened focus on nutrition and wellness is underpinning the robust demand we are seeing for our clean & simple, texture and plant-based protein solutions,” continued Zallie.

“More broadly, we continue to execute on our Driving Growth Roadmap to strategically shape our portfolio for the future. During the quarter, we completed the contribution of our Argentina business to the Arcor joint venture, reducing our exposure to currency volatility and high fructose corn syrup,” added Zallie. “Our teams are actively addressing the difficult challenges brought on by global supply chain constraints and rising inflation, to continue to serve customers, just as we have throughout the disruptions and uncertainty of the pandemic. I am incredibly proud of our employees as they engage each day to create lasting value for our stakeholders.”

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted diluted weighted average common shares outstanding are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this news release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

Diluted Earnings Per Share (EPS)

Reported EPS$1.36$1.75$3.45$0.74
Impairment/Restructuring costs0.220.100.510.25
Acquisition/Integration costs0.
Impairment (favorable adjustment)***-(0.30)-5.02
Tax items and other matters0.130.060.45(0.52)
Adjusted EPS**$1.77$1.67$4.50$5.58

Estimated factors affecting changes in Reported and Adjusted EPS

Författare GlobeNewswire