INGREDION INCORPORATED DELIVERS STRONG GROWTH IN THIRD QUARTER 2022

KUALA LUMPUR, Nov 4 (Bernama) -- Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage manufacturing industry, has reported continued strong growth in the third quarter ending Sept 30, 2022 with net sales of US$2.02 billion. (US$1=RM4.74)

“Ingredion delivered another strong quarter with net sales up 15 per cent. The results were driven by solid demand across both core and specialty ingredients combined with dynamic price management in each region led by our pricing centres of excellence.

“We fully offset higher input costs, expanded gross margins and delivered strong operating income growth,” said Ingredion’s president and chief executive officer Jim Zallie in a statement.

As at Sept 30, 2022, total debt and cash including short-term investments were US$2.4 billion and US$298 million, respectively, versus US$2.0 billion and US$332 million, respectively, as at Dec 31, 2021.

Net financing costs for the third quarter were US$24 million versus US$20 million for the year-ago period.

Third quarter and year-to-date net sales were up from the year-ago period. These increases were driven by a strong price mix and volume, partially offset by the lapping of the prior year's consolidated Argentina net sales volume. Excluding foreign exchange impacts, net sales were up 19 per cent for the quarter and year-to-date.

Zallie said: “Among the highlights in the quarter, we commissioned our new Shandong, China production facility, more than doubling our local starch production capacity to serve this large and growing market.

“This well-timed expansion also enabled us to leverage our new network capacity to support our European customers who are concerned about anticipated industry shortages for some starch products due to the severe summer drought.”

The company expects full-year 2022 net sales to be up mid-double digits and adjusted operating income to be up low-double digits.

-- BERNAMA