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Mar 31, 2022
Ingredion Q1 2022 Earnings Report
Ingredion reported a strong start to 2022, overcoming inflationary headwinds with net sales growth and operating income growth.
Key Takeaways
Ingredion reported a strong first quarter with 17% net sales growth driven by higher demand and strong price mix. The company achieved 6% operating income growth despite inflationary pressures. Specialties ingredients net sales grew by 20%, and plant-based proteins net sales grew by more than 250%.
Delivered 17% net sales growth due to high demand and strong price mix.
Achieved 6% operating income growth, offsetting increased input costs.
Specialties ingredients net sales increased by 20%.
Plant-based proteins net sales grew by over 250%.
Forward Guidance
For the second quarter 2022, the Company expects net sales to increase by low double-digits and operating income growth to be relatively flat, when both are compared to second quarter 2021. The Company expects full-year 2022 reported EPS to be in the range of $6.80 to $7.40, and maintains its expectation of adjusted EPS to be in the range of $6.85 to $7.45, compared to adjusted EPS of $6.67 in 2021.
Positive Outlook
- North America operating income is expected to be up low to mid-double-digits, driven by favorable price mix more than offsetting higher corn and input costs
- South America operating income is expected to be up low single-digits, driven by favorable pricing
- Asia-Pacific operating income is expected to be flat compared to the prior year period, driven by higher corn costs in Korea related to the Ukraine conflict, offsetting PureCircle growth
- EMEA operating income is expected to be up low single-digits, driven by favorable price mix
- Corporate costs are expected to be flat
Challenges Ahead
- Second quarter 2022, the Company expects net sales to increase by low double-digits and operating income growth to be relatively flat, when both are compared to second quarter 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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