Ingredion Q4 2022 Earnings Report
Key Takeaways
Ingredion Incorporated reported a 13% increase in net sales for the fourth quarter of 2022, driven by strong performance in both core and specialty ingredients. The company effectively managed demand for texturizing, sugar reduction, and higher-value industrial applications through customer and product mix management and pricing. Full-year 2022 reported and adjusted EPS were $7.34 and $7.45, respectively.
Fourth quarter 2022 reported and adjusted EPS were $1.71 and $1.65, respectively, compared to fourth quarter 2021 reported and adjusted EPS of $0.99 and $1.09.
Specialty ingredients delivered strong double-digit growth, with net sales higher across all four regions versus last year.
Completed one-third of planned $160 million multi-year global capacity expansion for specialty starches.
The Company expects full-year 2023 reported and adjusted EPS to be in the range of $7.70 - $8.40.
Ingredion
Ingredion
Ingredion Revenue by Geographic Location
Forward Guidance
The Company expects its outlook for full-year 2023 reported and adjusted EPS to be in the range of $7.70 to $8.40. The Company expects full-year 2023 net sales to be up mid-double digits and adjusted operating income to be up high single-digits to low double digits.
Positive Outlook
- North America operating income is expected to be up low double-digits, driven by favorable price mix partially offset by higher input costs.
- South America operating income is expected to be up low single-digits, with favorable price mix mostly offsetting higher input costs.
- Asia-Pacific operating income is expected to be up mid double-digits, driven by favorable price mix and PureCircle growth, partially offset by higher input costs.
- EMEA operating income is expected to be up mid-single-digits as we navigate foreign exchange impacts.
- Corporate costs are expected to be up low single-digits.