INGREDION INCORPORATED DECLARES 2021 FOURTH QUARTER, FULL-YEAR RESULTS

KUALA LUMPUR, Feb 4 -- Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage manufacturing industry, has reported results for the fourth quarter of 2021 and full-year 2021.

According to a statement, 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.

“Our team executed well in 2021 in the face of persistent macroeconomic and global supply chain challenges. We advanced our Driving Growth Roadmap, while delivering solid net sales and profit growth,” said Ingredion president and chief executive officer, Jim Zallie.

“Partnering with our customers to co-create and meet their changing demand requirements, while implementing strategic pricing actions, and delivering cost savings through our Cost Smart programme were major achievements that underpinned our success in 2021.

“Looking to 2022, we expect strong net sales and operating profit growth. During contracting, our teams worked with customers to plan for their demand and implemented pricing to reflect input cost inflation. Within specialities, we are also anticipating another strong year of growth.”

Financial Highlights include at Dec 31, 2021, total debt and cash including short-term investments were US$2.0 billion and US$332 million, respectively, versus US$2.2 billion and US$665 million, respectively, at Dec 31, 2020. (US$1 = RM4.180)

In addition, net financing costs for the fourth quarter were US$16 million, down compared to the year-ago net financing costs, primarily driven by lower foreign exchange impacts in the period.

Fourth quarter and full-year net sales were up from 2020 periods, driven by strong price mix including the pass through of higher corn costs, and higher volumes, which also reflected PureCircle and KaTech results.

In 2021, Ingredion paid US$172 million of dividends, or US$2.57 per share, representing a 39 per cent payout of adjusted EPS. Ingredion reviews its dividend and dividend payout as growth in adjusted EPS is realised.

The Company expects full-year 2022 reported and adjusted EPS to be in the range of US$6.85 to US$7.45 compared to adjusted EPS of US$6.67 in 2021. This expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

-- BERNAMA