INGREDION INCORPORATED UNVEILS 2021 FIRST QUARTER RESULTS

KUALA LUMPUR, May 5 (Bernama) -- Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage manufacturing industry, has reported results for the first quarter of 2021.

The results, reported in accordance with the US generally accepted accounting principles (GAAP) for 2021 and 2020, include items excluded from the non-GAAP financial measures that the Company presents.

“We delivered an outstanding first quarter with significant net sales and adjusted operating income growth, our best quarter since 2018. Operating income grew across all four regions, and our results reflect exceptionally strong performance in South America and Asia-Pacific,” said Ingredion president and chief executive officer, Jim Zallie in a statement.

“We continued to execute on our Driving Growth Roadmap, delivering specialty ingredients growth that was underpinned by double-digit growth in Asia-Pacific and South America. As a result of our unwavering determination to expand our consumer preferred specialty offerings, our sugar reduction sales were up over 200 per cent versus prior year.”

At March 31, this year, total debt and cash including short-term investments were US$2.2 billion and US$577 million, respectively, versus US$2.2 billion and US$665 million, respectively, at Dec 31, last year. (US$1 = RM4.117)

In addition, net financing costs were US$19 million, or US$1 million higher in the first quarter than in the year-ago period. The increase resulted primarily from a decrease in capitalised interest versus the prior year.

First quarter net sales were up from the year-ago period. The increase was driven by strong price mix, including the pass through of higher corn costs, the inclusion of PureCircle results, and specialty volume growth in Asia-Pacific. Excluding foreign exchange impacts, net sales were up five per cent for the quarter.

In March this year, the Company announced a quarterly dividend of US$0.64 per share, totalling US$44 million. During the quarter, the Company repurchased US$14 million of outstanding shares of common stock.

For the second quarter, the Company expects net sales to increase 20 to 30 per cent and operating income growth to be slightly better than net sales growth, when both are compared to the prior year.

-- BERNAMA