Ingredion Incorporated unveils third quarter 2021 results

KUALA LUMPUR, Nov 3 -- Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage manufacturing industry, has reported results for the third quarter of 2021.

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

“We delivered outstanding top-line performance of 17 per cent net sales growth in the quarter resulting from well managed sales execution to fulfill strong customer demand,” said Ingredion president and chief executive officer, Jim Zallie in a statement.

“Every region achieved double-digit sales growth through a clear focus on managing price mix and partnering with customers to meet changing demand requirements as a result of global supply chain constraints.”

Other financial highlights include at Sept 30, total debt and cash including short-term investments were US$2.1 billion and US$438 million, respectively, versus US$2.2 billion and US$665 million, respectively, at Dec 31, 2020. (US$1 = RM4.150)

Net financing costs for the third quarter were US$20 million, down compared to the year-ago reported financing costs driven by the early debt extinguishment charges that were excluded from prior year adjusted net income.

In addition, third quarter and year-to-date net sales were up from the year-ago period, driven by strong price mix including the pass through of higher corn costs, and higher volumes, including PureCircle and KaTech results.

Third quarter reported and adjusted operating income were US$172 million and US$163 million, respectively, an increase of 12 per cent and a decrease of nine per cent, respectively, from the same period last year.

The Company now expects full year 2021 adjusted EPS to be in the range of US$6.65-US$7.00 compared to adjusted EPS of US$6.23 in 2020, and up from the previously provided full year outlook of US$6.45-US$6.85.

For the full year, the Company expects a reported effective tax rate of 46.0 per cent to 51.0 per cent and an adjusted effective tax rate of 25.5 per cent to 27.0 per cent.

-- BERNAMA