Ingredion reveals fourth quarter, full year 2022 results

KUALA LUMPUR, Feb 9 (Bernama) -- Ingredion Incorporated, a global provider of ingredient solutions to the food and beverage manufacturing industry, has reported results for the fourth quarter and full year of 2022.

Ingredion president and chief executive officer, Jim Zallie said in a statement that for 2022, Ingredion delivered outstanding performance, with top line and profit both growing double digits.

“Throughout the year, our teams demonstrated resilience and agility as they overcame macroeconomic headwinds while executing against our Driving GrowthRoadmap while also expanding and transforming our solutions and opportunity set with customers.

“For the fourth quarter, Ingredion’s net sales were up 13 per cent driven by strong performance for both core and specialty ingredients. We effectively managed strong demand for texturising, sugar reduction and higher-value industrial applications through both customer and product mix management and pricing.

“Given the resiliency of our business model, the diversification of our products and customer base, and track record of disciplined capital allocation, we are confident in Ingredion’s ability to deliver sustainable growth and create value for our shareholders,” added Zallie.

Among the financial highlights included are total debt and cash including short-term investments were US$2.5 billion and US$239 million, respectively as of Dec 31, 2022, compared to US$2.0 billion and US$332 million, respectively as of Dec 31, 2021.(US$1=RM4.30)

In addition, reported net financing costs for the fourth quarter were reported at US$34 million compared to US$16 million a year ago, while full-year net capital expenditures were US$293 million, up US$11 million from the year-ago period.

Fourth quarter and full-year net sales were up 17 per cent and 18 per cent, respectively from the year-ago period driven by strong price mix, partially offset by foreign currency impacts and lower volumes for the fourth quarter while for the full year, price mix was partially offset by foreign currency impacts.

Meanwhile, operating income for the fourth quarter surged 83 per cent to US$157 million and adjusted operating income increased 49 per cent to US$168 million over the same period in the prior year, driven by favourable price mix and expanded raw material risk management.

For the full year of 2022, the company paid total dividends of US$181 million, and in the fourth quarter declared a quarterly dividend of US$0.71 per share payable in the first quarter of 2023.

Looking forward, Ingredion expects its outlook for full-year 2023 reported and adjusted earnings per share (EPS) to be in the range of US$7.70 to US$8.40, while net sales to be up mid-double-digits and adjusted operating income to be up high single-digits to low double-digits, for the same period.

-- BERNAMA