Ingredion has reported what it describes as a “solid” first quarter, with net sales up from $1,360 million to $1,453 million – an increase of 7%, the majority being organic/volume.
Ingredion has reported what it describes as a “solid” first quarter, with net sales up from $1,360 million to $1,453 million – an increase of 7%, the majority being organic/volume. First quarter reported and adjusted operating income were $195 million and $212 million, respectively. These were a 3% decrease and a 6% increase, respectively, compared to $200 million of reported operating income and $201 million of adjusted operating income in the first quarter of 2016.“Our solid first quarter results reflect the overall positive trajectory of our business,” said Ilene Gordon, chairman, president and chief executive officer. “Higher core and specialty volumes, good operating efficiency, and the impact of acquisitions, more than offset headwinds in South America. Year-over-year operating income improved in North America, EMEA, and Asia Pacific. “Our growth strategy continues to drive robust results and we remain confident in our 2017 outlook. Volume growth and improved specialty mix are expected to be driven by the startup of our recently completed specialty investments in North America and Asia Pacific. The integration of the Sun Flour Industry rice business and Shandong Huanong Specialty Corn further broaden our specialty portfolio and capacity while the integration of TIC Gums further expands our texture capabilities and enables us to deliver custom solutions faster. We have taken additional restructuring actions to right size our South American business and we will continue our disciplined approach to cost management. Our current expectation for adjusted EPS for the year is $7.50-$7.80.”