News
Ingredion reports record EPS
2 Feb 2016Ingredion has reported 4Q15 reported and adjusted EPS of $1.42 compared to fourth quarter 2014 reported and adjusted EPS of $0.83 and $1.30 respectively. Full-year 2015 reported and adjusted EPS were $5.51 and $5.88, respectively.
Ingredion has reported 4Q15 reported and adjusted EPS of $1.42 compared to fourth quarter 2014 reported and adjusted EPS of $0.83 and $1.30 respectively. Full-year 2015 reported and adjusted EPS were $5.51 and $5.88, respectively, up from reported and adjusted EPS of $4.74 and $5.20, respectively, in the year-ago period. 2016 adjusted EPS is expected to be $6.20-$6.60, excluding restructuring and acquisition-related costs
“We concluded 2015 with record earnings per share and significant progress on our strategic blueprint. Overall volumes grew seven percent and sales of our higher-value specialty portfolio grew to 25 percent of sales” said Ilene Gordon, chairman, president and chief executive officer. “Our acquisitions of Penford Corporation and Kerr Concentrates met our earnings and synergy expectations and propelled us further into the specialty ingredients. We also announced changes to optimize our global network by reducing costs and maximizing productivity. North America and Asia Pacific achieved record operating income for the year while South America and EMEA operating income was lower than the prior year as they faced slowing economies and foreign-exchange headwinds.” “Creating long-term shareholder value remains our top priority. We expect to continue our positive trajectory in our specialty portfolio, disciplined cost management, and margin expansion as well as ongoing capital investments in manufacturing and R&D. This should continue to drive robust results.”Fourth quarter net sales were up as a result of volume growth, both organic and acquisition-related, and price increases in South America and North America. These were partially offset by changes in foreign currency exchange rates. Full-year net sales were down as a result of changes in foreign currency exchange rates and the pass through of lower corn costs, partially offset by volume growth, both organic and acquisition-related, and increased prices in South America, which partially compensated for currency headwinds.