Ingredion reports record income

1 Aug 2016

Ingredion has reported results for the second quarter 2016, noting that North America, Asia Pacific and EMEA achieved record operating income. The company raised its guidance on EPS.

Ingredion has reported results for the second quarter 2016. Reported and adjusted EPS were $1.58 and $1.73, respectively, compared to second quarter 2015 reported and adjusted EPS of $1.47 and $1.53, respectively. Year-to-date 2016 reported and adjusted EPS were $3.36 and $3.51, respectively, up from $2.62 of reported EPS and $2.83 adjusted EPS in the year-ago period. Reported operating income wasf $198 million.

The company raised its 2016 adjusted EPS guidance range to $6.70-$6.90.

“We delivered another strong quarter with solid operating income and earnings per share. More favorable price/product mix across the portfolio, as well as margin expansion propelled by our global optimization efforts all contributed to increases in profitability,” said Ilene Gordon, chairman, president and chief executive officer. “North America, Asia Pacific and EMEA achieved record operating income for the quarter while operating income was lower in South America as that region faced macroeconomic and foreign-exchange headwinds.”

“As we continue to execute our strategic blueprint, we expect a strong year and are raising our anticipated 2016 adjusted EPS, now to a range from $6.70 to $6.90,” Gordon added.