Ingredion reports "solid" results8 Feb 2017
Ingredion has reported “solid” 4Q16 results and record full-year earnings per share. Fourth quarter 2016 reported and adjusted EPS were $1.26 and $1.67, respectively, compared to 4Q15 of $1.42.
Ingredion has reported “solid” fourth quarter 2016 results and record full-year earnings per share. Fourth quarter 2016 reported and adjusted EPS were $1.26 and $1.67, respectively, compared to fourth quarter 2015 of both reported and adjusted EPS of $1.42. Full-year 2016 reported and adjusted EPS were $6.55 and $7.13, respectively, up from $5.51 and $5.88 in the year-ago period, respectively.“We concluded 2016 with record earnings per share and operating income, and significant progress on our strategic blueprint. Sales of our higher-value specialty portfolio grew to 26 percent of net sales for the year and our acquisitions of TIC Gums and Shandong Huanong Specialty Corn were completed in the fourth quarter,” said Ilene Gordon, chairman, president and chief executive officer. “For the year, more favorable price/product mix across the portfolio, as well as our global optimization efforts drove margin expansion. North America, Asia Pacific and EMEA achieved record operating income year-over-year. South America, although down, accelerated regional network optimization and restructuring efforts to offset difficult macroeconomic conditions and foreign-exchange headwinds.”“We remain committed to creating long-term shareholder value. We expect continued growth in our specialty portfolio, disciplined cost management, and ongoing capital investments for margin expansion. And, we will explore potential M&A opportunities that drive specialty growth. For 2017, we anticipate adjusted EPS of $7.40 to $7.80.”
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