Ingredion reports ”strong” quarter

6 May 2016

Ingredion has reported what it describes a strong 1Q16, with EPS well up on the year-ago quarter and reported operating income of $200 million. The company raised its 2016 adjusted EPS guidance range.

Ingredion reports ”strong” quarter

Ingredion has reported what it describes a strong 1Q16, with EPS well up on the year-ago quarter and reported operating income of $200 million. The company raised its 2016 adjusted EPS guidance range to $6.45-$6.75 from the previous range of $6.20-$6.60.

“We delivered another strong quarter with solid operating income and earnings per share and continued progress on our strategic blueprint,” said Ilene Gordon, chairman, president and chief executive officer. “Acquisition-related volume, more favourable price/product mix in both our specialty and core ingredients as well as margin expansion propelled by our global optimization efforts and Penford cost synergies all contributed to increases in operating income and earnings per share. As expected, North America, Asia Pacific and EMEA achieved solid operating income growth for the quarter while South American operating income was lower than the prior year as the region faced slowing economies and foreign-exchange headwinds.”

“We continue our strategic journey to becoming a leading global ingredient company, and the ground work we laid over the past several years continued to drive robust operating results. As a result, we expect another strong year and are raising our anticipated 2016 adjusted EPS to a range from $6.45 to $6.75.”