Ingredion sales decline

4 Nov 2015

Ingredion has reported a 2% decline in third quarter and year-to-date sales. Third quarter 2015 reported and adjusted EPS were $1.48 and $1.64, respectively, compared to $1.60 of reported EPS in the third quarter 2014.

Ingredion sales decline

Ingredion has reported a 2% decline in third quarter and year-to-date sales. Third quarter 2015 reported and adjusted EPS were $1.48 and $1.64, respectively, compared to $1.60 of reported EPS in the third quarter 2014. However, year-to-date reported and adjusted EPS were $4.09 and $4.47, respectively, up from $3.89 in the year-ago period.

The company raised its adjusted EPS guidance to $5.75-$5.90.

“Our solid third quarter results reflect the overall positive trajectory of our business,” said Ilene Gordon, chairman, president and chief executive officer. “Higher core and specialty volumes, improved mix, good operating efficiency, and the impact of acquisitions, more than offset foreign-exchange headwinds. Year-over-year operating income improved in North America, South America, and Asia Pacific.”

“Our growth strategy continues to drive robust results and we remain confident in our 2015 outlook. Volume growth, disciplined cost management, and improved mix are expected to continue in the fourth quarter. Our Kerr acquisition, which broadens our wholesome and clean-label ingredient portfolio, was finalized in August and the Penford integration remains on track for at least $20 million in annualized cost synergies. We continue to take actions to optimize our cost structure for the future. Our expectation for adjusted EPS for the year is raised to $5.75-$5.90, including accretion resulting from both transactions, but excluding costs related to acquisitions and restructuring.”