Westchester / IL. (gnw) Ingredion Incorporated, , a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the first quarter of 2022. The results, reported in accordance with U.S. generally accepted accounting principles («GAAP») for 2022 and 2021, include items that are excluded from the non-GAAP financial measures that the Company presents.
«Ingredion overcame inflationary headwinds and is off to a strong start in 2022,» said Jim Zallie, Ingredion’s president and chief executive officer. «We delivered 17 percent net sales growth driven by higher-than-expected demand and strong price mix. In a highly inflationary environment, we achieved significant, favorable price mix that more than offset increased input costs and contributed to 6 percent operating income growth. We also made progress in the quarter improving the resilience of our supply chain despite continued global logistics constraints, which enabled us to better meet customers’ changing needs.»
«We continued to advance our Driving Growth Roadmap, growing our specialties ingredients net sales by 20 percent in the quarter, led by strong demand for texturizing ingredients. Additionally, plant-based proteins net sales grew more than 250 percent in the quarter, as our quality and yield improved and our production ramp-up accelerated at our two manufacturing facilities. PureCircle also achieved another high double-digit net sales growth quarter, reflecting strong demand for high intensity, nature-based sweeteners,» stated Zallie.
«As we started 2022, new challenges arose, and our team continued to show exceptional agility in responding to events such as the dislocations brought on by the Ukraine conflict, its impact on global corn supply, and, most recently, the resurgence of the pandemic in China. I am incredibly proud of our people as they operate with an owner’s mindset to adapt and engage each day to create value for our stakeholders. We look forward to a year of meaningful growth, as we leverage technology and the best of nature, to deliver an expanding set of innovative ingredient solutions for our customers and consumers alike.»
For additional information please read the Company’s PDF file below (190 KB):20220505-INGREDION-Q1-2022