Westchester / IL. (gnw) Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the fourth quarter and full year 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.
«For 2022, Ingredion delivered outstanding performance, with top line and profit both growing double digits,» said Jim Zallie, Ingredion’s president and chief executive officer. «Throughout the year, our teams demonstrated resilience and agility as they overcame macroeconomic headwinds while executing against our Driving Growth Roadmap while also expanding and transforming our solutions and opportunity set with customers.
«For the fourth quarter, Ingredion’s net sales were up 13 percent driven by strong performance for both core and specialty ingredients. We effectively managed strong demand for texturizing, sugar reduction and higher-value industrial applications through both customer and product mix management and pricing. These actions combined with expanded raw material risk management and improved supply chain conditions drove increased year-over-year gross margins.
«Specialty ingredients once again delivered strong double-digit growth, with net sales higher across all four regions versus last year. Notably, we completed one-third of our planned USD 160 million multi-year global capacity expansion for specialty starches to strengthen our leadership position in texturizing of foods,» Zallie continued. «I am especially proud of the work our team did ramping up production at our new Shandong, China facility, despite widespread Covid related challenges. With the expanded capacity, our business in China is well-positioned for accelerated growth as the economy reopens. Additionally, we acquired a specialty ingredient pharma business in India that broadens our capabilities to serve this growing and attractive high value market.
«Following our contracting season, having worked with customers to balance their demand requirements amidst rising input costs, we anticipate another year of double-digit sales growth. Given the resiliency of our business model, the diversification of our products and customer base, and track record of disciplined capital allocation, we are confident in Ingredion’s ability to deliver sustainable growth and create value for our shareholders,» Zallie concluded.
For additional information please read the Company’s PDF file below (351 KB):20230209-INGREDION-FY2022