Ingredion Incorporated: Reports FY-2023 Results

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 of 2023 and full-year 2023. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the fourth quarter of 2023 and 2022 and full-year 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.

«Our business performed exceptionally well and remained resilient throughout 2023, delivering more than 20 percent operating income growth for both the fourth quarter and full year. Our targeted pricing actions and proactive cost savings initiatives helped overcome inflation and raw material volatility, leading to a sixth consecutive, quarter-over-quarter expansion of gross margin. Additionally, cash from operations exceeded USD 1 billion dollars, and we returned USD 295 million dollars to shareholders in the year,» said Jim Zallie, Ingredion’s president and CEO.

«We continue to make significant progress strengthening our diversified and balanced portfolio of ingredients and solutions. Specialty ingredients grew mid-single digits, despite volume headwinds as customers destocked and managed inventories lower. In the second half of 2023, we saw a steady recovery of volumes as customer demand strengthened. Throughout the year, our teams demonstrated agility and operational excellence as they continued to balance production schedules and optimize inventory levels at year end.

«As we look ahead to 2024, we are confident that the reorganization of our business operations will better align our resources and capabilities with customers’ needs to better target growth opportunities. We are well positioned to deliver profitable growth and margin expansion, as well as generate strong cash flow. We believe our Driving Growth Roadmap continues to guide long-term value creation for our shareholders as we deepen our customer relationships, and drive innovation and operational excellence to win in the marketplace,» Zallie concluded.

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