Westchester / IL. (ingr) Ingredion Incorporated, a leading global provider of ingredient solutions to diversified industries, reported results for the fourth quarter and full-year 2019. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for 2019 and 2018, include items that are excluded from the non-GAAP financial measures that the Company presents.
«For the second consecutive quarter, we delivered net sales growth by taking pricing actions across our business which more than offset significant foreign currency challenges. We also grew our global specialties portfolio, led by double digit growth in Latin America. Global volumes were flat, however, due to the continued challenging macroeconomic environment in Asia-Pacific and Europe,» said Jim Zallie, Ingredion’s president and chief executive officer.
«In 2019, we progressed our Driving Growth Roadmap by advancing on-trend specialty growth platforms, including significant investments in plant-based proteins and sugar reduction capabilities. Our specialties portfolio now represents 30 percent of total net sales,» Zallie continued.
«Throughout the year, we also streamlined our organization achieving significant improvements in operational efficiencies and delivering nearly USD 75 million of run-rate savings against our USD 30 million – USD 40 million Cost Smart savings target for 2019. We have broadened and accelerated our transformation efforts, and as a result are increasing our three year Cost Smart savings program target to USD 150 million by 2021.»
«We are confident in our long-term profit growth outlook and remain focused on executing against our strategic plan to drive growth and increase shareholder value,» Zallie concluded.
Q4 and Full-Year 2019 Highlights
- Fourth quarter 2019 reported and adjusted EPS were both USD 1.61, compared with USD 1.36 and USD 1.61 in the fourth quarter 2018
- Full-year 2019 reported and adjusted EPS were USD 6.13 and USD 6.65, down from USD 6.17 and USD 6.92 in the year-ago period
- Net sales presentation excludes shipping and handling costs, which are now reported in cost of sales
- 2020 reported EPS expected to be in the range of USD 6.48-USD 7.10 and adjusted EPS expected to be in the range of USD 6.60-USD 7.20
For additional information please read Ingredion’s PDF file below (424 KB):