Westchester / IL. (gnw) Ingredion Inc., a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the first quarter of 2023. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.
«We started 2023 with exceptional performance delivering record quarterly profit and EPS,» said president and chief executive officer Jim Zallie. «Entering this year, we anticipated a second consecutive year of corn and manufacturing cost inflation. Our sales teams effectively executed product and customer mix management, including price adjustments against expiring multi-year customer contracts, to successfully rebuild margins for the third consecutive quarter. In addition, as economic growth slowed, supply chain costs moderated contributing to higher gross margins and operating income.
«During the quarter, specialty ingredients continued their positive momentum, achieving double-digit net sales growth across all four regions compared to last year. Our supply chain teams continued to improve service delivery and our plants ran well to increase specialty ingredient availability. We further invested in our texture and nutrition network capabilities to enable future growth opportunities with customers.
«Our updated full-year outlook reflects better price and customer mix management as well as our continued vigilance in managing costs. We anticipate customer demand will steadily strengthen throughout the second half following some sales volume softness in the first quarter, primarily due to slower consumer demand and customers’ rebalancing of inventories. We remain confident in our strategy for future growth to create long-term value for our shareholders,» Zallie concluded.
For additional information please read the Company’s PDF file below (165 KB):20230505-INGREDION-Q1-2023.