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 2024. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2024 and 2023, include items that are excluded from the non-GAAP financial measures that the Company presents.
«Against a strong comparison with last year’s record first quarter performance, this quarter’s results exceeded expectations. As anticipated, our net sales volumes in the quarter improved sequentially, despite the impact of extreme cold weather on shipments in the U.S. and taking into account the sale of our South Korea business,» said president and chief executive officer Jim Zallie. «Furthermore, we maintained our gross margins above 22 percent as the strength of our business model effectively managed the impact of variable rate contracts which require the pass through of lower corn costs.
«Looking forward, our Driving Growth Roadmap continues to guide our long-term value creation. Also, in support of our new Winning Aspiration, the reorganization is enabling clearer focus on the opportunities presented by our global customers to drive growth. We are encouraged by the levels of customer engagement, particularly in our texture solutions business. Additionally, we anticipate deploying cash this year toward organic investments, dividends, and a step-up in share repurchases,» Zallie concluded.
For additional information please read the Company’s PDF file below (277 KB):
20240510-INGREDION-Q12024.