Westchester / IL. (gnw) Ingredion Incorporated, , a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the second quarter of 2021. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for 2021 and 2020, include items that are excluded from the non-GAAP financial measures that the Company presents.
«We delivered exceptional second quarter performance, resulting in our strongest quarter since 2017, with reported operating income of USD 222 million, up 96 percent versus prior year, and adjusted operating income of USD 208 million, up 64 percent versus prior year. In every region, we saw double-digit volume growth from demand recovery across all customer segments, as well as strong specialties growth. Our strong sales execution and price mix management, in a challenging supply chain landscape, mitigated rising corn costs and contributed to our 31 percent increase in net sales,» said Jim Zallie, Ingredion’s president and chief executive officer.
«In the quarter and year-to-date, we achieved double-digit growth from our specialty ingredients portfolio. We continue to advance our Driving Growth Roadmap by increasing specialties as a percentage of our net sales and investing in capabilities to enable consumer preferred innovation for our customers. Our integration of KaTech with its customized ingredient systems and our Amyris partnership for breakthrough sugar reduction technology position us well as a long-term supplier of choice for on-trend, nature-based ingredient solutions,» continued Zallie.
«Given the strong and fluctuating demand patterns that we are experiencing from various sectors of our customer base, we are intensely focused on working in close partnership with our customers to meet their changing needs. We are also closely monitoring increases in input costs and taking actions now to manage margins. As we navigate the second half of the year, I am confident in our ability to maintain strong net sales momentum, with full year earnings returning to 2019 levels,» Zallie concluded.
For additional information please read the Company’s PDF file below (272 KB):20210802-INGREDION-Q2-2021