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 2022. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for 2022 and 2021, include items that are excluded from the non-GAAP financial measures that the Company presents.
«Our teams delivered our strongest quarter since 2017,» said Jim Zallie, Ingredion’s president and chief executive officer. «Net sales growth of 16 percent reflected robust customer demand, which drove comparable volume growth; this, along with active price mix management, enabled us to fully offset higher input costs. As a result, our adjusted operating income was up over last year’s strong performance and was higher than our expectations.»
«Specialty ingredients continued their momentum underpinned by solid execution against our Driving Growth Roadmap. Notably, across all four of our regions, solid double-digit net sales increases exceeded our four-year specialties growth outlook,» Zallie continued. «In response to continued strong demand for clean label texturizing starches, we accelerated the commissioning of new capacity at our Indianapolis facility. In addition, our Sugar Reduction and Specialty Sweetener platform had another excellent quarter, growing net sales by more than 20 percent, led by a double-digit top line increase of PureCircle’s stevia franchise.»
«Also contributing to second quarter performance, core ingredients delivered net sales growth in the mid-teens. Our volume growth resulted from strong customer demand in categories such as brewery and confectionary. In addition, enhanced contract terms have enabled us to more quickly address changing input costs in our largest markets. Higher net sales growth was led by South America and Mexico as we continued to shift our focus to fast growing categories in these territories.»
«Overall, I am extremely proud of how our global teams continue to perform in this inflationary environment. While the business landscape remains challenging, our positive results in the first half of this year position us well to deliver a strong second half as we continue to execute against each of our four strategic growth pillars,» Zallie concluded.
For additional information please read the Company’s PDF file below (279 KB):20220809-INGREDION-Q2-2022