Westchester / IL. (gnw) Ingredion Inc., a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the second quarter of 2023. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.
«Once again, our teams demonstrated an ability to adapt to shifting market dynamics while continuing to drive strong profit growth,» said president and chief executive officer Jim Zallie. «The team’s nimbleness to adjust our production to anticipated shifts in customer demand led to robust profit growth and greater cash from operations. Our performance this quarter further demonstrated the value of our diversified ingredients portfolio where North America’s strength in core ingredients and EMEA’s strength in specialties led to record second quarter net sales.»
«Net sales growth of specialty ingredients was driven by price and customer mix. Overall, Ingredion’s specialty ingredients led total net sales growth for the Company, reflecting ongoing demand for healthy and natural ingredients, such as solutions to enable sugar reduction. Our differentiated high-intensity natural sweeteners for low or no-calorie products continue to be recognized for their uncompromised sweetness and flavor profile. Volumes continued to be impacted by inventory rebalancing throughout the food supply chain and shifts in consumer spending behavior.»
«Our updated full-year outlook reflects our confidence to continue to deliver profitable growth this year and execute on our Driving Growth Roadmap, creating long-term value for shareholders,» Zallie concluded.
For additional information please read the Company’s PDF file below (167 KB):20230809-INGREDION-02-2023