Westchester / IL. (gnw) Ingredion Inc., a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the third quarter of 2023. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.
«We continued to successfully manage our business in the third quarter with our approach to product pricing and customer mix, while also driving operational excellence and productivity to mitigate the impact of cost inflation. This enabled us to deliver 15 percent adjusted operating income growth for the quarter,» said Jim Zallie, Ingredion’s president and chief executive officer.
«Our business continues to demonstrate resilience, evidenced by the diversity of our markets and product portfolio, and the strength of our business model. For example, our Food Systems business in Europe demonstrated mid-single-digit volume growth from greater penetration into private label. While lower corn costs around the globe contributed to lower net sales growth, we were encouraged by sequential quarterly improvement in sales volumes despite inventory rebalancing by customers that continued to work its way through the supply chain.»
«Our updated full-year guidance reflects our confidence to deliver revenue and profit growth above our four-year growth outlook. We continue to execute against our Driving Growth Roadmap creating long-term value for shareholders, and are committed to total shareholder return as evidenced by the increase in the dividend rate and shares repurchased during the quarter,» Zallie concluded.
For additional information please read the Company’s PDF file below (246 KB):20231107-INGREDION-03-2023