Ingredion: Reports Third Quarter 2020 Results

Westchester / IL. (gnw) Ingredion Incorporated, , a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the third quarter 2020. The results, reported in accordance with U.S. generally accepted accounting principles («GAAP») for 2020 and 2019, include items that are excluded from the non-GAAP financial measures that the Company presents.

«We are pleased with our operational execution and financial performance for the third quarter. We experienced sequential improvement over second quarter 2020 in customer volume demand across all four of our regions, driven by increased consumer activity in response to easing of Covid-19 restrictions,» said Jim Zallie, Ingredion’s president and chief executive officer. «Reported and adjusted operating income were up 35 percent and 41 percent, respectively, from the second quarter. Our intense focus on servicing customers and operational execution, enabled us to deliver year-over-year profit growth in most of our regions.»

«As we continue to navigate the different economic environments around the world, we remain focused on the resilience of our workforce, the responsibility to the communities in which we operate and ensuring business continuity for our customers. Our teams displayed great agility and creativity to advance our go-to-market strategy with customers, and I am incredibly proud of them. As part of new ways of working, we are leveraging new forms of digital collaboration to connect, innovate and co-create with our customers. Around the world, we are moving our Idea Labs to virtual interactive studios to bring the innovation process to our customers, wherever they are,» Zallie continued.

«Today, we announced another strategic step to advance our Driving Growth Roadmap with the pending acquisition of Verdient Foods Inc., bringing our ownership to 100 percent. This transaction enables us to accelerate net sales growth, further expand our manufacturing capacity and better manage our supply network to serve the increasing demand for plant-based proteins. During the quarter, we also further enhanced our sugar reduction capabilities by integrating PureCircle’s global team and operations.»

«We are well positioned to effectively manage through the uncertainties due to the pandemic and successfully support our customers and their changing needs. We remain confident in the relevance of our strategy to grow our business and deliver value for shareholders,» concluded Zallie.

For additional information please read the Company’s PDF file below (224 KB):