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 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.
«Ingredion delivered another strong quarter with net sales up 15 percent,» said Jim Zallie, Ingredion’s president and chief executive officer. «The results were driven by solid demand across both core and specialty ingredients combined with in-year, dynamic price management in each region led by our pricing centers of excellence. We fully offset higher input costs, expanded gross margins and delivered strong operating income growth.
«Specialty ingredients continued to grow double digits as we executed against our Driving Growth Roadmap, with net sales and gross profit margins higher across all four of our regions versus last year,» Zallie continued. «Among the highlights in the quarter, we commissioned our new Shandong, China production facility, more than doubling our local starch production capacity to serve this large and growing market. This well-timed expansion also enables us to leverage our new network capacity to support our European customers who are concerned about anticipated industry shortages for some starch products due to the severe summer drought. Additionally, supporting our sugar reduction growth platform, we received European Union approval for our bioconverted Reb M stevia solutions which further positions us to grow our PureCircle franchise.
«While the macro environment remains uncertain, our team continues to do a great job offsetting inflationary and foreign exchange headwinds while overcoming supply chain challenges to deliver growth. As we look forward, we are closely monitoring customers’ demand, and are currently working to ensure we meet their needs now and into the future,» Zallie concluded.
For additional information please read the Company’s PDF file below (284 KB):
20221104-INGREDION-Q3-2022.