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Ingredion reports strongest quarter since 2017
Businessman investment consultant analyzing company financial re

Ingredion Incorporated reported the financial results for the second quarter of 2022, which show the company’s strongest growth since 2017, according to Jim Zallie, president and CEO: “Net sales growth of 16% 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 in Q2, with double-digit net sales increases that exceeded Ingredion’s four-year specialties growth outlook across all of its regions. “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%, led by a double-digit top-line increase of PureCircle’s stevia franchise,” Zallie commented.

Core ingredients also contributed to the Q2 performance, with net sales growth in the mid-teens. Here, Ingredion noted strong customer demand in categories such as brewery and confectionery.

“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.

Excluding foreign exchange impacts, net sales were up 18% and 19%, respectively, for the quarter and year-to-date.

For the third quarter 2022, Ingredion expects its net sales growth to be in the high teens and its operating income growth to be in the high single-digits, compared to the third quarter of 2021.

Photo: Adobe Stock 423421022