Ingredion Reports Q2 2024 Financial Results
Intellectia.AI2024-08-06
Ingredion Reports Q2 2024 Financial Results
Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions, announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimates | Comparison to Consensus Estimates |
|---|---|---|---|---|---|
| Reported EPS | $2.22 | $2.41 | -8% | $ | -- |
| Adjusted EPS | $2.87 | $2.31 | +24% | $ | -- |
| Reported Operating Income | $240 million | $ | -4% | $ | -- |
| Adjusted Operating Income | $270 million | $ | +8% | $ | -- |
Interpretation : Ingredion experienced a mixed financial performance in Q2 2024. Reported EPS dropped by 8% to $2.22, while adjusted EPS increased by 24% to $2.87. Adjusted operating income rose by 8%, indicating improved operational efficiency despite certain adverse factors.
Segment Revenue Performance
| Segment | Q2 2024 Revenue ($) | Year-over-Year Change |
|---|---|---|
| Texture & Healthful Solutions | $ | -- |
| Food & Industrial Ingredients - LATAM | $ | -- |
| Food & Industrial Ingredients - U.S./Canada | $ | -- |
| All Other | $ | -- |
Interpretation : Detailed segment revenue data is not available in the earnings release. However, the commentary highlights significant growth in Texture & Healthful Solutions due to an 8% increase in sales volume year-over-year. Notably, the Food & Industrial segments also showed robust profit growth driven by high customer demand.
Executive Commentary
Jim Zallie, President and CEO, expressed satisfaction with Ingredion's strategic advancements: "In the second quarter, Ingredion achieved significant growth, led by Texture & Healthful Solutions. Our strategic expansions and increased ownership in PureCircle further solidify our market positioning."
Dividends and Share Repurchase
In the first half of 2024, Ingredion paid $104 million in dividends and announced a quarterly dividend of $0.78 per share, paid on July 23, 2024. The company repurchased $65 million in shares during the quarter.
Forward Guidance
Ingredion has raised its full-year EPS guidance. The company now expects reported EPS to be in the range of $10.20 to $10.70, and adjusted EPS to be between $9.70 and $10.20. For Q3 2024, Ingredion anticipates flat net sales and high double-digit growth in reported and adjusted operating income.
Stock Price Movement
Following the earnings release, Ingredion's stock price experienced a decline of 2.45%.
Stock Summary
Ingredion's Q2 2024 financial performance showcased a mix of strengths and areas for improvement, with significant advancements in its texture solutions and strategic investments. The company remains optimistic about its full-year financial targets and continuous growth strategies.
The report has been organized into a more readable format, and unnecessary columns have been removed.
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