KUALA LUMPUR, Feb 7 (Bernama) -- Ingredion Incorporated, a global provider of ingredient solutions to the food and beverage manufacturing industry, has announced a strong financial performance for the fourth quarter and the full year of 2023, with notable increases in reported and adjusted operating income.
Fourth quarter reported and adjusted operating income rose by 29 per cent and 21 per cent respectively, with full-year increases of 26 per cent and 23 per cent.
The company has also reported significant growth in its earnings, with an increase in both reported and adjusted earnings per share (EPS) with full-year 2023 reported EPS grew by 31 per cent to US$9.60, and adjusted EPS increased by 26 per cent to US$9.42. (US$1=RM4.75)
“Our business performed exceptionally well and remained resilient throughout 2023, delivering more than 20 per cent operating income growth for both the fourth quarter and full year.
“Our targeted pricing actions and proactive cost savings initiatives helped overcome inflation and raw material volatility, leading to a sixth consecutive, quarter-over-quarter expansion of gross margin,” said its president and chief executive officer, Jim Zallie in a statement.
Ingredion's balance sheet remains strong, with total debt decreasing and cash reserves increasing compared to the previous year. As at Dec 31, 2023, total debt and cash, including short-term investments, were US$2.2 billion and US$409 million, respectively, versus US$2.5 billion and US$239 million, respectively.
Cash from operations was US$1,057 million, up from US$152 million in 2022, reflecting changes in working capital and current period net income, while reported net financing costs for the fourth quarter were US$26 million versus US$34 million for the year-ago period.
Full-year net sales increased by three per cent, despite a three per cent decline in the fourth quarter. The decrease was led by volume declines, partially offset by price mix and foreign exchange impacts, while the increase was driven by price mix, partially offset by volume declines and foreign exchange impacts.
For full-year 2023, the company paid US$194 million in dividends to shareholders, and in the fourth quarter declared a quarterly dividend of US$0.78 per share that was paid in the first quarter of 2024.
“As we look ahead to 2024, we are confident that the reorganisation of our business operations will better align our resources and capabilities with customers’ needs to better target growth opportunities,” concluded Zallie.
-- BERNAMA
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