KUALA LUMPUR, Nov 2 — Ingredion Incorporated, a global provider of ingredient solutions to the food and beverage manufacturing industry, has reported the third quarter 2020 results.
The results, reported in accordance with United States generally accepted accounting principles (GAAP) for 2020 and 2019, include items excluded from the non-GAAP financial measures that the Company presents.
Ingredion’s president and chief executive officer, Jim Zallie said: “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.
“Reported and adjusted operating income were up 35 per cent and 41 per cent, 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.”
Among financial highlights included at Sept 30, total debt and cash and short-term investments were US$2.2 billion and US$553 million, respectively, versus US$1.8 billion and US$268 million, respectively, at Dec 31, 2019. (US$1 = RM4.156)
Net financing costs were US$22 million, which includes US$5 million for interest payments associated with the early retirement of the senior notes in July. Net financing costs were US$2 million lower in the third quarter from the year-ago period.
In addition, reported and adjusted effective tax rates for the quarter were 30.1 per cent and 26.2 per cent, respectively, compared to 27.1 per cent and 23.2 per cent, respectively, in the year-ago period.
In September this year, the Company had increased the quarterly dividend to US$0.64 per share from US$0.63 per share, and paid dividends of US$45 million in the third quarter and US$132 million year-to-date.
More details at www.ingredion.com.
— BERNAMA
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