WESTCHESTER, Ill., Feb 5 (Bernama-GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its fourth quarter 2024 and full-year 2024 results.
“We delivered record Q4 financial results driven by continued strong sales volume growth in Texture & Healthful Solutions and exceptional results in our Food & Industrial Ingredients (“F&II”) US/CAN and LATAM segments,” said Jim Zallie, president and CEO of Ingredion. “Our 2024 reorganization and new segment structure positioned our teams well toward targeted market and customer opportunities establishing a solid foundation for future growth.”
“The creation of a global Texture & Healthful Solutions segment has strengthened collaboration with customers in support of their pursuit of innovative volume growth. The T&HS business delivered double digit sales volume growth in the fourth quarter amid a backdrop of continued food inflation and changing consumer buying behavior. Additionally, we are investing more than $100 million into our flagship Indianapolis facility to improve reliability and operating efficiency.”
“Our F&II US/CAN business benefited from the renewal of multi-year customer contracts that enabled us to recapture inflationary impacts and recover margins, resulting in significant operating income growth in the fourth quarter. For F&II LATAM, the Mexico and Andean businesses delivered strong results despite softer sweetener demand. The strength and agility of our business model in the region enabled us to manage pricing in the face of changing corn costs and currency fluctuations.”
“Our high level of performance in 2024 provides momentum heading into 2025. In addition to strong volume growth in Texture & Healthful Solutions and operational excellence across our entire business, we exceeded our first year Cost2Compete run rate savings target. We anticipate the further strengthening of customer collaborations to drive growth and the benefits of the second year of Cost2Compete initiatives to position us well to navigate the business environment in 2025. We will continue to allocate capital that prioritizes organic investment to drive future profit growth while returning capital through dividends and share repurchases to deliver shareholder value,” Zallie concluded.
* Reported results are in accordance with U.S. generally accepted accounting principles “GAAP.” Adjusted financial measures are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. 
Business Review 
Texture & Healthful Solutions
Food & Industrial Ingredients – LATAM 
Food & Industrial Ingredients – U.S./Canada 
Dividends and Share RepurchasesFor full-year 2024, the Company paid $210 million in dividends to shareholders and in the fourth quarter, declared a quarterly dividend of $0.80 per share that was paid in the first quarter of 2025. During 2024, the Company repurchased 1.65 million outstanding shares of common stock at a net cost of $216 million. To support total shareholder return, the Company is dedicated to continuing to return value to shareholders through cash dividends and share repurchases.
2025 Full-Year OutlookThe Company expects its full-year 2025 reported and adjusted EPS to each be in the range of $10.75 to $11.55.
This guidance does not consider extraordinary changes in current tax rates, tariffs or trade, or food regulations.
This expectation excludes any acquisition-related integration and restructuring costs, as well as any potential impairment costs.
The Company expects full-year 2025 net sales to be up low single digits, reflecting greater volume demand, partially offset by price mix and foreign exchange impacts. Reported and adjusted operating income are expected to be up mid-single-digits for full year 2025.
The 2025 full-year outlook assumes the following: Texture & Healthful Solutions operating income is expected to be up mid-single-digits to high single-digits, driven by sales volume growth; Food & Industrial Ingredients LATAM operating income is expected to be up mid-single-digits; Food & Industrial Ingredients US/CAN operating income is expected to be flat to down low single-digits; and All Other operating income is anticipated to approach breakeven profitability.
Corporate costs for full-year 2025 are expected to be up mid-single-digits to high single-digits.
For full-year 2025, the Company expects both a reported and adjusted effective tax rate of 26.0% to 27.5%.
Cash from operations for full-year 2025 is expected to be in the range of $800 million to $950 million, which reflects a reversion to investing in working capital balances as net sales are expected to grow. Capital expenditures for the full year are expected to be approximately $400 to $450 million.
For the first quarter of 2025, the Company expects net sales to be down low single-digits compared to the same quarter last year, with operating income expected to be up high single-digits.
Conference Call and Webcast DetailsIngredion will host a conference call on Tuesday, February 4, 2025, at 8 a.m. CT/9 a.m. ET, hosted by Jim Zallie, president and chief executive officer, and Jim Gray, executive vice president and chief financial officer. The call will be webcast in real-time and can be accessed at
https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be accessible through the Company’s website, and available to download a few hours prior to the start of the call. A replay will be available for a limited time at
https://ir.ingredionincorporated.com/financial-information/quarterly-results.
About the CompanyIngredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in nearly 120 countries. With 2024 annual net sales of approximately $7.4 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, and industrial markets. With Ingredion’s Idea Labs
® innovation centers around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit
ingredion.com for more information and the latest Company news.
Forward-Looking StatementsThis news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements regarding the Company’s expectations for full-year 2025 reported and adjusted EPS, net sales, reported and adjusted operating income, segment and All Other operating income, corporate costs, reported and adjusted effective tax rate, cash from operations, working capital, and capital expenditures, the Company’s expectations for 2025 first quarter net sales and reported and adjusted operating income, and any other statements regarding the Company’s prospects and its future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.
These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.
Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including effects of the conflict between Russia and Ukraine, including the impacts on the availability and prices of raw materials and energy supplies and volatility in foreign exchange and interest rates; changing consumption preferences relating to high fructose corn syrup and other products we make; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; future purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; price fluctuations, supply chain disruptions, and shortages affecting inputs to our production processes and delivery channels, including raw materials, energy costs and availability and freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget as well as with respect to freight and shipping costs; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; the behavior of financial and capital markets, including with respect to foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact on our business of natural disasters, war, threats or acts of terrorism, the outbreak or continuation of pandemics, or the occurrence of other significant events beyond our control; the impact of impairment charges on our goodwill or long-lived assets; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; changes in our tax rates or exposure to additional income tax liability; increases in our borrowing costs that could result from increased interest rates; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; security breaches with respect to information technology systems, processes, and sites; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.
Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2023, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
Ingredion Incorporated
Condensed Consolidated Statements of Income
(dollars and shares in millions, except per share amounts)Above is a reconciliation of our expected full-year 2025 GAAP ETR to our expected full-year 2025 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts may include, but are not limited to, adjustments to GAAP ETR for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to forecast adjusted ETR than we are in our ability to forecast GAAP ETR.
CONTACTS:Investors: Noah Weiss, 773-896-5242
Media: Rick Wion, 708-209-6323
SOURCE : Ingredion Incorporated
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