USA’s Ingredion reports first quarter 2024 financial results

USA – Ingredion, a global ingredients provider, has recently unveiled its financial performance for the first quarter of 2024 – the company reported a revenue of US$1.88 billion, marking a 12% decline from the same period in 2023. 

Despite the drop in revenue, Ingredion recorded a net income of US$216.0 million, showing a notable 13% increase from the first quarter of the previous year.

The company’s profit margin also saw a significant boost, rising to 12% from 8.9% in 1Q 2023, driven primarily by reduced expenses.

Furthermore, earnings per share (EPS) surged to US$3.29, up from US$2.89 in the first quarter of 2023.

However, despite the positive performance, Ingredion’s revenue fell short of analyst estimates by 6.6%.

Conversely, the company exceeded analyst expectations in terms of earnings per share (EPS), surpassing estimates by an impressive 36%.

Looking ahead, Ingredion anticipates a modest average annual revenue growth rate of 2.6% over the next three years, slightly lower than the forecasted 2.9% growth rate for the Food industry in the US.

Despite this, the company’s shares have seen a 3.6% increase since the beginning of the month.

Commenting on the financial results, Ingredion’s management expressed confidence in the company’s ability to navigate the evolving market landscape and drive sustainable growth in the coming years. 

Ingredion Incorporated, known for its production and distribution of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from corn and other starch-based materials, operates across various regions worldwide, including North America, South America, the Asia Pacific, Europe, the Middle East, and Africa.

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