- Ingredion Inc INGR reported second-quarter FY22 sales growth of 16% year-on-year to $2.04 billion, beating the consensus of $1.91 billion.
- Sales in North America increased 20% Y/Y to $1.3 billion, South America rose 8% to $290 million, Asia-Pacific grew 11% to $275 million, and EMEA climbed 10% to $195 million.
- The gross profit increased 6% Y/Y to $390 million, and the gross margin compressed 170 basis points to 19.1%.
- The operating margin was 10.4%, and operating income for the quarter was $213 million, a 4% Y/Y decrease.
- Adjusted EPS of $2.12 beat the analyst consensus of $1.93.
- Ingredion held $322 million in cash and equivalents as of June 30, 2022. Cash used for operating activities for the quarter totaled $(4) million.
- Outlook: Ingredion sees FY22 adjusted EPS of $6.90-$7.45 against the consensus of $7.14.
- It expects Q3 sales growth to be in the high teens.
- Price Action: INGR shares closed lower by 0.97% at $90.86 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in