Ingredion Q2 Earnings Top Estimates

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.

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