Ingredion Clocks 13% Sales Growth In Q4; Bottom-Line Beats Street View

Ingredion Inc INGR reported fourth-quarter FY22 sales growth of 13% year-on-year to $1.99 billion, missing the consensus of $2.04 billion.
Sales in North America increased 17% Y/Y to $1.2 billion, South America rose 13% to $289 million, Asia-Pacific grew 5% to $282 million, and EMEA climbed 7% to $202 million.
Gross profit increased 21% Y/Y to $351 million, and the gross margin expanded 110 basis points to 17.6%.
The operating margin was 7.9%, and the operating income for the quarter was $157 million, an 83% Y/Y increase.
Adjusted EPS of $1.65 beat the analyst consensus of $1.45.
Ingredion held $239 million in cash and equivalents as of Dec. 31, 2022. Cash used for operating activities for the year totaled $152 million.
Outlook: Ingredion sees FY23 adjusted EPS of $7.70 - $8.40 against the consensus of $8.22.
It expects FY23 sales growth to be up mid-double-digits.
Price Action: INGR shares are trading higher by 1.34% at $102.03 on the last check Wednesday.

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