WESTCHESTER, Ill. - Ingredion Incorporated (NYSE:INGR) reported third quarter earnings that surpassed analyst estimates, driven by strong performance across its segments. The company also raised its full-year guidance, sending shares up 1.46% in early trading.
The global ingredient solutions provider posted adjusted earnings per share of $3.05 for Q3, beating the analyst consensus of $2.60. Revenue came in at $1.87 billion, slightly below expectations of $1.94 billion but down 8% YoY.
"Texture & Healthful Solutions exhibited robust sales volume growth in the third quarter, which supported double-digit operating income growth for the segment," said Jim Zallie, president and CEO of Ingredion.
The company's operating income rose 26% YoY to $268 million in Q3. Adjusted operating income increased 29% to $282 million.
Ingredion raised its full-year 2024 adjusted EPS guidance to a range of $10.35 to $10.65, up from its previous outlook and above the analyst consensus of $9.97.
The strong quarterly performance was driven by volume recovery, margin improvements, and cost savings initiatives. However, net sales declined due to lower raw material costs and the divestiture of the South Korea business.
Looking ahead, Zallie stated, "We anticipate this momentum carrying through quarter four and into 2025."
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