- 2022 年第二季度報告和調整後每股收益*均為 2.12 美元，而 2021 年第二季度報告和調整後每股收益分別為 2.62 美元和 2.05 美元
- 2022 年迄今報告和調整後的 EPS 分別為 4.04 美元和 4.06 美元，而去年同期分別為 (1.01) 美元和 3.90 美元
- 公司預計 2022 年全年調整後每股盈利將在 6.90 美元至 7.45 美元之間
伊利諾伊州威斯特徹斯特郡, Aug. 11, 2022 (GLOBE NEWSWIRE) — 全球領先的食品及飲品製造業成分解決方案供應商 Ingredion Incorporated (NYSE: INGR) 今天宣佈 2022 年第二季度的業績。該結果根據 2022 年及 2021 年美國公認會計原則 (「GAAP」) 報告，包括從公司提供的非公認會計原則 (non-GAAP) 財務指標中排除的項目。
Ingredion 總裁兼行政總裁 Jim Zallie 表示「我們的團隊實現了自 2017 年以來最強勁的季度。16% 的淨銷售額增長反映了強勁的客戶需求，這推動了可比較的銷量增長，這與積極的價格組合管理一起，使我們能夠完全抵消較高的投入成本。因此，我們調整後的營運收入比去年的強勁表現有所上升，並且高於我們的預期。」
Zallie 續稱：「在穩健執行我們的推動增長路線圖下，特種原料繼續保持增長勢頭。值得注意的是，在我們所有四個地區，穩健增長的兩位數淨銷售額超過我們四年的專業增長前景。為了回應對清潔標籤調質澱粉的持續強勁需求，我們加快印第安納波利斯工廠新產能的投產。此外，我們的減糖和特種甜味劑平台又迎來一個出色的季度，淨銷售額增長了 20% 以上，這得益於 PureCircle 甜葉菊專營權的兩位數收入增長。
也有助第二季度的業績，核心成分實現了中雙位數淨銷售額增長。我們的銷量增長源於啤酒和糖果等類別的強勁客戶需求。此外，增強的合約條款使我們能夠更快解決最大市場中不斷變化的投入成本。隨著我們繼續將重點轉至這些地區快速增長的類別，南美和墨西哥引領了更高的淨銷售額增長。」
Zallie 總結道：「整體而言，我為我們的全球團隊如何在這種通脹環境中持續表現感到非常自豪。雖然業務環境仍然充滿挑戰，但我們在今年上半年取得的積極成果使我們能夠好好實現下半年的強勁表現，因我們將繼續執行四個策略增長支柱。」
*調整後攤薄每股收益（「調整後每股收益」）、調整後營運收入、調整後有效所得稅率及已發行調整後稀釋後加權平均普通股均為非公認會計原則財務指標。本新聞稿中包含的簡明綜合財務報表後，在參閱名為「非公認會計準則資訊」的補充財務資訊第二部分，以將這些非 GAAP 財務指標與最直接可比的 GAAP 指標進行對賬。
每股攤薄收益 (EPS)
| 2Q21 | 2Q22 | YTD21 | YTD22 | |
| Reported EPS | $2.62 | $2.12 | $(1.01) | $4.04 |
| Impairment/Restructuring costs | 0.03 | 0.01 | 0.15 | 0.03 |
| Acquisition/Integration costs | 0.02 | – | 0.02 | 0.01 |
| Impairment*** | – | – | 5.35 | – |
| Tax items and other matters | (0.62) | (0.01) | (0.58) | (0.02) |
| Diluted share impact | – | – | (0.03) | – |
| Adjusted EPS** | $2.05 | $2.12 | $3.90 | $4.06 |
影響報告及調整後 EPS 變化的估計因素
| 2Q22 | YTD22 | |
| Total items affecting EPS** | 0.07 | 0.16 |
| Total operating items | 0.07 | 0.22 |
| Margin | 0.24 | 0.44 |
| Volume | (0.11) | (0.13) |
| Foreign exchange | (0.07) | (0.11) |
| Other income | 0.01 | 0.02 |
| Total non-operating items | 0.00 | (0.06) |
| Other non-operating income | (0.01) | (0.01) |
| Financing costs | 0.02 | (0.03) |
| Shares outstanding | 0.02 | – |
| Non-controlling interests | – | 0.01 |
| Tax rate | (0.03) | (0.03) |
**由於四捨五入的原因，總數可能不足*** 與阿根廷合資企業公告相關，報告的業績反映出銷售減損費用為 3.6 億美元，其中包括 3.11 億美元的累計轉換損失。
財政摘要
- 截至 2022 年 6 月 30 日，債務及現金包括短期投資總額分別為 24 億美元及 3.22 億美元，與 2021 年 12 月 31 日相比分別為 20 億美元及 3.32 億美元。
- 第二季度的淨融資成本為 1,700 萬美元，而去年同期為 1,900 萬美元。
- 第二季度報告及調整後的有效稅率分別為 11.7% 及 25.7%，與去年同期相比分別為 26.0% 及 26.8%。報告稅率的增加主要是由於 2021 年第二季度外國子公司未匯入收益應計金額的逆轉。
- 年初至今的淨資本支出為 1.37 億美元，比去年同期上升了 3,500 萬美元。
業務評述
總計 Ingredion
淨銷售額
| $ in millions | 2021 | FX Impact | Volume | Price/mix | 2022 | Change | Change excl. FX |
| Second Quarter | 1,762 | (41) | (5) | 328 | 2,044 | 16% | 18% |
| Year-to-Date | 3,376 | (66) | 14 | 612 | 3,936 | 17% | 19% |
報告營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | Acquisition / Integration | Restructuring / Impairment | Other | 2022 | Change | Change excl. FX |
| Second Quarter | 222 | (7) | 14 | (3) | 2 | (15) | 213 | -4% | -1% |
| Year-to-Date | 52 | (11) | 30 | (3) | 10 | 345 | 423 | 713% | 735% |
調整後的營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | Change | Change excl. FX |
| Second Quarter | 208 | (7) | 14 | 215 | 3% | 7% |
| Year-to-Date | 409 | (11) | 30 | 428 | 5% | 7% |
淨銷售額
- 第二季度及年初至今的淨銷售額與去年同期相比有所上升。增長的原因是強勁的價格組合，包括更高的玉米和投入成本。除匯率影響後，本季與年初至今的淨銷售額分別上升了 18% 及 19%。
營運收入
- 第二季度報告及調整後營運收入分別為 2.13 億美元及 2.15 億美元，與去年同期相比分別下降 4% 和上升了 3%。報告的營運收入減少是因上年有關巴西間接稅的有利法院判決。調整後營運收入的增加是由於強勁的價格組合足以抵消上漲的玉米和投入成本。排除匯率影響後，報告及調整後的營運收入分別比去年同期下降了 1% 和上升了 7%。
- 年初至今報告和調整後的營運收入分別為 4.23 億美元和 4.28 億美元，與去年同期相比分別上升了 713％ 和 5％。報告營運收入上升主要由於上年與阿根廷合資企業相關的持有銷售減損費用。調整後營運收入的增加是由於強勁的價格組合足以抵消上漲的玉米和投入成本。排除匯率影響後，報告及調整後的營運收入分別比去年同期上升了 735% 和 7%。
- 主要由於重組成本，第二季度及年初至今報告的營運收入比調整後的營運收入分別低 200 萬美元和 500 萬美元。
北美洲
淨銷售額
| $ in millions | 2021 | FX Impact | Volume | Price mix |
2022 | Change | Change excl. FX |
| Second Quarter | 1,068 | (4) | 11 | 209 | 1,284 | 20% | 21% |
| Year-to-Date | 2,013 | (4) | 52 | 397 | 2,458 | 22% | 22% |
部門營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | Change | Change excl. FX |
| Second Quarter | 149 | (1) | 13 | 161 | 8% | 9% |
| Year-to-Date | 283 | (1) | 35 | 317 | 12% | 12% |
- 第二季度的營運收入為 1.61 億美元，比去年同期增加 1,200 萬美元，而年初至今的營業收入為 3.17 億美元，比去年同期增加 3,400 萬美元。本季度和年初至今，增長均由有利的價格組合和更高的產量所推動，這足以抵消更高的玉米和投入成本。
南美洲
淨銷售額
| $ in millions | 2021 | FX Impact | Volume | Excluding Argentina JV Volume | Price mix |
2022 | Change | Change excl. FX |
| Second Quarter | 268 | 7 | 30 | (62) | 47 | 290 | 8% | 6% |
| Year-to-Date | 541 | 7 | 23 | (128) | 99 | 542 | 0% | -1% |
部門營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | Change | Change excl. FX |
| Second Quarter | 33 | 1 | 5 | 39 | 18% | 15% |
| Year-to-Date | 73 | 2 | 2 | 77 | 5% | 3% |
- 第二季度的營業收入為 3,900 萬美元，比去年同期增加 600 萬美元，而年初至今的營業收入為 7,700 萬美元，比去年同期增加 400 萬美元。本季度和年初至今，增長均由有利的價格組合所推動，這足以抵消上漲的玉米和投入成本。排除匯率影響後，第二季度和年初至今的部門營運收入分別增加了 15% 和 3%。
亞太區
淨銷售額
| $ in millions | 2021 | FX Impact | Volume | Price mix |
2022 | Change | Change excl. FX |
| Second Quarter | 248 | (19) | 9 | 37 | 275 | 11% | 19% |
| Year-to-Date | 483 | (31) | 42 | 53 | 547 | 13% | 20% |
部門營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | Change | Change excl. FX |
||
| Second Quarter | 24 | (2) | (1) | 21 | -13% | -4% | ||
| Year-to-Date | 49 | (4) | (2) | 43 | -12% | -4% | ||
- 第二季度的營運收入為 2,100 萬美元，比去年同期減少了 300 萬美元，而年初至今的營業收入為 4,300 萬美元，比去年同期減少了 600 萬美元。第二季度和年初至今，下降的原因是韓國玉米和投入成本上升、中國因 2019 冠狀病毒病受中斷以及外匯逆風。排除匯率影響後，本季度和年初至今的界別營運收入下降了 4%。
歐洲、中東及非洲 (EMEA)
淨銷售
| $ in millions | 2021 | FX Impact | Volume | Price mix |
2022 | Change | Change excl. FX |
| Second Quarter | 178 | (25) | 7 | 35 | 195 | 10% | 24% |
| Year-to-Date | 339 | (38) | 25 | 63 | 389 | 15% | 26% |
部門營運收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | Change | Change excl. FX |
|
| Second Quarter | 32 | (5) | 2 | 29 | -9% | 6% | |
| Year-to-Date | 63 | (8) | 5 | 60 | -5% | 8% | |
- 第二季度的營運收入為 2,900 萬美元，比去年同期下隆了 300 萬美元，而年初至今的營運收入為 6,000 萬美元，比去年同期減少了 300 萬美元。第二季度和年初至今，歐洲的有利因素被巴基斯坦不利的業績和整個地區的匯率逆風所抵消。排除匯率影響，第二季度和年初至今的部門營運收入分別增加了 6% 和 8%。
股息和股份回購
2022 年上半年，公司已支付 9,000 萬美元總股息，第二季度宣佈第三季度支付每股 0.65 美元的季度股息。本季度，公司回購了 4,400 萬美元的普通股流通股，使 Ingredion 在 2022 年上半年的股票回購總額達到 8,300 萬美元。Ingredion 認為透過現金股息及股票回購為股東帶來價值回報是其資本分配策略的一部分，以支撐股東的總回報。
2022 年全年展望
2022 年第三季度，與 2021 年第三季度相比，公司預計淨銷售額增長將達到高雙位數，營運收入增長將達到高個位數。
公司預計 2022 年全年報告的每股收益將在 6.95 美元至 7.35 美元之間，調整後的每股收益將在 6.90 美元至 7.45 美元之間，而 2021 年的調整後每股收益為 6.67 美元。該預期不包括與收購相關的、整合及調整成本，以及任何潛在的減值成本。
與去年相比，2022 年全年展望假設如下：受有利的價格組合推動，北美營運收入預計將上升到中雙位數，而不是抵消較高的玉米和投入成本；在有利的價格組合推動下，南美營運收入預計將保持兩位數的低位增長；由於與烏克蘭衝突而令相關的韓國玉米成本上漲，以及中國因 2019 冠狀病毒病封城的影響，預計亞太區的營運收入將與去年持平，抵消了 PureCircle 的增長；由於投入成本增加和負面匯率影響，預計歐洲、中東和非洲地區的營運收入將持平至低個位數。預計企業成本將上升中個位數。
公司預計 2022 年全年調整後營運收入將達到低雙位數。
對於 2022 全年，公司預計報告的有效稅率為 27.0% 至 29.5%，調整後的有效稅率為 28.0% 至 29.0%。
現在預計 2022 年全年的運營現金將介乎 3 億美元至 3.6 億美元之間，反映了由於玉米成本上漲導致我們的營運資金餘額預計增加。全年的資本支出預計在 2.9 億美元至 3.2 億美元之間。
電話會議及網絡直播詳情
Ingredion 於 2022 年 8 月 9 日（星期二）上午 8 時 （中部時間）／上午 9 時（東部時間）由主席兼行政總裁 Jim Zallie 及執行副主席兼財務總監 Jim Gray 主持。電話會議將實時進行網絡直播，並可在 https://ir.ingredionincorporated.com/events-and-presentations 存取。隨附的報告可在電話會議開始前幾個小時透過公司網站登入。網絡廣播的重播將在有限的時間內在網站 https://ir.ingredionincorporated.com/financial-information/quarterly-results 提供。
關於公司
Ingredion Incorporated (NYSE: INGR)，它是全球領先的原料解決方案供應商，為 120 多個國家的客戶提供服務。該公司 2021 年的淨銷售額為 69 億美元，將穀物、水果、蔬菜及其他植物性原料轉變為食品、飲品、動物營養、釀造及工業市場的增值原料成分解決方案。而 Ingredion 的 Idea Labs® 創新中心遍布全球及有約 12,000 名員工，將與客戶共同創造並實現了將人、自然及技術的潛力融合在一起以改善生活為目標。瀏覽 ingredion.com 以了解更多資訊及公司的最新消息。
前瞻性聲明
本新聞稿可能包含《1933 年證券法》（修訂版）第 27A 節及《1934 年證券交易法》（修訂版）第 21E 節所規定的前瞻性聲明。本公司擬將這些前瞻性聲明納入此類聲明的安全港原則。
前瞻性陳述包括，除其他外，關於公司對 2022 年第三季度淨銷售額和營運收入的預期、對 2022 年全年調整後營運收入、報告和調整後每股收益、分部營運收入、報告和調整後有效稅收的預期的任何陳述稅率、營運現金流和資本支出，以及關於公司前景及其未來營運、財務狀況、淨銷售額、營運收入、銷量、公司成本、稅率、資本開支、現金流、費用或其他財務項目的任何其他聲明，包括管理層的計劃或策略及目標，以及任何基於上述各項的假設、預期或信念。
這些聲明有時可透過使用前瞻性詞語來識別，例如「可」、「將」、「應」、「預計」、「假設」、「相信」、「計劃」、「預料」、「估計」、「期望」、「意圖」、「繼續」、「備考」、「預測」、「展望」、「前景」、「機會」、「潛在」、「臨時」、或其他類似的表達方式或其反面用法。除本新聞稿中的歷史事實陳述或本新聞稿中提及的所有陳述均為「前瞻性陳述」。
這些聲明基於當前的情況或期望，但受某些固有風險及，不確定因素的影響，其中許多風險及，不確定因素很難預測並且超出我們的控制範圍。儘管我們相信我們在這些前瞻性陳述中明示或暗示的預期是基於合理假設的，但我們提醒投資者，我們不能保證預期將會是正確的。
由於各種風險和不確定性因素，實際結果及發展可能與這些聲明表達或暗示的預期存在重大差異，其中包括：2019 冠狀病毒病對我們產品需求和財務結果的影響；消費偏好及觀念的變化，包括與高果糖粟米糖漿和我們生產的其他產品有關的偏好；全球經濟狀況以及影響我們購買原材料或製造或出售產品的各個地理區域和國家／地區的客戶及消費者的總體政治、經濟、商業及市場條件的影響，尤其是南美的經濟、貨幣及政治狀況以及歐洲的經濟及政治狀況，以及這些因素可能對我們的銷售量、產品定價，以及我們從客戶收取應收款的能力產生影響；我們服務並從中獲得很大部分營業額，包括但不限於食品、飲品、動物營養廠及釀造行業的主要行業未來購買我們的產品；接受透過基因改造和生物技術開發產品的不確定性；我們以足以獲得市場認可的價格或質量開發或獲取新產品和服務的能力；玉米提煉行業及相關行業的競爭和／或客戶壓力增加，包括在我們的主要產品和副產品（尤其是粟米油）的市場和價格方面；原材料的可用性，包括馬鈴薯澱粉、木薯澱粉、阿拉伯樹膠及我們某些建基於特定粟米品種的產品，以及我們將粟米或其他原材料的潛在成本增加轉嫁給客戶的能力；能源成本及可用性，包括巴基斯坦的能源問題；我們控制成本、實現預算和實現預期協同效應的能力，包括我們按時、按預算完成計劃維護和投資項目的能力以及貨運和運輸成本；氣候變化的影響以及應對氣候變化的法律、監管和市場措施；我們以優惠條件成功確定並完成收購或策略聯盟的能力，以及我們成功整合所收購業務或實施和維持策略聯盟並在上述所有方面實現預期協同作用的能力；我們製造工廠的運作困難；金融和資本市場的行為，包括由於外幣波動、利率和匯率波動及市場變化，以及對沖此類波動的相關風險；俄羅斯和烏克蘭之間衝突的影響，包括對原材料和能源供應的供應和價格以及匯率和利率波動的影響；我們吸引、發展、激勵並與我們的員工保持良好關係的能力；自然災害、戰爭、威脅或恐怖主義行為、像 2019 冠狀病毒病等疫情的爆發或延續，或其他我們無法控制的重大事件的發生對我們業務的影響；減值準備對我們的商譽或長期資產的影響；政府政策、法律或法規的變化以及法律合規成本，包括遵守環境法規改變我們的稅率或承擔額外所得稅責任；利率上升可能導致我們的借貸成本增加；我們以合理利率籌集資金的能力及其他影響我們獲得足夠資金用於未來增長和擴展業務的因素；有關資訊技術系統、程序和網站的安全漏洞；股票市場的動盪以及其他可能對我們的股價產生不利影響的因素；影響我們繼續執行股息政策的風險；以及我們維持財務報告有效內部控制的能力。
我們的前瞻性聲明僅代表截止日期，我們沒有義務更新任何前瞻性聲明，以反映新聲明或未來事件後聲明日期後的事件或情況或發展。如果我們更新或更正其中的一個或多個聲明，投資者及，其他人不應該斷定我們將進行額外的更新或更正。有關這些風險和其他風險的進一步說明，請參閱我們截至 2021 年 12 月 31 日的 10-K 表格年度報告、我們截至 2022 年 3 月 31 日的季度的 10-Q 表格季度報告中的「風險因素」和其他資訊以及我們隨後向美國美國證券交易委員會提交的 10-Q 及 8-K 表格報告。
聯絡人：
投資者：Jason Payant | 電話：708-551-2584
傳媒：Becca Hary | 電話：708-551-2602
| Ingredion Incorporated | ||||||||||||||||||||||||
| Condensed Consolidated Statements of Income (Loss) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (in millions, except per share amounts) | Three Months Ended June 30, | Change % | Six Months Ended June 30, | Change % | ||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| Net sales | $ | 2,044 | $ | 1,762 | 16 | % | $ | 3,936 | $ | 3,376 | 17 | % | ||||||||||||
| Cost of sales | 1,654 | 1,395 | 3,167 | 2,658 | ||||||||||||||||||||
| Gross profit | 390 | 367 | 6 | % | 769 | 718 | 7 | % | ||||||||||||||||
| Operating expenses | 179 | 167 | 7 | % | 348 | 320 | 9 | % | ||||||||||||||||
| Other operating (income) | (4 | ) | (26 | ) | (6 | ) | (28 | ) | ||||||||||||||||
| Restructuring/impairment charges | 2 | 4 | 4 | 374 | ||||||||||||||||||||
| Operating income | 213 | 222 | (4 | %) | 423 | 52 | 713 | % | ||||||||||||||||
| Financing costs | 17 | 19 | 41 | 38 | ||||||||||||||||||||
| Other non-operating (income) | – | (2 | ) | (1 | ) | (3 | ) | |||||||||||||||||
| Income before income taxes | 196 | 205 | (4 | %) | 383 | 17 | 2153 | % | ||||||||||||||||
| Provision for income taxes | 51 | 24 | 105 | 79 | ||||||||||||||||||||
| Net income (loss) | 145 | 181 | (20 | %) | 278 | (62 | ) | 548 | % | |||||||||||||||
| Less: Net income attributable to non-controlling interests | 3 | 3 | 6 | 6 | ||||||||||||||||||||
| Net income (loss) attributable to Ingredion | $ | 142 | $ | 178 | (20 | %) | $ | 272 | $ | (68 | ) | 500 | % | |||||||||||
| Earnings per common share attributable to Ingredion | ||||||||||||||||||||||||
| common shareholders: | ||||||||||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||||||
| Basic | 66.4 | 67.2 | 66.6 | 67.3 | ||||||||||||||||||||
| Diluted | 67.1 | 67.9 | 67.3 | 67.3 | ||||||||||||||||||||
| Earnings (loss) per common share of Ingredion: | ||||||||||||||||||||||||
| Basic | $2.14 | $2.65 | (19 | %) | $4.08 | ($1.01 | ) | 504 | % | |||||||||||||||
| Diluted | $2.12 | $2.62 | (19 | %) | $4.04 | ($1.01 | ) | 500 | % | |||||||||||||||
| Ingredion Incorporated | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (in millions, except share and per share amounts) | June 30, 2022 | December 31, 2021 | ||||||||
| (Unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 318 | $ | 328 | ||||||
| Short-term investments | 4 | 4 | ||||||||
| Accounts receivable – net | 1,396 | 1,130 | ||||||||
| Inventories | 1,403 | 1,172 | ||||||||
| Prepaid expenses | 56 | 63 | ||||||||
| Total current assets | 3,177 | 2,697 | ||||||||
| Property, plant and equipment – net | 2,375 | 2,423 | ||||||||
| Intangible assets – net | 1,313 | 1,348 | ||||||||
| Other assets | 524 | 531 | ||||||||
| Total assets | $ | 7,389 | $ | 6,999 | ||||||
| Liabilities and equity | ||||||||||
| Current liabilities | ||||||||||
| Short-term borrowings | $ | 652 | $ | 308 | ||||||
| Accounts payable and accrued liabilities | 1,193 | 1,204 | ||||||||
| Total current liabilities | 1,845 | 1,512 | ||||||||
| Long-term debt | 1,739 | 1,738 | ||||||||
| Other non-current liabilities | 537 | 524 | ||||||||
| Total liabilities | 4,121 | 3,774 | ||||||||
| Share-based payments subject to redemption | 37 | 36 | ||||||||
| Redeemable non-controlling interests | 70 | 71 | ||||||||
| Equity | ||||||||||
| Ingredion stockholders’ equity: | ||||||||||
| Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued | – | – | ||||||||
| Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875 | ||||||||||
| shares issued at June 30, 2022 and December 31, 2021 | 1 | 1 | ||||||||
| Additional paid-in capital | 1,133 | 1,158 | ||||||||
| Less: Treasury stock (common stock; 11,972,479 and 11,154,203 shares at | ||||||||||
| June 30, 2022 and December 31, 2021, respectively) at cost | (1,133 | ) | (1,061 | ) | ||||||
| Accumulated other comprehensive loss | (940 | ) | (897 | ) | ||||||
| Retained earnings | 4,085 | 3,899 | ||||||||
| Total Ingredion stockholders’ equity | 3,146 | 3,100 | ||||||||
| Non-redeemable non-controlling interests | 15 | 18 | ||||||||
| Total equity | 3,161 | 3,118 | ||||||||
| Total liabilities and equity | $ | 7,389 | $ | 6,999 | ||||||
| Ingredion Incorporated | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Six Months Ended June 30, | ||||||||||
| (in millions) | 2022 | 2021 | ||||||||
| Cash (used for) provided by operating activities: | ||||||||||
| Net income (loss) | $ | 278 | $ | (62 | ) | |||||
| Adjustments to reconcile net income (loss) to | ||||||||||
| net cash (used for) provided by operating activities: | ||||||||||
| Depreciation and amortization | 107 | 103 | ||||||||
| Mechanical stores expense | 27 | 27 | ||||||||
| Deferred income taxes | (2 | ) | (21 | ) | ||||||
| Impairment charge for assets held for sale | – | 360 | ||||||||
| Margin accounts | (5 | ) | (20 | ) | ||||||
| Changes in other trade working capital | (454 | ) | (221 | ) | ||||||
| Other | 45 | (37 | ) | |||||||
| Cash (used for) provided by operating activities | (4 | ) | 129 | |||||||
| Cash used for investing activities: | ||||||||||
| Capital expenditures and mechanical stores purchases | (144 | ) | (117 | ) | ||||||
| Proceeds from disposal of manufacturing facilities and properties | 7 | 15 | ||||||||
| Payments for acquisitions, net of cash acquired | – | (40 | ) | |||||||
| Other | 1 | (15 | ) | |||||||
| Cash used for investing activities | (136 | ) | (157 | ) | ||||||
| Cash provided by (used for) financing activities: | ||||||||||
| Proceeds from borrowings, net | 38 | 14 | ||||||||
| Commercial paper borrowings, net | 308 | – | ||||||||
| Repurchases of common stock, net | (83 | ) | (24 | ) | ||||||
| Purchases of non-controlling interests | (27 | ) | – | |||||||
| (Settlements) issuances of common stock for share-based compensation, net | (1 | ) | 9 | |||||||
| Dividends paid, including to non-controlling interests | (90 | ) | (93 | ) | ||||||
| Cash provided by (used for) financing activities | 145 | (94 | ) | |||||||
| Effect of foreign exchange rate changes on cash | (15 | ) | (1 | ) | ||||||
| Decrease in cash and cash equivalents | (10 | ) | (123 | ) | ||||||
| Cash and cash equivalents, beginning of period | 328 | 665 | ||||||||
| Cash and cash equivalents, end of period | $ | 318 | $ | 542 | ||||||
| Ingredion Incorporated | |||||||||||||||||||||||||||
| Supplemental Financial Information | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| I. Geographic Information of Net Sales and Operating Income | |||||||||||||||||||||||||||
| (in millions, except for percentages) | Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||
| 2022 | 2021 | Change | Excl. FX | 2022 | 2021 | Change | Excl. FX | ||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||
| North America | $ | 1,284 | $ | 1,068 | 20 | % | 21 | % | $ | 2,458 | $ | 2,013 | 22 | % | 22 | % | |||||||||||
| South America | 290 | 268 | 8 | % | 6 | % | 542 | 541 | 0 | % | (1 | %) | |||||||||||||||
| Asia-Pacific | 275 | 248 | 11 | % | 19 | % | 547 | 483 | 13 | % | 20 | % | |||||||||||||||
| EMEA | 195 | 178 | 10 | % | 24 | % | 389 | 339 | 15 | % | 26 | % | |||||||||||||||
| Total Net Sales | $ | 2,044 | $ | 1,762 | 16 | % | 18 | % | $ | 3,936 | $ | 3,376 | 17 | % | 19 | % | |||||||||||
| Operating Income | |||||||||||||||||||||||||||
| North America | $ | 161 | $ | 149 | 8 | % | 9 | % | $ | 317 | $ | 283 | 12 | % | 12 | % | |||||||||||
| South America | 39 | 33 | 18 | % | 15 | % | 77 | 73 | 5 | % | 3 | % | |||||||||||||||
| Asia-Pacific | 21 | 24 | (13 | %) | (4 | %) | 43 | 49 | (12 | %) | (4 | %) | |||||||||||||||
| EMEA | 29 | 32 | (9 | %) | 6 | % | 60 | 63 | (5 | %) | 8 | % | |||||||||||||||
| Corporate | (35 | ) | (30 | ) | (17 | %) | (17 | %) | (69 | ) | (59 | ) | (17 | %) | (17 | %) | |||||||||||
| Sub-total | 215 | 208 | 3 | % | 7 | % | 428 | 409 | 5 | % | 7 | % | |||||||||||||||
| Acquisition/integration costs | – | 3 | (1 | ) | 2 | ||||||||||||||||||||||
| Restructuring/impairment charges | (2 | ) | (4 | ) | (4 | ) | (14 | ) | |||||||||||||||||||
| Impairment charge for assets held for sale | – | – | – | (360 | ) | ||||||||||||||||||||||
| Other matters | – | 15 | – | 15 | |||||||||||||||||||||||
| Total Operating Income | $ | 213 | $ | 222 | (4 | %) | (1 | %) | $ | 423 | $ | 52 | 713 | % | 735 | % | |||||||||||
| II. Non-GAAP Information | |||||||||||||||||||||||||||
| To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment costs, Mexico tax (benefit), and other specified items. We generally use the term “adjusted” when referring to these non-GAAP amounts. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures are not prepared in accordance with GAAP; so our non-GAAP information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables below. | |||||||||||||||||||||||||||
| Ingredion Incorporated | |||||||||||||||||||||||||||
| Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to | |||||||||||||||||||||||||||
| Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||
| (in millions) | Diluted EPS | (in millions) | Diluted EPS | (in millions) | Diluted EPS | (in millions) | Diluted EPS | ||||||||||||||||||||
| Net income (loss) attributable to Ingredion | $ | 142 | $ | 2.12 | $ | 178 | $ | 2.62 | $ | 272 | $ | 4.04 | $ | (68 | ) | $ | (1.01 | ) | |||||||||
| Add back: | |||||||||||||||||||||||||||
| Acquisition/integration costs, net of an insignificant amount of income taxes for the three and six months ended June 30, 2022 and net of income tax expense of $4 million for the three and six months ended June 30, 2021 (i) | – | – | 1 | 0.02 | 1 | 0.01 | 2 | 0.02 | |||||||||||||||||||
| Restructuring/impairment charges, net of income tax benefit of $1 million for the three and six months ended June 30, 2022, and net of income tax benefit of $2 million and $4 million for the three and six months ended June 30, 2021, respectively (ii) | 1 | 0.01 | 2 | 0.03 | 3 | 0.03 | 10 | 0.15 | |||||||||||||||||||
| Impairment on assets held for sale, net of $ – million of income tax benefit for the six months ended June 30, 2021 (iii) | – | – | – | – | – | – | 360 | 5.35 | |||||||||||||||||||
| Other matters, net of income tax expense of $5 million for the three and six months ended June 30, 2021 (iv) | – | – | (10 | ) | (0.15 | ) | – | – | (10 | ) | (0.15 | ) | |||||||||||||||
| Tax (benefit) – Mexico (v) | – | – | (4 | ) | (0.06 | ) | (1 | ) | (0.01 | ) | (1 | ) | (0.01 | ) | |||||||||||||
| Other tax matters (vi) | (1 | ) | (0.01 | ) | (28 | ) | (0.41 | ) | (1 | ) | (0.01 | ) | (28 | ) | (0.42 | ) | |||||||||||
| Diluted share impact (vii) | – | – | – | – | – | – | – | (0.03 | ) | ||||||||||||||||||
| Non-GAAP adjusted net income attributable to Ingredion | $ | 142 | $ | 2.12 | $ | 139 | $ | 2.05 | $ | 274 | $ | 4.06 | $ | 265 | $ | 3.90 | |||||||||||
| Net income, EPS and tax rates may not foot or recalculate due to rounding. | |||||||||||||||||||||||||||
| Notes | |||||||||||||||||||||||||||
| (i) During the six months ended June 30, 2022, we recorded $1 million of pre-tax acquisition and integration charges related to our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture. During the three and six months ended June 30, 2021, we recorded a net pre-tax acquisition and integration gain of $3 million and $2 million, respectively, for our acquisition of PureCircle Limited, as well as our investment in the Argentina joint venture. | |||||||||||||||||||||||||||
| (ii) During the three and six months ended June 30, 2022, we recorded $2 million and $4 million, respectively, of remaining pre-tax restructuring-related charges for the Cost Smart program. During the three and six months ended June 30, 2021, we recorded pre-tax restructuring-related charges of $4 million and $14 million, respectively, for our Cost Smart programs. These charges are net of a $5 million gain on the sale of Stockton, California land and building that occurred during the second quarter of 2021. | |||||||||||||||||||||||||||
| (iii) During the first quarter of 2021, we recorded a $360 million held for sale impairment charge related to entering the Argentina joint venture. The impairment charge primarily reflected a $49 million write-down of contributed net assets to the agreed upon fair value and a $311 million valuation allowance for the cumulative foreign translation losses related to the net assets to be contributed. | |||||||||||||||||||||||||||
| (iv) During the second quarter of 2021, we recorded a pre-tax benefit of $15 million to reflect a ruling the Brazilian Supreme Court issued in May 2021 that affirmed that we were entitled to certain indirect taxes. | |||||||||||||||||||||||||||
| (v) We recorded a tax benefit of $1 million for the six months ended June 30, 2022, and tax benefits of $4 million and $1 million for the three and six months ended June 30, 2021, respectively, as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company’s Mexico financial statements during the periods. | |||||||||||||||||||||||||||
| (vi) This item relates to prior year tax liabilities and contingencies, the reversal of tax liabilities related to certain unremitted earnings from foreign subsidiaries and tax results of the above non-GAAP addbacks. | |||||||||||||||||||||||||||
| (vii) When GAAP net income is negative and Non-GAAP Adjusted net income is positive, adjusted diluted weighted average common shares outstanding will include any options, restricted share units, or performance share units that would be otherwise dilutive. During the first half of 2021, the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents. | |||||||||||||||||||||||||||
| Ingredion Incorporated | |||||||||||||||||||||||||||
| Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||||
| (in millions, pre-tax) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Operating income | $ | 213 | $ | 222 | $ | 423 | $ | 52 | |||||||||||||||||||
| Add back: | |||||||||||||||||||||||||||
| Acquisition/integration costs (i) | – | (3 | ) | 1 | (2 | ) | |||||||||||||||||||||
| Restructuring/impairment charges (ii) | 2 | 4 | 4 | 14 | |||||||||||||||||||||||
| Impairment on assets held for sale (iii) | – | – | – | 360 | |||||||||||||||||||||||
| Other matters (iv) | – | (15 | ) | – | (15 | ) | |||||||||||||||||||||
| Non-GAAP adjusted operating income | $ | 215 | $ | 208 | $ | 428 | $ | 409 | |||||||||||||||||||
| For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. | |||||||||||||||||||||||||||
| II. Non-GAAP Information (continued) | ||||||||||||||||||||||
| Ingredion Incorporated | ||||||||||||||||||||||
| Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||
| Income before | Provision for | Effective Income | Income before | Provision for | Effective Income | |||||||||||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | ||||||||||||||||
| As Reported | $ | 196 | $ | 51 | 26.0 | % | $ | 383 | $ | 105 | 27.4 | % | ||||||||||
| Add back: | ||||||||||||||||||||||
| Acquisition/integration costs (i) | – | – | 1 | – | ||||||||||||||||||
| Restructuring/impairment charges (ii) | 2 | 1 | 4 | 1 | ||||||||||||||||||
| Tax item – Mexico (v) | – | – | – | 1 | ||||||||||||||||||
| Other tax matters (vi) | – | 1 | – | 1 | ||||||||||||||||||
| Adjusted Non-GAAP | $ | 198 | $ | 53 | 26.8 | % | $ | 388 | $ | 108 | 27.8 | % | ||||||||||
| Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||
| Income (Loss) before | Provision for | Effective Income | Income before | Provision for | Effective Income | |||||||||||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | ||||||||||||||||
| As Reported | $ | 205 | $ | 24 | 11.7 | % | $ | 17 | $ | 79 | 464.7 | % | ||||||||||
| Add back: | ||||||||||||||||||||||
| Acquisition/integration costs (i) | (3 | ) | (4 | ) | (2 | ) | (4 | ) | ||||||||||||||
| Restructuring/impairment charges (ii) | 4 | 2 | 14 | 4 | ||||||||||||||||||
| Impairment on assets held for sale (iii) | – | – | 360 | – | ||||||||||||||||||
| Other matters (iv) | (15 | ) | (5 | ) | (15 | ) | (5 | ) | ||||||||||||||
| Tax item – Mexico (v) | – | 4 | – | 1 | ||||||||||||||||||
| Other tax matters (vi) | – | 28 | – | 28 | ||||||||||||||||||
| Adjusted Non-GAAP | $ | 191 | $ | 49 | 25.7 | % | $ | 374 | $ | 103 | 27.5 | % | ||||||||||
| For notes (i) through (vi), see notes (i) through (vi) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. | ||||||||||||||||||||||
| II. Non-GAAP Information (continued) | |||||||||
| Ingredion Incorporated | |||||||||
| Reconciliation of Expected GAAP Diluted Earnings per Share (“GAAP EPS”) | |||||||||
| to Expected Adjusted Diluted Earnings per Share (“Adjusted EPS”) | |||||||||
| (Unaudited) | |||||||||
| Expected EPS Range | |||||||||
| for Full-Year 2022 | |||||||||
| Low End of Guidance | High End of Guidance | ||||||||
| GAAP EPS | $ | 6.95 | $ | 7.35 | |||||
| Add: | |||||||||
| Acquisition/integration costs (i) | 0.01 | 0.01 | |||||||
| Restructuring/impairment charges (ii) | 0.03 | 0.03 | |||||||
| Tax item – Mexico (iii) | (0.08 | ) | 0.07 | ||||||
| Other tax matters (iv) | (0.01 | ) | (0.01 | ) | |||||
| Adjusted EPS | $ | 6.90 | $ | 7.45 | |||||
| Above is a reconciliation of our expected full-year 2022 diluted EPS to our expected full-year 2022 adjusted diluted EPS. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP EPS for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted EPS guidance. For these reasons, we are more confident in our ability to forecast adjusted EPS than we are in our ability to forecast GAAP EPS. | |||||||||
| These adjustments to GAAP EPS for 2022 include the following: | |||||||||
| (i) Pre-tax acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture. | |||||||||
| (ii) Remaining pre-tax restructuring-related charges for the Cost Smart programs. | |||||||||
| (iii) Tax (benefit) expense as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company’s Mexico financial statements during the period. | |||||||||
| (iv) This item relates to prior year tax liabilities and contingencies. | |||||||||
| II. Non-GAAP Information (continued) | |||||||||||||
| Ingredion Incorporated | |||||||||||||
| Reconciliation of Expected U.S. GAAP Effective Tax Rate (“GAAP ETR”) | |||||||||||||
| to Expected Adjusted Effective Tax Rate (“Adjusted ETR”) | |||||||||||||
| (Unaudited) | |||||||||||||
| Expected Effective Tax Rate Range | |||||||||||||
| for Full-Year 2022 | |||||||||||||
| Low End of Guidance | High End of Guidance | ||||||||||||
| GAAP ETR | 27.0 | % | 29.5 | % | |||||||||
| Add: | |||||||||||||
| Acquisition/integration costs (i) | – | % | – | % | |||||||||
| Restructuring/impairment charges (ii) | 0.2 | % | 0.2 | % | |||||||||
| Tax item – Mexico (iii) | 0.9 | % | (0.6 | ) | % | ||||||||
| Other Tax Matters (iv) | 0.2 | % | 0.2 | % | |||||||||
| Impact of adjustment on Effective Tax Rate (v) | (0.3 | ) | % | (0.3 | ) | % | |||||||
| Adjusted ETR | 28.0 | % | 29.0 | % | |||||||||
| Above is a reconciliation of our expected full-year 2022 GAAP ETR to our expected full-year 2022 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP ETR for acquisition and integration costs, impairment and restructuring costs, and certain other items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to forecast adjusted ETR than we are in our ability to forecast GAAP ETR. | |||||||||||||
| These adjustments to GAAP ETR for 2022 include the following: | |||||||||||||
| (i) Tax impact on acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Argentina joint venture. | |||||||||||||
| (ii) Tax impact on remaining restructuring-related charges for the Cost Smart programs. | |||||||||||||
| (iii) Tax benefit (expense) as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of the Company’s Mexico financial statements during the periods. | |||||||||||||
| (iv) This item relates to prior year tax liabilities and contingencies. | |||||||||||||
| (v) Indirect impact of tax rate after items (i) and (ii). | |||||||||||||
