Milling & Baking News - May 19, 2020 - 17

Financial Results

Ingredion: 2020 outlook no longer
applicable because of COVID-19
WESTCHESTER, ILL. - The coronavirus
(COVID-19) is affecting Ingredion, Inc.
in all geographic areas of the company's
global operations, but the timing varies.
Business in Asia is starting to recover.
Decreased demand for foodservice began
hurting North America late in the first
quarter, and the second quarter could be
especially difficult for South America.
The uncertainty of COVID-19 has Ingredion dropping its outlook for the year. Previous full-year guidance of 2020 earnings per
share, cash from operations and net sales
outlook is no longer applicable, said James
D. Gray, executive vice president and chief
financial officer, in a May 5 earnings call.
"We have moderate visibility into quarter two but cannot fully predict how consumer behavior will evolve in response
to infection rates in different locations
for the remainder of the year," Mr. Gray
said. "In quarter two, we anticipate that
net sales will be down versus prior year
in each reporting segment."
Ingredion on May 5 said net income in
the first quarter ended March 31 totaled $78

million, or $1.11 per share on the common
stock, down 24% from $102 million, or $1.48
per share, in the previous year's first quarter. Net sales of $1.54 billion were flat when
compared with net sales in the previous
year's first quarter. A negative foreign exchange impact offset a favorable price mix.
Ingredion's stock price on the New York
Stock Exchange closed at $82.25 per
share on May 5, which was up 4.4%
from a close of $78.81 on May 4.
"We are pleased with our results
for the quarter," said James P. Zallie,
president and chief executive officer.
"Amid macroeconomic disruptions,
we delivered solid operational and Zallie
financial results. This was driven by
healthy demand for our products, continued
growth of our specialty portfolio and further
progress to streamline our organization."
Within North America, operating income of $125 million in the first quarter
was flat when compared to the previous year's operating income in the first
quarter. Net sales of $963 million were
up 1% from $951 million in the previous

year's first quarter. Going forward, Ingredion expects reduced demand in North
America for foodservice, which makes up
about 20% to 25% of business in the region, Mr. Zallie said. Temporary government mandates brought on by COVID-19
have halted brewing in Mexico, leading
Ingredion to expect decreases in net sales
and operating income in North America
in the second quarter, Mr. Gray said.
Within South America, operating income rose 44% to $26 million in the first
quarter, and net sales increased 4%
to $237 million.
"In South America, operating income is likely to be down much more
significantly based on the fact that
that region is being hit hardest now,"
Mr. Zallie said of the second quarter.
In Asia-Pacific, operating income
of $20 million in the quarter was flat
while net sales dropped 7% to $189 million. Business has bounced back strongly
in Asia, especially in China, Mr. Zallie said.
In Europe, the Middle East and Africa
(EMEA), operating income jumped 13%
to $27 million in the first quarter.
Companywide, Ingredion anticipates
stable cash flow in line with changes to
operating income, Mr. Gray said. MBN

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Milling & Baking News
May 19, 2020 / 17
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Milling & Baking News - May 19, 2020

Table of Contents for the Digital Edition of Milling & Baking News - May 19, 2020

Milling & Baking News - May 19, 2020 - 1
Milling & Baking News - May 19, 2020 - 1
Milling & Baking News - May 19, 2020 - 2
Milling & Baking News - May 19, 2020 - 3
Milling & Baking News - May 19, 2020 - 4
Milling & Baking News - May 19, 2020 - 5
Milling & Baking News - May 19, 2020 - 6
Milling & Baking News - May 19, 2020 - 7
Milling & Baking News - May 19, 2020 - 8
Milling & Baking News - May 19, 2020 - 9
Milling & Baking News - May 19, 2020 - 10
Milling & Baking News - May 19, 2020 - 11
Milling & Baking News - May 19, 2020 - 12
Milling & Baking News - May 19, 2020 - 13
Milling & Baking News - May 19, 2020 - 14
Milling & Baking News - May 19, 2020 - 15
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Milling & Baking News - May 19, 2020 - 18
Milling & Baking News - May 19, 2020 - 19
Milling & Baking News - May 19, 2020 - 20
Milling & Baking News - May 19, 2020 - 21
Milling & Baking News - May 19, 2020 - 22
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Milling & Baking News - May 19, 2020 - 31
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Milling & Baking News - May 19, 2020 - 37
Milling & Baking News - May 19, 2020 - 38
Milling & Baking News - May 19, 2020 - 39
Milling & Baking News - May 19, 2020 - 40
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Milling & Baking News - May 19, 2020 - 42
Milling & Baking News - May 19, 2020 - 43
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Milling & Baking News - May 19, 2020 - 48
https://www.nxtbook.com/sosland/mbn/2020_06_02
https://www.nxtbook.com/sosland/mbn/2020_05_19
https://www.nxtbook.com/sosland/mbn/2020_05_05
https://www.nxtbook.com/sosland/mbn/2020_04_21
https://www.nxtbook.com/sosland/mbn/2020_04_07
https://www.nxtbook.com/sosland/mbn/2020_03_24
https://www.nxtbook.com/sosland/mbn/2020_03_10
https://www.nxtbook.com/sosland/mbn/2020_02_25
https://www.nxtbook.com/sosland/mbn/2020_02_11
https://www.nxtbook.com/sosland/mbn/2020_01_28
https://www.nxtbook.com/sosland/mbn/2020_01_14
https://www.nxtbook.com/sosland/mbn/2019_12_31
https://www.nxtbook.com/sosland/mbn/2019_12_17
https://www.nxtbook.com/sosland/mbn/2019_12_03
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https://www.nxtbook.com/sosland/mbn/2019_08_27
https://www.nxtbook.com/sosland/mbn/2019_08_13
https://www.nxtbook.com/sosland/mbn/2019_07_30
https://www.nxtbook.com/sosland/mbn/2019_07_16
https://www.nxtbook.com/sosland/mbn/2019_07_02
https://www.nxtbook.com/sosland/mbn/2019_06_18
https://www.nxtbook.com/sosland/mbn/2019_06_04
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http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_29
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_15
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http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_18
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_04
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_20
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_06
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https://www.nxtbook.com/sosland/mbn/2017_02_28
https://www.nxtbook.com/sosland/mbn/2017_02_14
https://www.nxtbook.com/sosland/mbn/2017_01_31
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https://www.nxtbook.com/sosland/mbn/2015_12_08
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https://www.nxtbook.com/sosland/mbn/2015_09_15
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https://www.nxtbook.com/sosland/mbn/2015_08_18
https://www.nxtbook.com/sosland/mbn/2015_08_04
https://www.nxtbook.com/sosland/mbn/2015_07_21
https://www.nxtbook.com/sosland/mbn/2015_07_07
https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
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https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
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https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
https://www.nxtbook.com/sosland/mbn/2014_02_04
https://www.nxtbook.com/sosland/mbn/2014_01_21
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https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
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https://www.nxtbook.com/sosland/mbn/2012_11_27
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https://www.nxtbook.com/sosland/mbn/2010_09_21
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