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Ingredion Fiscal Year 2023 Earnings Report

Income and Sales Growth

Despite volume declines, Ingredion reported increased income and sales for the fiscal year ended Dec. 31, 2023. Net income reached $643 million, up 31% from the previous fiscal year, with net sales increasing 3% to $8.16 billion.

Factors Driving Sales Increase

The sales increase was attributed to $943 million of price/mix, partially offset by lower sales volumes of $648 million and a negative foreign exchange impact of $81 million. The company attributed the growth to managing raw material volatility and taking pricing actions and proactive cost-saving measures.

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Gross Profit Margin Improvement

Ingredion improved gross profit margins by 260 basis points to 21.4% in 2023, demonstrating that pricing actions and cost-savings initiatives absorbed inflation over the past three years. This improvement was achieved despite declining customer demand and necessary actions by the operations teams to slow production, resulting in higher fixed costs.

Segment Performance

The Specialty Ingredients segment saw fiscal-year net sales increase by 4% despite volume headwinds, with a focus on healthful solutions such as sugar reduction, protein, and fiber fortification. In North America, operating income was up 27%, while South America saw a 16% decline, and Asia Pacific and Europe, Middle East, and Africa saw increases of 35% and 42% respectively.

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The AI legalese decoder can support Ingredion in analyzing and understanding the legal and regulatory implications of its healthful solutions focus, particularly regarding sugar reduction, protein, and fiber fortification. It can ensure compliance with labeling and marketing regulations related to health and nutrition claims in different regions, helping the company navigate legal requirements effectively.

Fourth Quarter Performance and Outlook

In the fourth quarter, net income was up 15% year-over-year, while net sales decreased 3%. The company anticipates a gradual improvement in volumes in 2024, with an outlook that includes the impact of a South Korean business divestiture and expectations for net sales and earnings per share for the year.

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The AI legalese decoder can aid in analyzing the legal and financial implications of divestitures, such as the South Korean business divestiture. It can help Ingredion understand the legal and regulatory obligations related to divestitures, including any contractual or compliance requirements that need to be addressed in the process.

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2024 Expectations

Ingredion expects earnings per share in a range of $10.20 to $11.15 for fiscal year 2024, with an expected double-digit decline in adjusted operating income for the first quarter.

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The AI legalese decoder can support Ingredion in analyzing and understanding any legal and compliance implications of its 2024 expectations, including the projected earnings per share range and the anticipated decline in adjusted operating income for the first quarter. It can ensure that the company’s financial projections align with legal and regulatory requirements, helping to mitigate any potential legal risks associated with the projections.

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