17% 的淨銷售額增長抵消了通貨膨脹率壓力，同比表現強勁
- 2022 年第一季度報告和調整後的每股收益* 分別為 1.92 美元和 1.95 美元，而 2021 年第一季度報告和調整後的每股收益分別為 (3.66) 美元和 1.85 美元。
- 公司維持全年調整後的每股收益預期為 6.85 美元至 7.45 美元，反映較預期高的有效稅率帶來的影響
伊利諾伊州威斯特徹斯特郡, May 07, 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 年第一季度的業績。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 主席兼行政總裁 Jim Zallie 表示：「Ingredion 克服了通貨膨脹，並於 2022 年強勢迎接新一年。由於需求高於預期以及強勁的價格組合，我們實現了 17% 的淨銷售額增長。在高通脹的環境下，我們實現了顯著的有利價格組合，遠遠抵消了上升的投入成本，並帶來 6% 的營業收入增長。儘管全球物流受到限制，但我們在本季度改善了供應鏈的彈性，讓我們更能滿足客戶不斷變化的需求。」
Zallie 續稱：「由於市場對具口感成分的需求強勁，我們繼續致力推動增長路線圖，在本季度，專業成分的淨銷售額增加了 20%。此外，基於我們的品質和產量有所改善，以及我們兩個製造設施的生產增長加速，植物性蛋白淨銷售額在本季度增長了超過 250％。PureCircle 還在本季度再次實現高雙位數的淨銷售額增長，反映市場對高強度、以自然為本的甜味劑的強勁需求，
隨著我們踏入 2022 年，新的挑戰陸續出現，我們的團隊在應對事件方面，比如烏克蘭衝突帶來的破壞、它對全球玉米供應的影響以及最近中國疫情反彈等繼續展現出卓越的靈活性。對於我們的員工每天都以擁有者的心態適應環境並落力參與，為利益相關者創造價值，我感到非常自豪。」 隨著我們利用技術和大自然之最，我們期待這一年實現有意義的增長，為我們的客戶和消費者提供一系列不斷增長的創新成分解決方案。」
*調整後攤薄每股收益（「調整後每股收益」）、調整後營業收入、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。在本新聞稿中包含的簡明綜合財務報表後，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 指標進行協調。
每股攤薄收益 (EPS)
| 1Q21 | 1Q22 | ||
| Reported EPS | $(3.66) | $1.92 | |
| Restructuring/Impairment Costs | $0.12 | $0.03 | |
| Acquisition/Integration Costs | $0.01 | $0.01 | |
| Impairment*** | $5.35 | – | |
| Tax Items | $0.05 | $(0.01) | |
| Diluted share impact | $(0.02) | – | |
| Adjusted EPS** | $1.85 | $1.95 | |
影響變化的估計因素
| 1Q22 vs 1Q21 | |
| Total items affecting EPS** | $0.10 |
| Total operating items | $0.12 |
| Margin | 0.19 |
| Volume | (0.03) |
| Foreign exchange | (0.04) |
| Other income | – |
| Total non-operating items | $(0.02) |
| Other non-operating income | – |
| Financing costs | (0.04) |
| Non-controlling interests | – |
| Shares outstanding | 0.01 |
| Tax rate | 0.01 |
**由於四捨五入，總數可能不足
*** 2021 年第一季度減值反映了 2021 年記錄與公司的阿根廷營運對 Arcor 合資企業投入資金相關的 3.6 億美元初始淨資產減值費用。2021 年的最終減值費用為 3.4 億美元。
財政摘要
- 截至 2022 年 3 月 31 日，債務及現金包括短期投資總額分別為 23 億美元及 3.29 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。
- 第一季度的淨融資成本為 2,400 萬美元，比去年同期上升 500 萬美元，原因是與特定國家的淨工資本餘額相關的交易外匯損失增加。
- 本季度報告及，調整後的有效稅率分別為 28.9％ 及 28.9％，與去年同期相比分別為 (29.3)％ 及 29.5%。報告有效稅率的增加主要是由於 2021 年記錄與阿根廷 Arcor 合資企業相關的減值費用對上一年的影響。調整後有效稅率的下降主要來自有利的外匯影響，部分被美國新的稅收法規所抵消，降低了公司對美國稅項申索某些外國稅收抵免額的能力。
- 第一季度的資本支出為 8,500 萬美元，比去年同期上升了 2,000 萬美元。
業務評述
所有 Ingredion
| $ in millions | 2021 Net Sales |
FX Impact |
Volume | Price mix |
2022 Net Sales |
% change |
% change excl. FX |
| First Quarter | 1,614 | (24) | 19 | 283 | 1,892 | 17% | 19% |
報告的營業收入
| $ in millions | 2021 | FX Impact |
Business Drivers |
Acquisition / Integration |
Restructuring / Impairment | Other | 2022 | % change | % change excl. FX |
| First Quarter | (170) | (4) | 16 | 0 | 8 | 360 | 210 | 224% | 226% |
調整後的營業收入
| $ in millions | 2021 | FX Impact |
Business Drivers |
2022 | % change | % change excl. FX |
| First Quarter | 201 | (4) | 16 | 213 | 6% | 8% |
淨銷售額
- 第一季度的淨銷售額比去年同期上升。增長的原因是強勁的價格組合，包括更高的玉米成本。排除匯率影響後，季度淨營業額上升了 19%。
營業收入
- 本季度報告及調整後營業收入分別為 2.10 億美元及 2.13 億美元，與去年同期相比分別上升了 224% 及 6%。報告的營業收入上升主要是由於上年記錄與阿根廷 Arcor 合資企業相關的持有銷售減損費用。調整後的營運收入增長主要是由於北美有利的價格組合。排除匯率影響後，報告及調整後的營業收入分別比去年同期上升了 226% 和 8%。
- 第一季度報告的營業收入比調整後的營業收入少 300 萬美元，主要是由於期間內的重組成本。
北美洲
淨銷售額
| $ in millions | 2021 Net Sales |
FX Impact |
Volume | Price mix |
2022 Net Sales |
% change |
% change excl. FX |
| First Quarter | 945 | 0 | 41 | 188 | 1,174 | 24% | 24% |
部門營業收入
| $ in millions | 2021 | FX Impact |
Business Drivers |
2022 | % change |
% change excl. FX |
| First Quarter | 134 | 0 | 22 | 156 | 16% | 16% |
- 第一季度營業收入為 1.56 億美元，比去年同期上升了 2,200 萬美元。此增長是由期間內強勢的價格組合所推動，這足以抵消通脹投入成本。
南美洲
淨銷售額
| $ in millions | 2021 Net Sales |
FX Impact |
Volume | Excluding Arcor JV Volume |
Price mix |
2022 Net Sales |
% change | % change excl. FX |
| First Quarter | 273 | 0 | (7) | (66) | 52 | 252 | -8% | -8% |
部門營業收入
| $ in millions | 2021 | FX Impact |
Business Drivers |
2022 | % change |
% change excl. FX |
| First Quarter | 40 | 1 | (3) | 38 | -5% | -8% |
- 第一季度營業收入為 3,800 萬美元，比去年同期上升了 200 萬美元。下降的主要原因是公司阿根廷業務對 Arcor 合資企業投入資金造成的影響，部分被強勁的價格組合所抵消。排除匯率影響後，界別的營業收入下跌 8％。
亞太區
淨銷售額
| $ in millions | 2021 Net Sales |
FX Impact | Volume | Price mix |
2022 Net Sales |
% change | % change excl. FX |
| First Quarter | 235 | (12) | 33 | 16 | 272 | 16% | 21% |
部門營業收入
| $ in millions | 2021 | FX Impact | Business Drivers | 2022 | % change | % change excl. FX |
| First Quarter | 25 | (2) | (1) | 22 | -12% | -4% |
- 第一季度營業收入為 2,200 萬美元，比去年同期減少了 300 萬美元，原因是韓國的玉米成本增加，在期間內大幅抵消價格組合。排除匯率影響後，界別的營業收入下跌 4％。
歐洲、中東及非洲 (EMEA)
淨銷售
| $ in millions | 2021 Net Sales |
FX Impact |
Volume | Price mix |
2022 Net Sales |
% change |
% change excl. FX |
| First Quarter | 161 | (12) | 18 | 27 | 194 | 20% | 28% |
部門營業收入
| $ in millions | 2021 | FX Impact |
Business Drivers |
2022 | % change |
% change excl. FX |
| First Quarter | 31 | (3) | 3 | 31 | 0% | 10% |
- 第一季度營業收入為 3,100 萬美元，與去年同期持平。歐洲的有利價格組合被巴基斯坦的投入成本上升和不利的外匯影響所抵消。排除匯率影響後，界別的營業收入增長 10%。
股息和股票重購
在 2022 年 3 月，公司宣佈季度股息每股 0.65 美元，總計 4,300 萬美元。在本季度，公司回購了 3,900 萬美元的已發行普通股。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 年第二季度前景與 2022 年全年觀點
在 2022 年第二季度，公司預計與 2021 年第二季度相比，淨銷售額將以低雙位數增長，而營業收入增長將相對持平。
公司預計 2022 年全年報告每股收益將為 6.80 美元至 7.40 美元之間，並維持其調整後每股收益的預期為 6.85 美元至 7.45 美元之間，而 2021 年調整後每股收益為 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 年的全年展望假設如下：北美的營業收入預計將受有利的價格組合推動，達到低至中的雙位數，大幅抵消了更高的玉米和投入成本；南美洲的營業收入在優惠定價的推動下預計將是低的單位數；與去年同期相比，亞太區的營業收入預計持平，原因是烏克蘭衝突導致韓國玉米成本上漲，抵消了 PureCircle 的增長；歐洲、中東和非洲的營業收入在有利的價格組合的推動下，預計將有低的單位數增長。預計企業成本將持平。
公司預計全年調整後的營業收入將有低雙位數增長。
對於 2022 全年，公司預計報告的有效稅率為 27.0% 至 30.5%，調整後的有效稅率為 28.0% 至 29.5%。調整後全年有效稅率的增長來自有利的外匯影響，部分被美國新的稅收法規所抵消，降低了公司對美國稅項申索某些外國稅收抵免額的能力。
2022 年全年經營現金預計在 5.8 億美元至 6.6 億美元之間。全年的資本支出預計在 3 億美元至 3.35 億美元之間。
電話會議及網絡直播詳情
Ingredion 將於 2022 年 5 月 5 日（星期四）上午 10:00（中部時間）舉行電話會議， 由主席兼行政總裁 Jim Zallie 及執行副主席兼財務總監 James Gray 主持。電話會議將實時進行網絡直播，可在 https://ir.ingredionincorporated.com/events-and-presentations 存取。隨附報告陳述可在電話會議開始前幾個小時透過公司網站登入及下載。網絡廣播的重播將在有限的時間內在 https://ir.ingredionincorporated.com/financial-information/quarterly-results 提供。
關於公司
Ingredion Incorporated (NYSE: INGR) 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 70 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。 透過 Ingredion 的 Idea Labs®、公司遍佈全球的創新中心及約 12,000 名員工，公司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。
前瞻性聲明包括，除其他外，關於公司對 2022 年第二季度淨銷售額和營業收入的預期、對 2022 年全年報告和調整後的營業收入、分部營業收入、報告和調整後的每股收益、報告和調整後的有效稅率、營運現金流及資本支出，以及其他關於公司未來前景、未來營運或未來財務狀況、淨銷售額、營業收入、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。除本新聞稿中除歷史事實陳述外的所有聲明均為「前瞻性聲明」。
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。雖然我們認為這些前瞻性聲明中反映我們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；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 表年度報告中的「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 (“Ingredion”) | |||||||||||||||
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (in millions, except per share amounts) | Three Months Ended March 31, |
Change % |
|||||||||||||
| 2022 | 2021 | ||||||||||||||
| Net sales | $ | 1,892 | $ | 1,614 | 17 | % | |||||||||
| Cost of sales | 1,513 | 1,263 | |||||||||||||
| Gross profit | 379 | 351 | 8 | % | |||||||||||
| Operating expenses | 169 | 153 | 10 | % | |||||||||||
| Other operating (income) | (2 | ) | (2 | ) | |||||||||||
| Restructuring/impairment charges | 2 | 370 | |||||||||||||
| Operating income (loss) | 210 | (170 | ) | 224 | % | ||||||||||
| Financing costs | 24 | 19 | |||||||||||||
| Other non-operating income | (1 | ) | (1 | ) | |||||||||||
| Income (loss) before income taxes | 187 | (188 | ) | 199 | % | ||||||||||
| Provision for income taxes | 54 | 55 | |||||||||||||
| Net income (loss) | 133 | (243 | ) | 155 | % | ||||||||||
| Less: Net income attributable to non-controlling interests | 3 | 3 | |||||||||||||
| Net income (loss) attributable to Ingredion | $ | 130 | $ | (246 | ) | 153 | % | ||||||||
| Earnings per common share attributable to Ingredion | |||||||||||||||
| common shareholders: | |||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 66.9 | 67.3 | |||||||||||||
| Diluted | 67.6 | 67.3 | |||||||||||||
| Earnings (loss) per common share of Ingredion: | |||||||||||||||
| Basic | $ | 1.94 | ($3.66 | ) | 153 | % | |||||||||
| Diluted | $ | 1.92 | ($3.66 | ) | 152 | % | |||||||||
| Ingredion Incorporated (“Ingredion”) | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (in millions, except share and per share amounts) | March 31, 2022 | December 31, 2021 | |||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 324 | $ | 328 | |||||||
| Short-term investments | 5 | 4 | |||||||||
| Accounts receivable – net | 1,431 | 1,130 | |||||||||
| Inventories | 1,306 | 1,172 | |||||||||
| Prepaid expenses | 63 | 63 | |||||||||
| Total current assets | 3,129 | 2,697 | |||||||||
| Property, plant and equipment – net | 2,446 | 2,423 | |||||||||
| Intangible assets – net | 1,339 | 1,348 | |||||||||
| Other assets | 521 | 531 | |||||||||
| Total assets | $ | 7,435 | $ | 6,999 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Short-term borrowings | $ | 514 | $ | 308 | |||||||
| Accounts payable and accrued liabilities | 1,207 | 1,204 | |||||||||
| Total current liabilities | 1,721 | 1,512 | |||||||||
| Long-term debt | 1,739 | 1,738 | |||||||||
| Other non-current liabilities | 561 | 524 | |||||||||
| Total liabilities | 4,021 | 3,774 | |||||||||
| Share-based payments subject to redemption | 31 | 36 | |||||||||
| Redeemable non-controlling interests | 71 | 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 March 31, 2022 and December 31, 2021 | 1 | 1 | |||||||||
| Additional paid-in capital | 1,160 | 1,158 | |||||||||
| Less: Treasury stock (common stock; 11,464,034 and 11,154,203 shares at | |||||||||||
| March 31, 2022 and December 31, 2021, respectively) at cost | (1,091 | ) | (1,061 | ) | |||||||
| Accumulated other comprehensive loss | (763 | ) | (897 | ) | |||||||
| Retained earnings | 3,986 | 3,899 | |||||||||
| Total Ingredion stockholders’ equity | 3,293 | 3,100 | |||||||||
| Non-redeemable non-controlling interests | 19 | 18 | |||||||||
| Total equity | 3,312 | 3,118 | |||||||||
| Total liabilities and equity | $ | 7,435 | $ | 6,999 | |||||||
| Ingredion Incorporated (“Ingredion”) | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (Unaudited) | |||||||||||
| For the Three Months Ended March 31, | |||||||||||
| (in millions) | 2022 | 2021 | |||||||||
| Cash (used for) provided by operating activities: | |||||||||||
| Net income (loss) | $ | 133 | $ | (243 | ) | ||||||
| Adjustments to reconcile net income (loss) to | |||||||||||
| net cash (used for) provided by operating activities: | |||||||||||
| Depreciation and amortization | 53 | 52 | |||||||||
| Mechanical stores expense | 13 | 14 | |||||||||
| Deferred income taxes | 3 | (4 | ) | ||||||||
| Impairment charge for assets held for sale | – | 360 | |||||||||
| Margin accounts | 28 | (16 | ) | ||||||||
| Changes in other trade working capital | (290 | ) | (130 | ) | |||||||
| Other | 8 | (11 | ) | ||||||||
| Cash (used for) provided by operating activities | (52 | ) | 22 | ||||||||
| Cash used for investing activities: | |||||||||||
| Capital expenditures and mechanical stores purchases | (85 | ) | (65 | ) | |||||||
| Proceeds from disposal of manufacturing facilities and properties | 5 | 2 | |||||||||
| Other | 4 | (1 | ) | ||||||||
| Cash used for investing activities | (76 | ) | (64 | ) | |||||||
| Cash provided by (used for) financing activities: | |||||||||||
| Proceeds from borrowings, net | 24 | 10 | |||||||||
| Commercial paper borrowings, net | 178 | – | |||||||||
| Repurchases of common stock, net | (39 | ) | (14 | ) | |||||||
| (Settlements) issuances of common stock for share-based compensation, net | (1 | ) | 7 | ||||||||
| Dividends paid, including to non-controlling interests | (43 | ) | (43 | ) | |||||||
| Cash provided by (used for) financing activities | 119 | (40 | ) | ||||||||
| Effect of foreign exchange rate changes on cash | 5 | (7 | ) | ||||||||
| Decrease in cash and cash equivalents | (4 | ) | (89 | ) | |||||||
| Cash and cash equivalents, beginning of period | 328 | 665 | |||||||||
| Cash and cash equivalents, end of period | $ | 324 | $ | 576 | |||||||
| Ingredion Incorporated (“Ingredion”) | |||||||||||||||
| Supplemental Financial Information | |||||||||||||||
| (Unaudited) | |||||||||||||||
| I. Geographic Information of Net Sales and Operating Income | |||||||||||||||
| (in millions, except for percentages) | Three Months Ended March 31, | Change | |||||||||||||
| 2022 | 2021 | Change | Excl. FX | ||||||||||||
| Net Sales | |||||||||||||||
| North America | $ | 1,174 | $ | 945 | 24 | % | 24 | % | |||||||
| South America | 252 | 273 | (8 | %) | (8 | %) | |||||||||
| Asia-Pacific | 272 | 235 | 16 | % | 21 | % | |||||||||
| EMEA | 194 | 161 | 20 | % | 28 | % | |||||||||
| Total Net Sales | $ | 1,892 | $ | 1,614 | 17 | % | 19 | % | |||||||
| Operating Income | |||||||||||||||
| North America | $ | 156 | $ | 134 | 16 | % | 16 | % | |||||||
| South America | 38 | 40 | (5 | %) | (8 | %) | |||||||||
| Asia-Pacific | 22 | 25 | (12 | %) | (4 | %) | |||||||||
| EMEA | 31 | 31 | 0 | % | 10 | % | |||||||||
| Corporate | (34 | ) | (29 | ) | (17 | %) | (17 | %) | |||||||
| Sub-total | 213 | 201 | 6 | % | 8 | % | |||||||||
| Acquisition/integration costs | (1 | ) | (1 | ) | |||||||||||
| Restructuring/impairment charges | (2 | ) | (10 | ) | |||||||||||
| Impairment charge for assets held for sale | – | (360 | ) | ||||||||||||
| Total Operating Income | $ | 210 | $ | (170 | ) | 224 | % | 226 | % | ||||||
| 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 provision (benefit), and certain other special 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; therefore, the 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 (“Ingredion”) | ||||||||||||||
| 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 | |||||||||||||
| March 31, 2022 | March 31, 2021 | |||||||||||||
| (in millions) | Diluted EPS | (in millions) | Diluted EPS | |||||||||||
| Net income (loss) attributable to Ingredion | $ | 130 | $ | 1.92 | $ | (246 | ) | $ | (3.66 | ) | ||||
| Add back: | ||||||||||||||
| Acquisition/integration costs, net of $ – million income tax benefit for the three months ended March 31, 2022 and 2021 (i) | 1 | 0.01 | 1 | 0.01 | ||||||||||
| Restructuring/impairment charges, net of income tax benefit of $ – million and $2 million for the three months ended March 31, 2022 and 2021, respectively (ii) | 2 | 0.03 | 8 | 0.12 | ||||||||||
| Impairment on assets held for sale, net of $ – million of income tax benefit for the three months ended March 31, 2021 (iii) | – | – | 360 | 5.35 | ||||||||||
| Tax (benefit) provision – Mexico (iv) | (1 | ) | (0.01 | ) | 3 | 0.05 | ||||||||
| Diluted share impact (v) | – | – | – | (0.02 | ) | |||||||||
| Non-GAAP adjusted net income attributable to Ingredion | $ | 132 | $ | 1.95 | $ | 126 | $ | 1.85 | ||||||
| Net income, EPS and tax rates may not foot or recalculate due to rounding. | ||||||||||||||
| Notes | ||||||||||||||
| (i) During the first quarter of 2022, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition and integration of KaTech, as well as our investment in the Arcor joint venture. During the first quarter of 2021, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition of PureCircle Limited. | ||||||||||||||
| (ii) During the first quarter of 2022, the Company recorded $2 million of remaining pre-tax restructuring-related charges for the Cost Smart program. During the first quarter of 2021, the Company recorded $10 million of pre-tax restructuring/impairment charges, consisting of $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program, $3 million of restructuring-related charges as part of our Cost Smart Cost of sales program, primarily in North America, and $2 million of employee-related and other costs related to the Arcor joint venture. | ||||||||||||||
| (iii) During the first quarter of 2021, the Company recorded a $360 million held for sale impairment charge related to entering the Arcor 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) The Company recorded a tax benefit of $1 million for the first quarter of 2022, and a tax provision of $3 million for the first quarter of 2021, 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. | ||||||||||||||
| (v) 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 quarter of 2021, the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents. | ||||||||||||||
| Ingredion Incorporated (“Ingredion”) | ||||||||||||||
| Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Adjusted Operating Income | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| (in millions, pre-tax) | 2022 | 2021 | ||||||||||||
| Operating income (loss) | $ | 210 | $ | (170 | ) | |||||||||
| Add back: | ||||||||||||||
| Acquisition/integration costs (i) | 1 | 1 | ||||||||||||
| Restructuring/impairment charges (ii) | 2 | 10 | ||||||||||||
| Impairment on assets held for sale (iii) | – | 360 | ||||||||||||
| Non-GAAP adjusted operating income | $ | 213 | $ | 201 | ||||||||||
| For notes (i) through (iii), see notes (i) through (iii) 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 (“Ingredion”) | ||||||||||||
| Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, 2022 | ||||||||||||
| Income before | Provision for | Effective Income | ||||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | |||||||||
| As Reported | $ | 187 | $ | 54 | 28.9 | % | ||||||
| Add back: | ||||||||||||
| Acquisition/integration costs (i) | 1 | – | ||||||||||
| Restructuring/impairment charges (ii) | 2 | – | ||||||||||
| Tax item – Mexico (vi) | – | 1 | ||||||||||
| Adjusted Non-GAAP | $ | 190 | $ | 55 | 28.9 | % | ||||||
| Three Months Ended March 31, 2021 | ||||||||||||
| Income (Loss) before | Provision for | Effective Income | ||||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | |||||||||
| As Reported | $ | (188 | ) | $ | 55 | (29.3 | %) | |||||
| Add back: | ||||||||||||
| Acquisition/integration costs (i) | 1 | – | ||||||||||
| Restructuring/impairment charges (ii) | 10 | 2 | ||||||||||
| Impairment on assets held for sale (iii) | 360 | – | ||||||||||
| Tax item – Mexico (iv) | – | (3 | ) | |||||||||
| Adjusted Non-GAAP | $ | 183 | $ | 54 | 29.5 | % | ||||||
| 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 (“Ingredion”) | |||||||||||||
| Reconciliation of Anticipated GAAP Diluted Earnings per Share (“GAAP EPS”) | |||||||||||||
| to Anticipated Adjusted Diluted Earnings per Share (“Adjusted EPS”) | |||||||||||||
| (Unaudited) | |||||||||||||
| Anticipated EPS Range | |||||||||||||
| for Full Year 2022 | |||||||||||||
| Low End | High End | ||||||||||||
| GAAP EPS | $ | 6.80 | $ | 7.40 | |||||||||
| Add: | |||||||||||||
| Acquisition/integration costs (i) | 0.02 | 0.02 | |||||||||||
| Restructuring/impairment charges (ii) | 0.04 | 0.04 | |||||||||||
| Tax benefit- Mexico (iii) | (0.01 | ) | (0.01 | ) | |||||||||
| Adjusted EPS | $ | 6.85 | $ | 7.45 | |||||||||
| Above is a reconciliation of our anticipated full year 2022 diluted EPS to our anticipated 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 special items. We generally exclude these adjustments from our adjusted EPS guidance. For these reasons, we are more confident in our ability to predict adjusted EPS than we are in our ability to predict 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 Arcor joint venture. | |||||||||||||
| (ii) Remaining pre-tax restructuring-related charges for the Cost Smart programs. | |||||||||||||
| (iii) Tax benefit 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. | |||||||||||||
| II. Non-GAAP Information (continued) | ||||||||||||
| Ingredion Incorporated (“Ingredion”) | ||||||||||||
| Reconciliation of Reported U.S. GAAP Effective Tax Rate (“GAAP ETR”) | ||||||||||||
| to Anticipated Adjusted Effective Tax Rate (“Adjusted ETR”) | ||||||||||||
| (Unaudited) | ||||||||||||
| Anticipated Effective Tax Rate Range | ||||||||||||
| for Full Year 2022 | ||||||||||||
| Low End | High End | |||||||||||
| GAAP ETR | 27.0 | % | 30.5 | % | ||||||||
| Add: | ||||||||||||
| Acquisition/integration costs (i) | – | % | – | % | ||||||||
| Restructuring/impairment charges (ii) | 0.1 | % | 0.1 | % | ||||||||
| Tax item – Mexico (iv) | – | % | – | % | ||||||||
| Impact of adjustment on Effective Tax Rate and other tax matters (vi) | 0.9 | % | (1.1 | ) | % | |||||||
| Adjusted ETR | 28.0 | % | 29.5 | % | ||||||||
| Above is a reconciliation of our anticipated full year 2022 GAAP ETR to our anticipated 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 special items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR. | ||||||||||||
| For items (i) through (iv), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. | ||||||||||||
| (vi) Indirect impact of tax rate after items (i) through (iv) and other tax matters. | ||||||||||||