Ingredion Incorporated报告2022年第二季度强劲业绩增长
Source: GlobeNewswire- 2022年第二季度报告和调整后每股收益*均为2.12美元，而2021年第二季度报告和调整后每股收益分别为2.62美元和2.05美元
- 2022年年初至今，报告和调整后每股收益分别为4.04美元和4.06美元，而上年同期分别为1.01美元和3.90美元
- 公司预计2022年全年调整后每股收益介于6.90美元至7.45美元之间
伊利诺伊州威彻斯特, Aug. 11, 2022 (GLOBE NEWSWIRE) -- 面向食品和饮料生产业的全球领先原料解决方案提供商Ingredion Incorporated（纽约证券交易所股票代码：INGR）今天公布了2022年第二季度业绩。业绩数据依据2022年和2021年美国公认会计原则（GAAP）列报，含公司报告的非GAAP财务指标之外的项目。
Ingredion总裁兼首席执行官Jim Zallie表示：“我们团队实现了2017年以来的季度最强劲业绩。 净销售额增长16%反映了强劲的客户需求，推动了与之相当的销量增长；这与积极的价格组合管理共同使我们得以完全抵消更高的原料成本。因此，我们的调整后营业收入高于去年的强劲表现，也高于我们的预期。”
Zallie继续说道：“在我们驱动增长路线图得到坚实执行的基础上，特种原料业务继续保持其发展势头。值得注意的是，在我们所有四个地区，稳健的两位数净销售额增长超过了我们四年的特种产品增长展望。为了满足对清洁标签织构化淀粉的持续强劲需求，我们加快了印第安纳波利斯工厂新产能的投产。此外，我们的减糖和特种甜味剂平台在该季度继续实现出色业绩，净销售额增长20%以上，PureCircle甜叶菊系列产品实现了两位数顶线增长。
同时，核心成分产品实现了中双位数的净销售增长，这也为第二季度的业绩做出了贡献。 我们的销量增长源于啤酒厂和糖果店等品类的强劲客户需求。此外，增强的合同条款使我们能够更快速地解决最大市场中不断变化的投入成本问题。随着我们继续将重点转移到这些地区快速增长的品类上，南美洲和墨西哥引领了更高的净销售额增长。”
Zallie总结道：“总体而言，我对我们的全球团队在这种通胀环境中的表现倍感自豪。虽然业务环境仍然充满挑战，但我们今年上半年的积极成果使我们能够在下半年实现强劲增长，我们将继续执行四大战略增长支柱的相关工作。”
*调整后摊薄每股收益（“调整后每股收益”）、调整后营业收入、调整后实际所得税率和调整后摊薄加权平均流通在外普通股均为非GAAP财务指标。请参阅本新闻稿中随附的简明合并财务报表后题为“非GAAP信息”的补充财务信息第II节，以便根据最具直接可比性的美国公认会计原则指标调整这些非GAAP指标。
摊薄每股收益（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 |
预计会影响报告和调整后每股收益变化的因素
| 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) |
**鉴于采取了四舍五入计算，总数可能不精确；***与Argentina合资企业公告相关，报告结果显示有3.6亿美元资产的销售减值费用，其中包括3.11亿美元的累计换算损益。
财务亮点
- 截至2022年6月30日，总债务及现金和短期投资分别为24亿美元和3.22亿美元，截至2021年12月31日的数据分别为20亿美元和3.32亿美元。
- 第二季度的净融资成本为1700万美元，上年同期为1900万美元。
- 第二季度的报告和调整后实际税率分别为26.0%和26.8%，相比之下，上年同期的数字分别为11.7%和25.7%。报告税率上升的主要原因是2021第二季度外国子公司未计入收益的应计收益出现逆转。
- 年初至今的净资本支出为1.37亿美元，较上年同期增加3500万美元。
业务回顾
Ingredion净销售额总计
| $ 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% |
报告营业收入
| $ 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% |
调整后营业收入
| $ 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% |
净销售额
- 第二季度和年初至今的净销售额均高于上年同期。增长的原因在于强劲的价格组合，包括玉米和原料成本上涨的传导效应。剔除汇率影响后，该季度和年初至今的净销售额分别上升18%和19%。
营业收入
- 第二季度报告和调整后营业收入分别为2.13亿美元和2.15亿美元，较上年同期分别降低4%和提高3%。报告营业收入下降的原因是上一年法院做出了一项与巴西间接税有关的有利决定。调整后营业收入增长的原因是强劲的价格组合，抵消了玉米和原料成本上涨的影响。剔除汇率影响后，报告和调整后营业收入分别比去年同期下降1%和上升7%。
- 年初至今报告和调整后营业收入分别为4.23亿美元和4.28亿美元，较上年同期分别上升713%和5%。报告营业收入增长的原因是与阿根廷合资企业上年同期相关的销售减值费用。调整后营业收入增长的原因是强劲的价格组合，抵消了玉米和原料成本上涨的影响。剔除汇率影响后，报告和调整后营业收入分别比去年同期上升735%和7%。
- 主要受重组成本的驱动，第二季度和年初至今报告营业收入分别比调整后营业收入低200万美元和500万美元。
北美洲
净销售额
| $ 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% |
部门营业收入
| $ 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% |
- 第二季度营业收入为1.61亿美元，相比去年同期增加1200万美元，而年初至今营业收入则为3.17亿美元，相比去年同期增加3400万美元。该季度和年初至今，增长的原因在于有利的价格组合和更高的销量，抵消了玉米和原料成本上升的影响。
南美洲
净销售额
| $ 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% |
部门营业收入
| $ 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% |
- 第二季度营业收入为3900万美元，相比去年同期增加600万美元，而年初至今营业收入则为7700万美元，相比去年同期增加400万美元。该季度和年初至今，增长的原因在于有利的价格组合，抵消了玉米和原料成本的增加。剔除汇率影响后，第二季度和年初至今部门营业收入分别上升15%和3%。
亚太区
净销售额
| $ 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% |
部门营业收入
| $ 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% | ||
- 第二季度营业收入为2100万美元，相比去年同期下降300万美元，而年初至今营业收入则为4300万美元，相比去年同期下降600万美元。第二季度和年初至今，下降的原因在于韩国玉米和原料成本上涨、中国新冠疫情中断和外汇不利因素。剔除汇率影响后，该季度和年初至今部门营业收入均下降4%。
欧洲、中东和非洲（EMEA）
净销售额
| $ 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% |
部门营业收入
| $ 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% | |
- 第二季度营业收入为2900万美元，相比去年同期下降300万美元，而年初至今营业收入则为6000万美元，相比去年同期下降300万美元。第二季度和年初至今，欧洲的利好因素被巴基斯坦的不利结果和整个地区的外汇不利因素大大抵消。剔除汇率影响后，第二季度和年初至今部门营业收入分别上升6%和8%。
股息和股票回购
公司于2022年上半年支付了共计9000万美元的股息，并在第二季度宣布了第三季度支付每股0.65美元的季度股息。本季度，公司回购了4400万美元的流通在外普通股，使Ingredion的2022年上半年总股票回购额达到8300万美元。Ingredion将通过现金分红和股票回购向股东返还价值作为其资本分配战略的一部分，从而为整体的股东利益返还提供支持。
2022年全年展望
公司预计，与2021年第三季度相比，2022年第三季度净销售额将实现高双位数增长，营业收入增长将达到高个位数。
公司预计2022年全年报告每股收益介于6.95美元至7.35美元之间，调整后每股收益介于6.90美元至7.45美元之间，2021年调整后每股收益为6.67美元。这一预计值排除了与收购相关的整合与重组成本以及任何潜在减值成本。
与去年相比，2022年全年展望估计如下：受有利价格组合大大抵销玉米和原料成本上涨的推动，北美洲营业收入预计将实现低至中两位数增长；在有利价格组合的推动下，南美洲营业收入预计将实现低两位数增长；受乌克兰冲突导致韩国玉米成本上涨以及中国新冠疫情封锁的推动，亚太区营业收入预计与上年同期持平，抵消PureCircle的增长；在原料成本上升和汇率不利影响的推动下，欧洲、中东和非洲地区的营业收入预计将持平或以低个位数下降。企业成本预计将上升中个位数。
公司预计2022年全年调整后营业收入将实现低两位数增长。
公司预计，2022年全年报告实际税率为27.0%至29.5%，调整后实际税率为28.0%至29.0%。
2022年全年经营现金预计介于3亿美元至3.6亿美元之间，这反映了玉米成本上涨后我们的预期营运资本增加。全年资本支出预计介于2.9亿美元至3.2亿美元之间。
电话会议和网络直播详情
Ingredion将于美国中部时间2022年8月9日上午8:00/东部时间上午9:00召开电话会议， 会议由总裁兼首席执行官Jim Zallie以及执行副总裁兼首席财务官Jim Gray主持。电话会议将进行实时网络直播，可通过以下网站访问https://ir.ingredionincorporated.com/events-and-presentations。会议演示稿可从公司网站获取，并于会议开始前几小时提供下载。网络直播将通过https://ir.ingredionincorporated.com/financial-information/quarterly-results网站提供限时重放。
关于公司
Ingredion Incorporated（纽约证券交易所股票代码：INGR）总部位于芝加哥市郊，是全球领先的原料解决方案提供商，为全球120多个国家和地区的众多客户提供服务。公司将谷物、水果、蔬菜和其他植物材料转化为食品、饮料、动物饲料和工业市场使用的增值原料材料解决方案，2021年净销售额为69亿美元。凭借遍布世界各地的Ingredion Idea Labs®创新中心和约1.2万名员工，公司与客户共同确立并实现其目标：融合人、自然和科技的潜力，创建更美好的生活。如需了解更多信息和最新公司新闻，请访问ingredion.com。
前瞻性陈述
本新闻稿含有或可能含有《1933年证券法案》第27A节（及其修订案）以及《1934年证券交易法案》第21E节（及其修订案）中定义的前瞻性陈述。公司拟将这些前瞻性陈述纳入该等陈述的安全港条款。
除其他事项之外，前瞻性陈述包括如下陈述：公司对2022年第三季度净销售额和营业收入的预期；2022年全年报告营业收入、报告和调整后每股收益、部门营业收入、报告和调整后实际税率、营运现金流量和资本支出的预期；以及与公司前景及其未来营运、财务状况、净销售额、营业收入、销量、企业成本、税率、资本支出、现金流、费用或其他财务项目有关的任何其他陈述，包括管理层基于任何上述内容的计划或战略和目标，以及基于任何上述内容的任何假设、期望或信念。
这些陈述有时可以通过以下前瞻性词语的使用加以辨别，如“可能”、“将要”、“应该”、“预期”、“假设”、“相信”、“计划”、“预估”、“估计”、“期望”、“打算”、“继续”、“估算”、“预测”、“展望”、“推进”、“机会”、“潜力”、“暂定”，或其他类似表达及此类词语的反义表达。本新闻稿中包含或提及的历史事实之外的所有陈述均为“前瞻性陈述”。
这些陈述均基于当前情况或预期作出，但存在某些固有的风险和不确定性，其中很多难以预测并且超出我们的控制范围。尽管我们相信这些前瞻性陈述所明示或暗示的预期均基于合理假设，但投资者须注意：我们无法保证这些预期将成为现实。
由于各类风险和不确定性的影响，实际结果和发展可能与这些陈述中明示或暗示的预期显著不同，其中包括：新冠疫情对我们的产品需求和财务结果的影响；与高果糖玉米糖浆和我们其他产品相关的消费偏好的改变；全球经济状况以及在我们购买原材料或产销产品的各地理区域和国家及地区影响到客户和消费者的总体政治、经济、商业和市场状况的影响，特别包括南美洲的经济、货币和政治状况及欧洲的经济和政治状况，以及这些因素可能对我们产品销售量和定价、我们向客户收取应收账款能力的影响；我们所服务并且作为我们销售额重要来源的主要行业未来购买我们的产品，包括但不限于限制、食品、饮料、动物饲料和酿造行业；对通过基因修饰和生物技术所开发产品之接受度的不确定性；我们开发或获得新产品和服务的速度和质量足以获得市场认可的能力；玉米加工行业和相关行业日益增长的竞争和/或消费者压力，包括在我们主要产品和副产品（尤其是玉米油）的市场和价格方面；原材料的供应情况，包括马铃薯淀粉、木薯淀粉、阿拉伯树胶和我们某些产品所需的特殊玉米品种，以及我们向客户转嫁玉米或其他原材料成本上涨的能力；能源成本及供应情况，包括巴基斯坦能源问题；我们消化成本、完成预算和实现预期协调的能力，包括我们能够按预算按时、按照货运和运输成本完成计划维护和投资项目的能力；气候变化的影响以及应对气候变化的法律、监管和市场措施；我们以有利条件成功识别和完成收购或战略联盟的能力，以及我们成功整合被收购业务或实施和维持战略联盟并在上述所有方面实现预期协同效应的能力；我们的制造设施出现运营困难；金融和资本市场行为，包括外汇波动、利率和汇率波动以及市场波动和对冲此类波动的相关风险；俄罗斯和乌克兰冲突的影响，包括对原材料和能源供应的可用性和价格的影响，以及汇率和利率的波动；我们吸引、培养、激励并与我们的员工保持良好关系的能力；自然灾害、战争、威胁或恐怖主义行为、疫情（如新冠肺炎）的爆发或持续或其他我们无法控制的重大事件的发生对我们业务的影响；减值费用对我们商誉或长期资产的影响；政府政策、法律或法规以及合法合规成本的变化，包括我们税率或承担额外所得税责任的环境法规的变化；利率上升可能导致我们的借贷成本增加；我们以合理利率筹集资金的能力以及影响我们为未来增长和扩张获得足够资金的其他因素；与信息技术系统、流程和站点有关的安全漏洞；股市波动和其他可能对我们股价产生不利影响的因素；影响我们继续执行股息政策的风险；以及我们对财务报告保持有效内部控制的能力。
我们的前瞻性陈述仅针对截至声明日期的情况，我们无任何义务在声明日期之后因为任何新的信息或未来事件或发展而更新任何前瞻性陈述以反映事件或情况。如果我们确实更新或更正了其中一项或多项陈述，投资者和其他人不应该就此推断我们将进行其他更新或更正。有关上述和其他风险的进一步描述，请参见向美国证券交易委员会提交的截至2021年12月31日的年度报告（表格10-K）、截至2022年3月31日的季度报告（表格10-Q）以及后续报告（表格10-Q和表格8-K）中收录的“风险因素”和其他信息。
联系方式：
投资者：Jason Payant，708-551-2584
媒体：Becca Hary，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). | |||||||||||||
