WESTCHESTER, Ill., May 5 (Bernama) —Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the first quarter of 2023. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for the first quarter of 2023 and 2022, include items that are excluded from the non-GAAP financial measures that the Company presents.
“We started 2023 with exceptional performance delivering record quarterly profit and EPS,” said Jim Zallie, Ingredion’s president and chief executive officer. “Entering this year, we anticipated a second consecutive year of corn and manufacturing cost inflation. Our sales teams effectively executed product and customer mix management, including price adjustments against expiring multi-year customer contracts, to successfully rebuild margins for the third consecutive quarter. In addition, as economic growth slowed, supply chain costs moderated contributing to higher gross margins and operating income.