|- Second quarter 2018 reported and adjusted EPS* were $1.57 and $1.66, down from second quarter 2017 reported and adjusted EPS of $1.78 and $1.89, respectively|
- Year-to-date 2018 reported and adjusted EPS were $3.47 and $3.60, respectively, up from $3.46 of reported EPS and down from $3.77 of adjusted EPS in the year-ago period
- 2018 adjusted EPS expected to be in the range of $7.50-$7.80
- During the second quarter, the Company repurchased 1.25 million shares
WESTCHESTER, Ill., Aug 2, 2018 - (ACN Newswire) - Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, today reported results for the second quarter 2018. The results, reported in accordance with U.S. generally accepted accounting principles ("GAAP") for 2018 and 2017, include items that are excluded from the non-GAAP financial measures that the Company presents.
"We continue to position Ingredion for long-term growth as a more agile company and are taking swift actions across our business in response to increasing inflationary pressures and current production imbalances in North America. We are moving aggressively to improve our cost structure, optimize our network capacity and drive operational execution," said Jim Zallie, Ingredion's president and chief executive officer. "Among these actions is the establishment of our $125 million Cost Smart program to deliver savings through cost of sales, including freight, and SG&A reductions, starting in the second half of 2018. This includes the cessation of wet-milling and production of high fructose corn syrup and industrial starches at our Stockton, CA facility by the end of 2018. In addition to our cost savings measures, we will be pursuing necessary pricing actions. We remain focused on delivering our long-term earnings algorithm by growing our Specialties portfolio to $2 billion in sales by 2022, and strengthening our business model built on global reach, local touch, innovation and differentiated value propositions aligned with market trends."
Zallie concluded, "In addition to these actions, we remain committed to strategically deploying cash to increase shareholder value. During the second quarter, we returned capital to shareholders through the repurchase of 1.25 million shares."
INGR 2Q 2018 earnings release FINAL COPY
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Source: Ingredion Incorporated via Globenewswire
Aug 2, 2018 18:30 HKT/SGT
Topic: Press release summary
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