Ingredion: Reports Second Quarter 2024 Financial Results

Westchester / IL. (gnw) Ingredion Inc., a leading global provider of ingredient solutions to the food and beverage manufacturing industry, reported results for the second quarter of 2024. The results, reported in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2024 and 2023, include items that are excluded from the non-GAAP financial measures that the Company presents.

«In the second quarter, Ingredion achieved significant growth, led by Texture + Healthful Solutions, which experienced 8 percent sales volume growth year over year,» said president and chief executive officer Jim Zallie. «Additionally, our Food + Industrial segments were well positioned to respond to robust customer demand and delivered exceptionally strong profit growth.»

«In the quarter, we also deployed strategic capital to support future organic growth in texture solutions, and in line with our sugar reduction strategy, we further increased our ownership in PureCircle to 98 percent. Our organization is benefiting from our new segments as we increasingly leverage our global operating model and drive innovative ways to strengthen customer engagements for future growth. Our Driving Growth Roadmap continues to guide our strategic actions to create long-term shareholder value.»

«Last quarter marked the launch of our «Cost2Compete» program, aimed at achieving USD 50 million in run-rate savings by the end of 2025. Our initiatives to date have realized USD 18 million in run-rate savings, which will provide additional leverage for the remainder of the year,» Zallie concluded. For additional information please read the Company’s PDF file below (231 KB):

20240807-INGREDION-Q22024.