In This Story
Ingredion Incorporated (INGR-0.95%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $1,870 million from $2,033 million in the same quarter the previous year. The decrease is attributed to lower raw material costs and the sale of the South Korea business.
Cost of sales for the quarter was $1,391 million, representing a decrease from $1,612 million in the same quarter of the previous year. This decrease is due to lower raw material and input costs.
The company reported an operating income of $268 million for the quarter, compared to $213 million in the previous year, with the increase attributed to lower input costs.
Net gain on the sale of business was $8 million for the quarter, related to the working capital true-up from the sale of the South Korea business.
Financing costs decreased to $1 million from $26 million, primarily due to lower average outstanding debt balances.
Net income attributable to Ingredion was $188 million, up from $158 million in the previous year. This increase was due to reduced financing costs and lower input costs.
Cash provided by operating activities was $1,000 million, while cash used in investing and financing activities was $79 million and $601 million, respectively.
Ingredion had a total liquidity of $2.5 billion as of September 30, 2024. The company expects to meet its future obligations through internally generated cash flow and available credit facilities.
The filing also details the company's restructuring and impairment charges, including an $8 million charge related to the planned closure of manufacturing operations in the United Kingdom.
Ingredion continues to focus on its segments of Texture & Healthful Solutions, Food & Industrial Ingredients - Latin America, and Food & Industrial Ingredients - U.S./Canada, with strategic initiatives to enhance market position and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ingredion Incorporated quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.