INGREDION INCORPORATED 报告第一季度业绩强劲，提高全年展望

Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(dollars and shares in millions, except per share data)

Three Months Ended
March 31,

Change
%

2025

2024

Net sales

$

1,813

$

1,882

(4%)

Cost of sales

1,347

1,465

Gross profit

466

417

12%

Operating expenses

193

189

2%

Other operating (income) expense, net

(10

)

12

Restructuring/impairment charges

7

3

Operating income

276

213

30%

Financing costs

9

19

Net gain on sale of business

—

(82

)

Income before income taxes

267

276

(3%)

Provision for income taxes

68

58

Net income

199

218

(9%)

Less: Net income attributable to non-controlling interests

2

2

Net income attributable to Ingredion

$

197

$

216

(9%)

Earnings per common share attributable to Ingredion common shareholders:

Weighted average common shares outstanding:

Basic

64.5

65.7

Diluted

65.6

66.8

Earnings per common share of Ingredion:

Basic

$

3.05

$

3.29

(7%)

Diluted

3.00

3.23

(7%)

Ingredion Incorporated
Condensed Consolidated Balance Sheets
(dollars and shares in millions, except per share amounts)

March 31, 2025

December 31,
2024

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

837

$

997

Short-term investments

9

11

Accounts receivable, net

1,284

1,093

Inventories

1,172

1,187

Prepaid expenses and assets held for sale

63

67

Total current assets

3,365

3,355

Property, plant and equipment, net

2,289

2,264

Intangible assets, net

1,264

1,264

Other non-current assets

550

561

Total assets

$

7,468

$

7,444

Liabilities and stockholders’ equity

Current liabilities:

Short-term borrowings

$

42

$

44

Accounts payable, accrued liabilities and liabilities held for sale

1,140

1,237

Total current liabilities

1,182

1,281

Long-term debt

1,742

1,787

Other non-current liabilities

496

486

Total liabilities

3,420

3,554

Share-based payments subject to redemption

42

60

Redeemable non-controlling interests

8

7

Ingredion stockholders’ equity:

Preferred stock — authorized 25.0 shares — $0.01 par value, none issued

—

—

Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at March 31, 2025 and December 31, 2024

1

1

Additional paid-in capital

1,158

1,152

Less: Treasury stock (common stock: 13.5 and 13.3 shares at March 31, 2025 and December 31, 2024) at cost

(1,393

)

(1,355

)

Accumulated other comprehensive loss

(1,025

)

(1,086

)

Retained earnings

5,236

5,092

Total Ingredion stockholders’ equity

3,977

3,804

Non-redeemable non-controlling interests

21

19

Total stockholders’ equity

3,998

3,823

Total liabilities and stockholders’ equity

$

7,468

$

7,444

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(dollars in millions)

Three Months Ended March 31,

2025

2024

Cash from operating activities

Net income

$

199

$

218

Adjustments to reconcile net income to net cash provided by operating
activities:

Depreciation and amortization

55

53

Mechanical stores expense

16

14

Net gain on sale of business

—

(82

)

Impairment charges

6

—

Margin accounts

(3

)

(11

)

Changes in other trade working capital

(220

)

(25

)

Other

24

42

Cash provided by operating activities

77

209

Cash from investing activities

Capital expenditures and mechanical stores purchases, net

(92

)

(65

)

Proceeds from sale of business

—

247

Other

2

(1

)

Cash (used for) provided by investing activities

(90

)

181

Cash from financing activities

(Payments) proceeds from borrowings, net

(48

)

15

Commercial paper borrowings, net

—

(312

)

Consideration received from sale of business

12

—

Repurchases of common stock, net

(55

)

(1

)

Common stock activity for share-based compensation, net

(11

)

2

Dividends paid, including to non-controlling interests

(52

)

(51

)

Cash used for financing activities

(154

)

(347

)

Effects of foreign exchange rate changes on cash and cash equivalents

7

(6

)

(Decrease) increase in cash and cash equivalents

(160

)

37

Cash and cash equivalents, beginning of period

997

401

Cash and cash equivalents, end of period

$

837

$

438

Ingredion Incorporated
Supplemental Financial Information
(Unaudited)
(dollars in millions, except for percentages)

I. Segment Information of Net Sales and Operating Income

Three Months Ended
March 31,

Change

Change
Excl. FX

2025

2024

%

%

Net Sales:

Texture & Healthful Solutions (i)

$

602

$

597

1%

1%

Food & Industrial Ingredients - LATAM (ii)

573

616

(7%)

(2%)

Food & Industrial Ingredients - U.S./Canada (iii)

520

541

(4%)

(3%)

All Other (iv)

118

128

(8%)

(5%)

Total Net Sales

$

1,813

$

1,882

(4%)

(2%)

Operating Income (Loss):

Texture & Healthful Solutions

$

99

$

74

34%

34%

Food & Industrial Ingredients - LATAM

127

101

26%

29%

Food & Industrial Ingredients - U.S./Canada

92

87

6%

8%

All Other

0

(4

)

nm

nm

Corporate

(45

)

(42

)

(7%)

(7%)

Sub-total

273

216

26%

29%

Restructuring and resegmentation costs

(1

)

(3

)

Impairment charges

(6

)

—

Other matters

10

—

Total Operating Income

$

276

$

213

30%

32%

说明 

(i) 2025 年和 2024 年第一季度的部门间净销售额分别为 900 万美元和 1500 万美元。  

(ii) 2025 年和 2024 年第一季度的部门间净销售额分别为 1300 万美元和 1000 万美元。  

(iii) 2025 年和 2024 年第一季度的部门间净销售额分别为 3300 万美元和 2600 万美元。  

(iv) 2025 年和 2024 年第一季度的部门间净销售额均为 300 万美元。  

Ingredion Incorporated
Reconciliation of GAAP Net Income 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
March 31, 2025

Three Months Ended
March 31, 2024

(in millions)

Diluted EPS

(in millions)

Diluted EPS

Net income attributable to Ingredion

$

197

$

3.00

$

216

$

3.23

Adjustments:

Restructuring and resegmentation costs (i)

1

0.02

2

0.03

Net gain on sale of business (ii)

—

—

(73

)

(1.09

)

Other matters (iii)

(7

)

(0.11

)

—

—

Impairment charges (iv)

5

0.08

—

—

Tax item - Mexico (v)

(1

)

(0.02

)

(6

)

(0.09

)

Non-GAAP adjusted net income attributable to Ingredion

$

195

$

2.97

$

139

$

2.08

净利润和每股收益可能因四舍五入而未加总或重新计算。  

说明

(i) 在截至 2025 年和 2024 年 3 月 31 日的三个月内，税前重组费用分别为 100 万美元和 300 万美元，主要与 2024 年 1 月 1 日起生效的业务重新划分有关。  

(ii) 在截至 2024 年 3 月 31 日的三个月内，出售韩国业务的税前收益为 820 万美元。  

(iii) 在截至 2025 年 3 月 31 日的三个月内，公司获得了一笔共计 1,000 万美元的税前收益，其主要源自保险赔付以及与巴西某些间接税项相关的有利判决。  

 (iv) 在截至 2025 年 3 月 31 日的三个月内，我们录得 600 万美元的税前减值费用，主要与某些股权投资发生的非临时性减值费用有关。  

 (v) 在截至 2025 年和 2024 年 3 月 31 日的三个月内，录得税务收益分别为 100 万美元和 600 万美元，均系于墨西哥比索兑美元的汇率波动，及其在此期间对公司重新计量墨西哥财务报表的影响所致。   

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
(dollars in millions, pre-tax)

Three Months Ended
March 31,

2025

2024

Operating income

$

276

$

213

Adjustments:

Restructuring and resegmentation costs (i)

1

3

Other matters (iii)

(10

)

—

Impairment charges (iv)

6

—

Non-GAAP adjusted operating income

$

273

$

216

有关说明 (i) 至 (iv)，请参阅包含在“Ingredion 应占 GAAP 净收入及摊薄 EPS 与 Ingredion 应占非 GAAP 调整后净收入及调整后摊薄 EPS 的对账”中的说明 (i) 至 (iv)。  

Ingredion Incorporated
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
(dollars in millions, except for percentages)

Three Months Ended March 31, 2025

Income before
Income Taxes (a)

Provision for
Income Taxes (b)

Effective Income
Tax Rate (b/a)

As Reported

$

267

$

68

25.5%

Adjustments:

Restructuring and resegmentation costs (i)

1

—

Other matters (iii)

(10

)

(3

)

Impairment charges (iv)

6

1

Tax item - Mexico (v)

—

1

Adjusted Non-GAAP

$

264

$

67

25.4%

Three Months Ended March 31, 2024

Income before
Income Taxes (a)

Provision for
Income Taxes (b)

Effective Income
Tax Rate (b/a)

As Reported

$

276

$

58

21.0%

Adjustments:

Restructuring and resegmentation costs (i)

3

1

Net gain on sale of business (ii)

(82

)

(9

)

Tax item - Mexico (v)

—

6

Adjusted Non-GAAP

$

197

$

56

28.4%

有关说明 (i) 至 (v)，请参阅包含在“Ingredion 应占 GAAP 净收入及摊薄 EPS 与 Ingredion 应占非 GAAP 调整后净收入及调整后摊薄 EPS 的对账”中的说明 (i) 至 (v)。  

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 2025

Low End of
Guidance

High End of
Guidance

GAAP EPS

$

10.93

$

11.63

Adjustments:

Restructuring and resegmentation costs (i)

0.02

0.02

Other matters (iii)

(0.11

)

(0.11

)

Impairment charges (iv)

0.08

0.08

Tax item - Mexico (v)

(0.02

)

(0.02

)

Adjusted EPS

$

10.90

$

11.60

有关说明 (i) 至 (v)，请参阅包含在“Ingredion 应占 GAAP 净收入及摊薄 EPS 与 Ingredion 应占非 GAAP 调整后净收入及调整后摊薄 EPS 的对账”中的说明 (i) 至 (v)。  

Ingredion Incorporated
Reconciliation of Expected GAAP Effective Income Tax Rate (“GAAP ETR”)
to Expected Adjusted Effective Income Tax Rate (“Adjusted ETR”)
(Unaudited)

Expected Effective Income
Tax Rate Range
for Full-Year 2025

Low End of
Guidance

High End of
Guidance

GAAP ETR

26.0

%

27.5

%

Adjustments:

Restructuring and resegmentation costs (i)

—

%

—

%

Other matters (iii)

—

%

—

%

Impairment charges (iv)

(0.1

%)

(0.1

%)

Tax item - Mexico (v)

0.1

%

0.1

%

Adjusted ETR

26.0

%

27.5

%

有关说明 (i) 至 (v)，请参阅包含在“Ingredion 应占 GAAP 净收入及摊薄 EPS 与 Ingredion 应占非 GAAP 调整后净收入及调整后摊薄 EPS 的对账”中的说明 (i) 至 (v)。  


SOURCE : Ingredion Incorporated 

--BERNAMA​