ingredion inc (INGR) Key Developments
Ingredion and AGT Announce Agreement for Ingredion to Distribute AGT Pulse Flours, Protein and Bran Ingredients
Jun 23 14
Ingredion Incorporated entered an agreement with Alliance Grain Traders Inc. to be AGT's distributor of that company's pulse flours, protein and bran ingredients. The agreement includes products for consumer foods, for example, baked goods, snack, pasta and covers the United States, Canada, China, most of Europe, North Africa and the Middle East. Ingredion will be introducing these products to the market over the next 120 days. Most of the line will be marketed under Ingredion's HOMECRAFT(R) brand that currently encompasses a broad range of functional, gluten free and clean label flours.
Ingredion Incorporated Declares Quarterly Dividend Payable on July 25, 2014
May 21 14
The Board of Directors of Ingredion Incorporated declared a quarterly dividend of $0.42 per share on the Company's common stock. The dividend is payable on July 25, 2014, to stockholders of record at the close of business on June 30, 2014.
Ingredion, Inc. Presents at World Congress on Industrial Biotechnology, May-12-2014
May 9 14
Ingredion, Inc. Presents at World Congress on Industrial Biotechnology, May-12-2014 . Venue: Philadelphia, Pennsylvania, United States.
Ingredion Appoints Kevin Wilson as Vice President and Corporate Treasurer
May 7 14
Ingredion Incorporated appointed Kevin Wilson as vice president and corporate treasurer. Wilson reports to Ingredion CFO, Jack Fortnum, and is responsible for Ingredion's treasury function. He oversees funding and capital markets transactions, rating agency and bank relationships, management of interest, currency and commodities risk and performance of pension assets. Prior to joining Ingredion, Wilson was vice president and treasurer at Mead Johnson Nutrition in Glenview, Ill. He also served as treasurer at Albemarle Corporation and Solutia Inc., both specialty chemical corporations.
Ingredion Incorporated Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014
Apr 30 14
Ingredion Incorporated reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net sales of $1,357.2 million against $1,583.8 million for the same period in the last year. Operating income was $122.3 million against $175.1 million for the same period in the last year. Income before income taxes was $105.7 million against $158.3 million for the same period in the last year. Net income attributable to the company was $72.6 million or $0.96 per diluted share against $110.8 million or $1.41 per diluted share for the same period in the last year. Cash provided by operating activities was $121 million against cash used in operating activities of $30 million for the same period in the last year. Capital expenditures, net of proceeds on disposals were $59 million against $66 million for the same period in the last year.
The company provided earnings guidance for the year 2014. For the period, the company expected EPS to be in a range of $5.35 to $5.75 compared to $5.05 in 2013. The guidance anticipates ongoing cost pressures in Argentina; a challenging environment as sugar prices remain low; an increase in expected negative impact from foreign exchange rates from $0.20 to $0.25 to $0.30 to $0.35; and, an effective tax rate of 27 – 28%. All four regions are expected to deliver increased operating income. However, as a result of lower input costs, sales are expected to drop significantly for the total company. Cash generated by operations is expected to be approximately $700 - 750 million in 2014. Capital expenditures in 2014 are anticipated to be approximately $300 million. These investments will support growth and cost reduction actions across the organization.