Ingredion (INGR) Shares Drop -0.1%

By Tamara Parker • Wednesday, February 21 11:53 • Permanent Link

Ingredion Incorporated, formerly known as Corn Products International, Inc., has released its annual report today. is a global producer and seller of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from corn and other starch-based materials. The company's products are used in various industries, including food and beverage, paper, textile, industrial, pharmaceutical, cosmetics, and more. As of December 31, 2023, Ingredion had total available liquidity of $1.7 billion, with domestic liquidity of $705 million and international liquidity of $1.0 billion.

In terms of financial performance, Ingredion's cash provided by operating activities increased significantly to $1.057 billion in 2023 from $152 million in 2022. The company's cash used for investing activities increased slightly to $329 million in 2023 from $320 million in 2022, primarily due to increased capital expenditures. Ingredion used $569 million for financing activities in 2023 compared to cash provided by financing activities of $103 million in 2022, primarily due to increased payments on debt and a net reduction of commercial paper borrowings during 2023. Additionally, the company repurchased 1.0 million outstanding shares of its common stock in open market transactions at a net cost of $101 million during 2023.

Ingredion uses certain key financial performance metrics to monitor its progress towards achieving long-term strategic business objectives. These metrics include Adjusted Return on Invested Capital (ROIC) and Net Debt to Adjusted EBITDA. In 2023, the company achieved an Adjusted ROIC of 13.3 percent, compared to 11.0 percent in 2022. The Net Debt to Adjusted EBITDA ratio improved to 1.5 in 2023 from 2.2 in 2022. These metrics provide valuable information to help the company run its business and are useful to investors.

Overall, Ingredion's financial metrics show improvements in liquidity, cash provided by operating activities, and key financial performance ratios. The company continues to focus on maintaining profitability and creating value for stockholders while effectively managing its financial leverage.

For more information, read the company's full 10-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.