![Ingredion Inc [INGR] reports quarterly net loss of $218 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FINGR.png&w=1200&q=75)
Ingredion Inc [INGR] has reported a net loss Net income of $218 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue Gross profit for the quarter was $1.9 billion
Based in WESTCHESTER, Illinois, Ingredion Inc operates in the MANUFACTURING sector.
Condensed Consolidated Statements of Income (Unaudited) - USD ($ in millions)
Net sales:
- For the 3 Months Ended March 31, 2024: $1.882 billion
- For the 3 Months Ended March 31, 2023: $2.137 billion
Cost of sales:
- For the 3 Months Ended March 31, 2024: $1.465 billion
- For the 3 Months Ended March 31, 2023: $1.650 billion
Gross profit:
- For the 3 Months Ended March 31, 2024: $417 million
- For the 3 Months Ended March 31, 2023: $487 million
Operating income:
- For the 3 Months Ended March 31, 2024: $213 million
- For the 3 Months Ended March 31, 2023: $291 million
Net income:
- For the 3 Months Ended March 31, 2024: $218 million
- For the 3 Months Ended March 31, 2023: $194 million
Earnings per common share of Ingredion:
- Basic for the 3 Months Ended March 31, 2024: $3.29 per share
- Basic for the 3 Months Ended March 31, 2023: $2.89 per share
- Diluted for the 3 Months Ended March 31, 2024: $3.23 per share
- Diluted for the 3 Months Ended March 31, 2023: $2.85 per share
In the current quarter, net sales decreased by approximately $255 million compared to the same period last year. This decline can be attributed to a decrease in cost of sales by $185 million, resulting in a lower gross profit of $70 million. Operating income also decreased by $78 million, impacting the overall profitability.
However, despite the decrease in operating income, the net income for the current quarter increased by $24 million compared to the previous year. This improvement in net income can be mainly attributed to lower financing costs and a net gain on the sale of business that were not present in the same period last year.
The earnings per common share of Ingredion showed positive growth, with both basic and diluted earnings per share increasing in the current quarter compared to the previous year. This indicates enhanced profitability on a per-share basis, which could be a positive sign for investors.
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