INGR Q4 2023 Earnings Report — Ingredion Incorporated Revenue & Financial Results | Market Cap Arena

Ingredion IncorporatedINGR

Q4 2023 Earnings

Reported February 21, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2023	Q3 2023	Q4 2022	QoQ Change	YoY Change
Revenue	$1.9B	—	$2.0B	—	-3.3%
Op. Income	$202M	—	$157M	—	28.7%
Gross Margin	20.8%	—	17.7%	—	3.2pp
Net Margin	6.8%	—	5.7%	—	1.1pp
EPS (Diluted)	$1.97	—	$1.71	—	15.2%
Free Cash Flow	$327M	—	-$25M	—	1408.0%

Revenue Flow

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$400M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$198M
Operating Expenses	$198M
Cost & Expenses	$1.7B
OPERATING INCOME	$202M
Interest Income	$0
Interest Expense	$26M
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$176M
Income Tax Expense	$43M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$131M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$131M
D&A	$54M
EBIT	$202M
EBITDA	$256M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$400M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$198M
Operating Expenses	$198M
Cost & Expenses	$1.7B
OPERATING INCOME	$202M
Interest Income	$0
Interest Expense	$26M
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$176M
Income Tax Expense	$43M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$131M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$131M
D&A	$54M
EBIT	$202M
EBITDA	$256M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$131M
Depreciation & Amortization	$54M
Stock-Based Compensation	$10M
Deferred Income Tax	$0
Other Non-Cash Items	$116M
Change in Working Capital	$99M
OPERATING CASH FLOW	$410M
Capital Expenditure	-$83M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$4M
NET CASH FROM INVESTING	-$87M
Net Debt Issuance	-$213M
Common Stock Repurchased	$0
Common Dividends Paid	-$51M
Other Financing Activities	-$4M
NET CASH FROM FINANCING	-$268M
FREE CASH FLOW	$327M
Net Change in Cash	$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$401M
Short-Term Investments	$8M
Net Receivables	$1.3B
Inventory	$1.4B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.4B
PP&E (Net)	$2.4B
Goodwill	$918M
Intangible Assets	$385M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$570M
TOTAL NON-CURRENT ASSETS	$4.2B
TOTAL ASSETS	$7.6B
Account Payables	$778M
Short-Term Debt	$448M
Deferred Revenue	$0
Other Current Liabilities	$172M
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$116M
Other Non-Current Liabilities	$207M
TOTAL NON-CURRENT LIABILITIES	$2.2B
TOTAL LIABILITIES	$4.0B
Common Stock	$1M
Additional Paid-In Capital	$1.1B
Retained Earnings	$4.7B
Treasury Stock	-$1.2B
Accum. Other Comp. Income	-$1.1B
Other Equity	$55M
TOTAL STOCKHOLDERS' EQUITY	$3.6B
Minority Interest	$57M
TOTAL EQUITY	$3.6B
TOTAL LIABILITIES & EQUITY	$7.6B
Total Debt	$2.4B
Net Debt	$2.0B