Dive Brief:
- Ingredion Inc. reported a fourth quarter net income of $104 million, and for the year reported profit of $402.2 million, an uptick of 13%. Revenue for the year was $5.62 billion, falling 1%.
- The reported and adjusted EPS were both $1.42 for the fourth quarter. For the full year 2015, reported and adjusted EPS were $5.51 and $5.88, up from a year ago when they were $4.74 and $5.20.
- Ilene Gordon, chairman, president and CEO, said in a news release the company anticipates specialty portfolio growth, expanding margins, manufacturing and R&D spending, and focused cost monitoring to keep results strong.
Dive Insight:
The company has lowered its cash and short-term investments by $174 million, used to pay $434 million for the acquisitions of Penford Corp. and Kerr Concentrates. Gordon said the acquisitions met earnings expectations and propelled the company further into the specialty ingredients market.
Highlights from last year include the October announcement that the company was making internal executive changes, moving two executives into positions to assist the company in meeting its 2019 goals, which include $8 billion in total sales. The company named James P. Zallie as the executive vice president, global specialties and president, Americas. Jorgen Kokke was named the senior vice president and president, Asia Pacific and EMEA.
Last August, the company completed its acquisition of Kerr Concentrates Inc. for $100 million. The move allows Ingredion to extend its clean-label offerings. At the time, Gordon stated the company would continue to look for acquisitions to support those efforts.
In 2014, Ingredion announced the acquisition of Penford Corp. for $340 million.