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Ingredion Q1 profit climbs 36.4% YOY

Ingredion Inc. said its normalized net income for the first quarter was $1.55 per share, compared with the S&P Capital IQ consensus estimate of $1.39 per share.

EPS increased 35.3% year over year from $1.14.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $113.3 million, a gain of 36.4% from $83.0 million in the year-earlier period.

The normalized profit margin increased to 8.3% from 6.2% in the year-earlier period.

Total revenue rose on an annual basis to $1.36 billion from $1.33 billion, and total operating expenses decreased year over year to $1.16 billion from $1.18 billion.

Reported net income grew 51.7% year over year to $126.8 million, or $1.73 per share, from $83.6 million, or $1.15 per share.