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Ingredion Q1 profit climbs 37.6% YOY

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Ingredion Q1 profit climbs 37.6% YOY

Ingredion Inc. said its normalized net income for the first quarter amounted to $1.20 per share, compared with the S&P Capital IQ consensus estimate of $1.22 per share.

EPS increased 43.4% year over year from 84 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $87.3 million, a gain of 37.6% from $63.5 million in the year-earlier period.

The normalized profit margin increased to 6.2% from 4.7% in the year-earlier period.

Total revenue decreased on an annual basis to $1.33 billion from $1.36 billion, and total operating expenses declined 5.0% from the prior-year period to $1.17 billion from $1.23 billion.

Reported net income grew 14.9% from the prior-year period to $83.6 million, or $1.15 per share, from $72.8 million, or 96 cents per share.