Benzinga | Aug 3, 2021 07:09AM EDT

Ingredion Q2 Earnings Crushes Estimates; Provides FY21 Guidance

* Ingredion Inc (NYSE:INGR) reported second-quarter FY21 sales growth of 30.6% year-on-year, to $1.76 billion, beating the analyst consensus of $1.70 billion.

* Sales in North America rose 26% Y/Y to $1.07 billion, South America increased 47% to $268 million, Asia Pacific gained 33% to $248 million, and Europe, Middle East & Africa rose 35% to $178 million.

* Gross profit rose 35% Y/Y to $367 million.

* The operating margin was 12.6%, and operating income for the quarter rose 96% Y/Y to $222 million.

* Cash provided by operating activities for the six months fell 56.1% Y/Y to $129 million. It held $549 million in cash and equivalents as of June 30, 2021.

* Adjusted EPS of $2.05 beat the analyst consensus of $1.55.

* "In every region, we saw double-digit volume growth from demand recovery across all customer segments, as well as strong specialties growth," said CEO Jim Zallie.

* Outlook: Ingredion sees FY21 adjusted EPS of $6.45 - $6.85, compared to the consensus of $6.53.

* Price action: INGR shares closed higher by 1.47% at $89.13 on Monday.