Benzinga | Nov 2, 2021 03:08PM EDT

Ingredion Q3 Earnings Top Estimates, Lifts FY21 Adjusted EPS Outlook

* Ingredion Inc (NYSE:INGR) reported third-quarter FY21 sales growth of 17.4% year-on-year, to $1.76 billion, beating the analyst consensus of $1.73 billion.

* Sales in North America increased 17% Y/Y to $1.08 billion, South America rose 16% to $260 million, Asia-Pacific grew 18% to $245 million, and EMEA climbed 22% to $175 million.

* The gross profit fell 1% Y/Y to $323 million, and the gross margin was 18.3%.

* The operating margin was 9.8%, and operating income for the quarter rose 12% to $172 million.

* Adjusted EPS of $1.67 beat the analyst consensus of $1.45.

* "Our teams are actively addressing the difficult challenges brought on by global supply chain constraints and rising inflation, to continue to serve customers, just as we have throughout the disruptions and uncertainty of the pandemic," said CEO Jim Zallie.

* Ingredion held $438 million in cash and equivalents as of September 30, 2021. Cash provided by operating activities for the nine months totaled $259 million.

* Outlook: Ingredion sees FY21 adjusted EPS of $6.65-$7.00 (prior view $6.45-$6.85) against the consensus of $6.68.

* Price Action: INGR shares are trading lower by 2.67% at $93.07 on the last check Tuesday.