Ingredion Incorporated 2020 年第一季度業績報告
- 2020 年第一季度報告及調整後的每股收益* 分別為 1.11 美元及 1.59 美元，而 2019 年第一季度分別為 1.48 美元和 1.53 美元
- 由於新冠肺炎影響的不確定性，公司已確定其先前的 2020 年全年每股收益，營運現金流及淨銷售額前景指南已不再適用
伊利諾伊州威斯特徹斯特郡, May 08, 2020 (GLOBE NEWSWIRE) -- 全球領先的食品製造業配料解決方案供應商 (NYSE: INGR) 今日公告了 2020 年第一季度的業績。該結果根據 2020 年及 2019 年美國公認會計原則 (GAAP) 報告，包括從公司提供的非公認會計原則財務指標中排除的項目。
「在這個充滿挑戰的時期，Ingredion 的運作被認為是維持我們營運所在國家／地區保持食品供應的必要條件。」Ingredion 主席兼行政總裁 說道， 「一線員工致力於確保我們繼續為全球客戶提供優質食材及解決方案，我們對此感到非常自豪。還有全球所有員工自從此危機開始以來表現出的驚人魄力及奉獻精神，我們為此深表感謝。在接下來的幾週及幾個月中，我們將繼續致力於確保員工安全、為我們的客戶及營運所在的社區提供服務，以及保持業務持續性。」
*調整後攤薄每股盈餘（「調整後每股盈餘」）、調整後營業收入及調整後有效所得稅率均為非公認會計原則財務指標。在本新聞稿中包含的簡明綜合財務報表後，參見名為「非公認會計原則資訊」的補充財務資訊第二部分，以將這些非公認會計原則財務指標與最直接可比的美國公認會計原則指標進行對賬。
「我們對第一季度的營運及財務表現感到滿意。在宏觀經濟動蕩的情況下，我們經歷了對產品的強勁需求，並且持續增加我們的特色產品組合。為了最大限度地提高營運效率，我們進一步精簡了公司組織，這是我們的 儲蓄計劃的一部分，該計劃有望實現 2020 年的儲蓄目標。在本季度結束後，我們推進了 ，宣布即將收購 PureCircle - 它是高強度天然甜菊糖甜味劑領域的全球領導者，並擴展了我們的減糖能力。」Zallie 繼續說。
「在第二季度，我們預計主要在零售雜貨店出售的傳統包裝食品中所含成分的需求強勁。但是，這種疫情已經嚴重影響了餐飲服務的流量，我們希望減少成分的用量，這些成分被配製為在家外消費的餐飲食物及飲料。」Zallie 表示，
「儘管我們面臨著前所未有的未知數，但我對我們團隊的靈活應變能力充滿信心，他們能夠應對未來面臨的獨特挑戰，並迅速以最佳方式為我們的業務定位，以實現長期增長並為所有利益相關者創造價值。」Zallie 總結說。
攤薄每股盈餘 (EPS)
| 1Q19 | 1Q20 | |||||||||||||
| Reported EPS | $ | 1.48 | $ | 1.11 | ||||||||||
| Acquisition/Integration Costs | $ | 0.01 | — | |||||||||||
| Restructuring/Impairment Costs | $ | 0.05 | $ | 0.16 | ||||||||||
| Discrete Tax Items | $ | (0.01 | ) | $ | 0.32 | |||||||||
| Adjusted EPS** | $ | 1.53 | $ | 1.59 | ||||||||||
影響報告及調整後 EPS 變化的估計因素
| 1Q20 | ||||||||||
| Margin | 0.11 | |||||||||
| Volume | (0.02 | ) | ||||||||
| Foreign exchange | (0.05 | ) | ||||||||
| Other income | (0.01 | ) | ||||||||
| Total operating items | 0.03 | |||||||||
| Other non-operating income | - | |||||||||
| Financing costs | 0.04 | |||||||||
| Shares outstanding | (0.01 | ) | ||||||||
| Tax rate | - | |||||||||
| Non-controlling interest | - | |||||||||
| Total non-operating items | 0.03 | |||||||||
| Total items affecting EPS** | $ | 0.06 | ||||||||
**由於四捨五入，總數可能有出入
財政摘要
- 截至 2020 年 3 月 31 日，債務、現金及，短期投資總額分別為 19 億美元及， 2.8 億美元，與 2019 年 12 月 31 日相比分別為 18 億美元及， 2.68 億美元。總債務的增加主要是由貸款時間決定的。
- 截至 2020 年 3 月 31 日，營運現金為 6,500 萬美元，較去年同期增加 4,700 萬美元，這主要是由於營運資本變化的改善所致。
- 由於利息成本的減少，第一季度的淨融資成本比去年同期減少了 1,800 萬美元或 400 萬美元。
- 本季度報告及，調整後的有效稅率分別為 42.6％ 及 26.0％，與去年同期相比分別為 26.6％ 及 27.1％。報告的稅率增加是由於第一季度墨西哥比索對美元的價值下降了 24％，因此產生了一筆 2,200 萬美元的離散稅款撥備。
- 第一季度的資本支出為 9,800 萬美元，比去年同期增加了 1,800 萬美元，這是由於為支持我們對植物性蛋白質及其他增長項目的投資而進行的現金支付時間安排。
- 2020 年 4 月 9 日，公司宣布了一項收購 PureCircle 的協議，這是一家在倫敦證券交易所交易的百慕大公司。這項交易預計將在 2020 年第三季度完成，但要得到監管機構、股東的批准及其他成交條件。
業務評述
總計 Ingredion
淨銷售額
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | |
| First quarter | 1,536 | -40 | 4 | 43 | 1,543 | — | 3 | % |
報告營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | Acquisition / Integration | Restructuring / Impairment | 2020 | % change | % change excl. FX | ||
| First quarter | 161 | -5 | 6 | 1 | -10 | 153 | (5 | )% | (2 | )% |
調整後的營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 166 | -5 | 6 | 167 | 1 | % | 4 | % |
淨銷售額
- 第一季度的淨營業額與去年同期相比持平，因為有利的價格組合被外匯影響所抵消。排除匯率影響，淨營業額增長了 3％。
營運收入
- 本季度報告及調整後營業收入分別為 1.53 億美元及 1.67 億美元，與去年同期相比分別下降了 5％ 及 1％。 報告的營運收入減少的主要原因是資產關閉及與 Cost Smart 相關的重組成本，但部分被價格組合的改善所抵消。而調整後的營運收入的增長是由於價格組合的改善。排除匯率影響，調整後的營業收入比去年同期增長了 4％。
- 由於資產關閉及與 Cost Smart 相關的重組成本，第一季度報告的營運收入比調整後的營運收入低 1,400 萬美元。
北美洲
淨銷售額
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 951 | -1 | -8 | 21 | 963 | 1 | % | 1 | % |
部門營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX |
| First quarter | 125 | — | — | 125 | — | — |
營運收入
- 第一季度營業收入為 1.25 億美元，跟去年同期持平。由於套期保值按市值計價的時間，粟米價格上漲抵消了價格組合的改善及特種產品銷量的增長。
南美洲
淨銷售額
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 228 | -25 | 13 | 21 | 237 | 4 | % | 15 | % |
部門營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 18 | -3 | 11 | 26 | 44 | % | 61 | % |
營運收入
- 第一季度營運收入為 2,600 萬美元，比去年同期增加了 800 萬美元。良好的價格組合及量可以抵消較高的原材料成本及 外幣的影響。 排除外幣影響，該部門的營運收入比去年同期增長了 61％。注意：在惡性通貨會計中，阿根廷以美元計價。
亞太地區
淨銷售額
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 203 | -5 | -6 | -3 | 189 | -7 | % | -4 | % |
部門營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX |
| First quarter | 20 | — | — | 20 | — | — |
營運收入
- 第一季度營業收入為 2,000 萬美元，與去年同期持平。 較低的營運成本抵消了新冠肺炎中斷對數量的負面影響。
歐洲、中東及非洲 (EMEA)
淨銷售額
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | |
| First quarter | 154 | -9 | 5 | 4 | 154 | — | 6 | % |
部門營運收入
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 24 | -2 | 5 | 27 | 13 | % | 21 | % |
營運收入
- 第一季度的營運收入為 2,700 萬美元，比去年同期增加了 300 萬美元，這是由於有利的價格組合抵消了外匯影響。排除外幣影響，該部門的營運收入比去年同期增長了 21％。
股息
- 在 2020 年 3 月，公司將季度股息維持在每股 0.63 美元，並在第一季度支付了 4,200 萬美元的股息。
2020 年展望
由於新冠肺炎影響的不確定性，公司已確定其先前的 2020 年全年每股盈餘，營運現金流及淨銷售前景指南已不再適用 第一季度新冠肺炎的影響相對較小。我們看到了更多傳統途徑的銷量增加，因為消費者預期在家中會受到限制，因此備貨充足，我們希望這些途徑可繼續表現良好。但是，對餐飲服務部門來說，消費者流量在何時及怎樣的速度開始回流，存在重大的不確定性。
在南美洲，疫症大流行還處於早期階段，我們預計將對食品服務、啤酒及糖果行業產生重大負面影響。在北美洲，我們預計食品服務量的需求將減少，尤其是在墨西哥，由於政府強制的
新冠肺炎禁令，導致啤酒廠銷量下降。
在歐洲、中東及非洲地區，我們預計歐洲的特殊產品銷售強勁，而巴基斯坦的銷量將下降。在亞太地區，隨著限制的解除，我們看到相對強勁的需求回升。但是，現在確定是否將持續恢復，還是為時過早。
對於全年，我們預計報告的稅率為 28.5％至 32％，調整後的有效稅率範圍約為 26％至 27％。
假設可以維持設備訂單，進入我們的場地以及承包商的安全，則承諾的資本投資預計將在 2.85 億美元至 3.05 億美元之間。
電話會議及網絡直播詳情
Ingredion 於今日上午 9:00 舉行了電話會議。美國東岸時間（中部時間上午8點） 由主席兼行政總裁 Jim Zallie 及執行副主席兼財務長 James Gray 主持。該通話將進行實時網絡廣播，並將通過 Ingredion 網站（網址為： 在「Events and Presentations」部分的「News and Events」之下。報告將在電話會議開始前幾個小時供下載。網絡廣播的重播將在有限的時間內在 .
即將進行的通訊
將由 Jim Zallie 及， James Gray 參與於 2020 年 5 月 13 日東岸時間上午 11:20 舉行的 BMO 從農場到市場的會議。ET. 該演講文稿將在公司網站: 上發表，在「Events and Presentations」部分的「News and Events」之下。 此外，Ingredion 將於 2020 年 5 月 20 日（星期三）上午 9:00 召開其年度股東大會。（中部時間）在 SABCS 官方新聞發佈會上公佈。可以進入旁聽年度會議: 。
關於公司
Ingredion Incorporated (NYSE: INGR) 總部位於芝加哥郊區，它是全球領先的配料解決方案供應商，為 120 多個國家的客戶提供服務。該公司 2019 年的淨銷售額超過 60 億美元，將穀物、水果、蔬菜及其他植物性原料轉變為食品、飲料、動物營養、釀造及工業市場的增值原料解決方案。而 Ingredion Idea Labs® 公司遍布全球的創新中心及 11,000 多名員工，將與客戶共同創造並實現了將人、自然及，技術的潛力融合在一起以改善生活為目標。瀏覽 以了解更多資訊及公司的最新消息。
前瞻性陳述
本新聞稿可能包含《1933 年證券法》（修訂版）第 27A 節及《1934 年證券交易法》（修訂版）第 21E 節所規定的前瞻性聲明。本公司擬將這些前瞻性陳述納入此類陳述的安全港原則。
前瞻性陳述包括（其中包括）有關公司對 2020 年有效稅率及承諾資本投資的預期的任何陳述，以及上述內容的任何假設，期望或信念。這些陳述有時可以通過使用前瞻性詞語來識別，例如「可能」、「將」、「應該」、「預期」、「假設」、「相信」、「計劃」、「項目」、「估計」、「打算」、「繼續」、「準備」、「預測」、「展望」、「推動」、「機會」、「潛力」、「臨時」或其他類似表達或其否定。除本新聞稿中的歷史事實陳述或本新聞稿中提及的所有陳述均為「前瞻性陳述」。
這些陳述基於當前的情況或期望，但受某些固有風險及，不確定因素的影響，其中許多風險及，不確定因素很難預測並且超出我們的控制範圍。雖然我們認為這些前瞻性陳述中反映我們的預期是基於合理假設的，但我們提醒投資者，我們不能保證預期將是正確的。
由於以下風險及，不確定性，實際結果及，發展可能與我們的前瞻性聲明表達或暗示的預期存在重大差異，其中包括： 消費偏好及，觀念的變化，包括與高果糖粟米糖漿有關的偏好及，觀念；全球經濟狀況以及影響我們購買原材料或製造或出售產品的各個地理區域及國家／地區的客戶及，消費者的總體政治、經濟、商業及市場條件的影響，尤其是經濟、南美的貨幣及，政治狀況以及歐洲的經濟及，政治狀況，以及這些因素可能對我們的銷售量、產品定價、進入信貸市場的權限以及我們從客戶收取應收款的能力產生影響；我們的養老金資產獲得的投資回報出現不利變化；我們服務的主要行業之未來財務業績，並從中獲得很大一部分營業額，包括食品、飲料、動物營養及，釀造行業；透過基因改造及生物技術開發的產品的可接受性之不確定性；我們以足以滿足期望的價格或質量的速度開發或獲取新產品及，服務的能力；美國及，外國政府政策、法律或法規的變更以及法律合規成本；粟米提煉行業及相關行業的競爭壓力及，／或客戶壓力增加，包括在我們的農產品及我們的副產品（尤其是粟米油）的市場及，價格方面；原材料的可用性，包括馬鈴薯澱粉、木薯澱粉、阿拉伯樹膠及我們某些建基於特定玉米品種的產品，我們有能力將潛在的粟米或其他原材料成本上漲轉嫁給客戶；原材料及，能源成本及可用性；我們控製成本的能力，達成預算並實現預期的協同作用，包括關於我們按時、按預算完成計劃中的維護及投資項目的能力，並根據我們的 Cost Smart 計劃以及貨運及運輸成本實現預期的節省；金融及，資本市場對我們借貸成本的影響，包括由於外幣波動、利率及匯率波動以及市場多變，還有對沖此類波動而產生的相關風險的結果；氣候變化的潛在影響；我們具有以優惠條件成功確定並完成收購或戰略聯盟的能力，並且我們成功整合所收購業務或實施及維持戰略聯盟並在上述所有方面實現預期協同作用的能力；我們製造工廠的運作困難或鍋爐可靠性方面的問題；與產品安全、質量及對環境、健康及，安全，以及食品安全法律及法規有關的風險；在外國使用外國貨幣及，國家之間的運輸產品在國外經營時固有的經濟，政治及其他風險，包括關稅、配額、關稅方面的風險；可能影響我們的資訊技術系統、流程及網站的中斷，安全漏洞或故障；我們維持令人滿意的勞資關係之能力；天氣、自然災害、戰爭或類似的敵對行為、恐怖主義行為及威脅，例如新冠肺炎大流行等疫症的爆發或延續及其他重大事件可能對我們的業務造成影響；商譽或長期資產減值準備的潛在確認；我們稅率的變動或其他所得稅負債的承擔；以及以合理的速度籌集資金以發展及擴展我們的業務之能力。
我們的前瞻性陳述僅代表截止日期，我們沒有義務更新任何前瞻性陳述，以反映新陳述或未來事件後陳述日期後的事件或情況或發展。如果我們更新或更正其中的一個或多個陳述，投資者及，其他人不應該斷定我們將進行額外的更新或更正。有關這些及，其他風險的進一步描述，請參閱我們截至 2019 年 12 月 31 日止的年度報告之 10-K 表格，其中包含的「風險因素」以及我們在10-Q 及 8-K 表格的後續報告。
| Ingredion Incorporated ("Ingredion") | ||||||||||
| Condensed Consolidated Statements of Income | ||||||||||
| (Unaudited) | ||||||||||
| (in millions, except per share amounts) | Three Months Ended March 31, | Change % | ||||||||
| 2020 | 2019 | |||||||||
| Net sales | $ | 1,543 | $ | 1,536 | 0 | % | ||||
| Cost of sales | 1,220 | 1,220 | ||||||||
| Gross profit | 323 | 316 | 2 | % | ||||||
| Operating expenses | 154 | 150 | 3 | % | ||||||
| Other income, net | 2 | 1 | ||||||||
| Restructuring/impairment charges | 14 | 4 | ||||||||
| Operating income | 153 | 161 | (5 | %) | ||||||
| Financing costs, net | 18 | 22 | ||||||||
| Other, non-operating expense (income), net | (1 | ) | - | |||||||
| Income before income taxes | 136 | 139 | (2 | %) | ||||||
| Provision for income taxes | 58 | 37 | ||||||||
| Net income | 78 | 102 | (24 | %) | ||||||
| Less: Net income attributable to non-controlling interests | 3 | 2 | ||||||||
| Net income attributable to Ingredion | $ | 75 | $ | 100 | (25 | %) | ||||
| Earnings per common share attributable to Ingredion | ||||||||||
| common shareholders: | ||||||||||
| Weighted average common shares outstanding: | ||||||||||
| Basic | 67.1 | 66.8 | ||||||||
| Diluted | 67.8 | 67.4 | ||||||||
| Earnings per common share of Ingredion: | ||||||||||
| Basic | $ | 1.12 | $ | 1.50 | (25 | %) | ||||
| Diluted | $ | 1.11 | $ | 1.48 | (25 | %) | ||||
| Ingredion Incorporated ("Ingredion") | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (in millions, except share and per share amounts) | March 31, 2020 | December 31, 2019 | |||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 278 | $ | 264 | |||||||
| Short-term investments | 2 | 4 | |||||||||
| Accounts receivable – net | 996 | 977 | |||||||||
| Inventories | 857 | 861 | |||||||||
| Prepaid expenses | 55 | 54 | |||||||||
| Total current assets | 2,188 | 2,160 | |||||||||
| Property, plant and equipment – net | 2,208 | 2,306 | |||||||||
| Goodwill | 787 | 801 | |||||||||
| Other intangible assets – net | 427 | 437 | |||||||||
| Operating lease assets | 147 | 151 | |||||||||
| Deferred income tax assets | 16 | 13 | |||||||||
| Other assets | 179 | 172 | |||||||||
| Total assets | $ | 5,952 | $ | 6,040 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Short-term borrowings | $ | 77 | $ | 82 | |||||||
| Accounts payable and accrued liabilities | 860 | 885 | |||||||||
| Total current liabilities | 937 | 967 | |||||||||
| Non-current liabilities | 205 | 220 | |||||||||
| Long-term debt | 1,871 | 1,766 | |||||||||
| Non-current operating lease liabilities | 115 | 120 | |||||||||
| Deferred income tax liabilities | 174 | 195 | |||||||||
| Share-based payments subject to redemption | 23 | 31 | |||||||||
| Equity | |||||||||||
| Ingredion stockholders' equity: | |||||||||||
| Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued | - | - | |||||||||
| Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875 | |||||||||||
| shares issued at March 31, 2020 and December 31, 2019 | 1 | 1 | |||||||||
| Additional paid-in capital | 1,142 | 1,137 | |||||||||
| Less: Treasury stock (common stock; 10,772,260 and 10,993,388 shares at | |||||||||||
| March 31, 2020 and December 31, 2019, respectively) at cost | (1,028 | ) | (1,040 | ) | |||||||
| Accumulated other comprehensive loss | (1,322 | ) | (1,158 | ) | |||||||
| Retained earnings | 3,813 | 3,780 | |||||||||
| Total Ingredion stockholders' equity | 2,606 | 2,720 | |||||||||
| Non-controlling interests | 21 | 21 | |||||||||
| Total equity | 2,627 | 2,741 | |||||||||
| Total liabilities and equity | $ | 5,952 | $ | 6,040 | |||||||
| Ingredion Incorporated ("Ingredion") | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (Unaudited) | |||||||||||
| For the Three Months Ended March 31, | |||||||||||
| (in millions) | 2020 | 2019 | |||||||||
| Cash provided by operating activities: | |||||||||||
| Net income | $ | 78 | $ | 102 | |||||||
| Adjustments to reconcile net income to | |||||||||||
| net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 54 | 51 | |||||||||
| Mechanical stores expense | 13 | 13 | |||||||||
| Deferred income taxes | - | 5 | |||||||||
| Margin accounts | (20 | ) | 1 | ||||||||
| Changes in other trade working capital | (85 | ) | (171 | ) | |||||||
| Other | 25 | 17 | |||||||||
| Cash provided by operating activities | 65 | 18 | |||||||||
| Cash used for investing activities: | |||||||||||
| Capital expenditures and mechanical stores purchases, net proceeds on disposals | (98 | ) | (80 | ) | |||||||
| Payments for acquisitions, net of cash acquired | - | (41 | ) | ||||||||
| Short-term investments | 2 | 3 | |||||||||
| Cash used for investing activities | (96 | ) | (118 | ) | |||||||
| Cash used for financing activities: | |||||||||||
| Proceeds from borrowings (payments on), net | 102 | 8 | |||||||||
| Repurchases of common stock, net | - | 63 | |||||||||
| Issuances of common stock for share-based compensation, net of settlements | 2 | (1 | ) | ||||||||
| Dividends paid, including to non-controlling interests | (42 | ) | (42 | ) | |||||||
| Cash provided by financing activities | 62 | 28 | |||||||||
| Effect of foreign exchange rate changes on cash | (17 | ) | - | ||||||||
| Increase (decrease) in cash and cash equivalents | 14 | (72 | ) | ||||||||
| Cash and cash equivalents, beginning of period | 264 | 327 | |||||||||
| Cash and cash equivalents, end of period | $ | 278 | $ | 255 | |||||||
| Ingredion Incorporated ("Ingredion") | |||||||||||||||
| Supplemental Financial Information | |||||||||||||||
| (Unaudited) | |||||||||||||||
| I. Geographic Information of Net Sales and Operating Income | |||||||||||||||
| (in millions, except for percentages) | Three Months Ended March 31, | Change | |||||||||||||
| 2020 | 2019 | Change | Excl. FX | ||||||||||||
| Net Sales | |||||||||||||||
| North America | $ | 963 | $ | 951 | 1 | % | 1 | % | |||||||
| South America | 237 | 228 | 4 | % | 15 | % | |||||||||
| Asia-Pacific | 189 | 203 | (7 | %) | (4 | %) | |||||||||
| EMEA | 154 | 154 | 0 | % | 6 | % | |||||||||
| Total Net Sales | $ | 1,543 | $ | 1,536 | 0 | % | 3 | % | |||||||
| Operating Income | |||||||||||||||
| North America | $ | 125 | $ | 125 | 0 | % | 0 | % | |||||||
| South America | 26 | 18 | 44 | % | 61 | % | |||||||||
| Asia-Pacific | 20 | 20 | 0 | % | 0 | % | |||||||||
| EMEA | 27 | 24 | 13 | % | 21 | % | |||||||||
| Corporate | (31 | ) | (21 | ) | (48 | %) | (48 | %) | |||||||
| Sub-total | 167 | 166 | 1 | % | 4 | % | |||||||||
| Acquisition/integration costs | - | (1 | ) | ||||||||||||
| Restructuring/impairment charges | (14 | ) | (4 | ) | |||||||||||
| Total Operating Income | $ | 153 | $ | 161 | (5 | %) | (2 | %) | |||||||
| II. Non-GAAP Information | |||||||||||||
| To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment cost, Mexico discrete tax provision, and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP measure is provided in the tables below. | |||||||||||||
| Ingredion Incorporated ("Ingredion") | |||||||||||||
| Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share ("EPS") to | |||||||||||||
| Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||
| March 31, 2020 | March 31, 2019 | ||||||||||||
| (in millions) | Diluted EPS | (in millions) | Diluted EPS | ||||||||||
| Net income attributable to Ingredion | $ | 75 | $ | 1.11 | $ | 100 | $ | 1.48 | |||||
| Add back: | |||||||||||||
| Acquisition/integration costs, net of income tax benefit of $- million for the three months ended March 31, 2020 and 2019 (i) | - | - | 1 | 0.01 | |||||||||
| Restructuring/impairment charges, net of income tax benefit of $3 million and $1 million for the three months ended March 31, 2020 and 2019, respectively (ii) | 11 | 0.16 | 3 | 0.05 | |||||||||
| Discrete tax item - Mexico (iii) | 22 | 0.32 | (1 | ) | (0.01 | ) | |||||||
| Non-GAAP adjusted net income attributable to Ingredion | $ | 108 | $ | 1.59 | $ | 103 | $ | 1.53 | |||||
| Net income, EPS and tax rates may not foot or recalculate due to rounding. | |||||||||||||
| Notes | |||||||||||||
| (i) The 2019 period includes costs related to the acquisition and integration of the business acquired from Western Polymer, LLC. | |||||||||||||
| (ii) During the first quarter in 2020, the Company recorded $14 million of pre-tax restructuring/impairment charges, consisting of $9 million of restructuring related expenses as part of the Cost Smart cost of sales program and $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program. During the first quarter in 2019, the Company recorded $4 million of pre-tax restructuring charges, comprised of $3 million of employee-related severance and other costs as part of the Cost Smart SG&A program and $1 million in restructuring expenses as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant. | |||||||||||||
| (iii) The discrete tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. A $22 million discrete tax provision was recorded for the three months ended March 31, 2020 as a result of the movement of the Mexican peso against the U.S. dollar during the period, compared to a $1 million discrete tax benefit recorded for the three months ended March 31, 2019. | |||||||||||||
| II. Non-GAAP Information (continued) | |||||||||||||
| Ingredion Incorporated ("Ingredion") | |||||||||||||
| Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| March 31, | |||||||||||||
| (in millions, pre-tax) | 2020 | 2019 | |||||||||||
| Operating income | $ | 153 | $ | 161 | |||||||||
| Add back: | |||||||||||||
| Acquisition/integration costs (i) | - | 1 | |||||||||||
| Restructuring/impairment charges (ii) | 14 | 4 | |||||||||||
| Non-GAAP adjusted operating income | $ | 167 | $ | 166 | |||||||||
| For notes (i) through (ii) see notes (i) through (ii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. | |||||||||||||
| II. Non-GAAP Information (continued) | |||||||||||
| Ingredion Incorporated ("Ingredion") | |||||||||||
| Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended March 31, 2020 | |||||||||||
| Income before | Provision for | Effective Income | |||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | ||||||||
| As Reported | $ | 136 | $ | 58 | 42.6 | % | |||||
| Add back: | |||||||||||
| Restructuring/impairment charges (ii) | 14 | 3 | |||||||||
| Discrete tax item - Mexico (iii) | - | (22 | ) | ||||||||
| Adjusted Non-GAAP | $ | 150 | $ | 39 | 26.0 | % | |||||
| Three Months Ended March 31, 2019 | |||||||||||
| Income before | Provision for | Effective Income | |||||||||
| (in millions) | Income Taxes (a) | Income Taxes (b) | Tax Rate (b / a) | ||||||||
| As Reported | $ | 139 | $ | 37 | 26.6 | % | |||||
| Add back: | |||||||||||
| Acquisition/integration costs (i) | 1 | - | |||||||||
| Restructuring/impairment charges (ii) | 4 | 1 | |||||||||
| Discrete tax item - Mexico (iii) | - | 1 | |||||||||
| Adjusted Non-GAAP | $ | 144 | $ | 39 | 27.1 | % | |||||
| For notes (i) through (iii) see notes (i) through (iii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. | |||||||||||
| II. Non-GAAP Information (continued) | ||||||||||
| Ingredion Incorporated ("Ingredion") | ||||||||||
| Reconciliation of Reported U.S. GAAP Effective Tax Rate ("GAAP ETR") | ||||||||||
| to Anticipated Adjusted Effective Tax Rate ("Adjusted ETR") | ||||||||||
| (Unaudited) | ||||||||||
| Anticipated Effective Tax Rate Range | ||||||||||
| for Full Year 2020 | ||||||||||
| Low End | High End | |||||||||
| GAAP ETR | 28.5 | % | 32.0 | % | ||||||
| Add: | ||||||||||
| Restructuring/impairment charges (ii) | 0.9 | % | 0.9 | % | ||||||
| Discrete tax item - Mexico (iii) | -2.8 | % | -5.2 | % | ||||||
| Other tax matters (iv) | 0.5 | % | 0.5 | % | ||||||
| Impact of adjustment on Effective Tax Rate (v) | -1.1 | % | -1.2 | % | ||||||
| Adjusted ETR | 26.0 | % | 27.0 | % | ||||||
| Above is a reconciliation of our anticipated full year 2020 GAAP ETR to our anticipated full year 2020 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR. | ||||||||||
| (ii) Reflects current estimates for 2020 restructuring charges related to the Cost Smart cost of sales & SG&A programs. As specific projects within these programs are approved, the estimates will be reviewed and may be subject to revision. | ||||||||||
| (iii) Estimated impact of the change in the value of the Mexican peso against the U.S. dollar. Because the Company uses the U.S. dollar as the functional currency for its subsidiaries in Mexico, its effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The change in the Mexican peso produced substantial taxable translation gains or losses on net-U.S.-dollar-monetary assets held in Mexico for which there are no corresponding gain in pre-tax income. | ||||||||||
| (iv) This relates to other tax settlements and the reversal of interest and penalties for tax reserves. | ||||||||||
| (v) Indirect impact of tax rate after items (ii) through (iv). | ||||||||||
聯絡人：
投資者：Tiffany Willis，708-551-2592
傳媒：Becca Hary，708-551-2602
