Ingredion Incorporated报告2020年第一季度业绩
- 2020年第一季度报告和调整后每股收益*分别为1.11美元和1.59美元；2019年的这两项指标分别为1.48美元和1.53美元
- 由于新冠疫情影响所造成的不确定性，该公司确定，先前关于2020年全年每股收益、运营现金流量和净销售额展望的指引已不再适用
伊利诺伊州威彻斯特, May 08, 2020 (GLOBE NEWSWIRE) -- 面向食品生产业的全球领先原料解决方案提供商（NYSE：INGR）今天公布了2020年第一季度业绩。业绩数据依据2020年和2019年美国公认会计原则（GAAP）列报，含公司报告的非GAAP财务指标之外项目。
“在这一充满挑战的时期，Ingredion的业务被视为维持我们所在国家/地区食品供应的‘必需业务’，” Ingredion总裁兼首席执行官表示。“我们的一线员工致力于确保我们继续为世界各地的客户提供高品质的原料和解决方案，我为他们感到无比自豪。我也要对我们的全球员工表示深深的感谢，他们从这场危机开始以来就一直表现出令人赞叹的干劲和奉献精神。在未来数周和数月的时间里，我们将继续专注于确保员工安全，服务于我们的客户和我们经营所在社区，并保持业务的连续运营。”
*调整后的摊薄每股收益（“调整后每股收益”）、调整后营业收入和调整后实际所得税率均为非GAAP财务指标。请参阅本新闻稿中随附的简明合并财务报表后题为“非GAAP信息”的补充财务信息第II节，以便根据最具直接可比性的美国公认会计原则指标进行这些非GAAP财务指标的对账。
“我们对第一季度的运营和财务结果感到满意。在宏观经济动荡的情况下，我们的产品需求强劲，我们也继续扩大了特种产品组合。我们进一步简化了组织结构，以最大限度地提高运营效率，作为我们节约计划的一部分。这项计划正按部就班地朝着实现2020年节约目标迈进。本季度结束后，我们推进了，宣布将收购Purecircle。该公司是高甜度天然甜菊甜味剂领域的全球领导者，此项收购扩展了我们在降糖产品方面的能力，” Zallie继续说道，
“在第二季度，我们预计主要在食品日用品零售渠道销售的传统包装食品所需原料将迎来非常强劲的需求。但是，这场疫情对餐饮业客流量产生了重大影响，我们预计，外出就餐消费的餐饮业食品饮料所采用的原料数量将会减少，”Zallie说。
“虽然我们面临前所未有的未知情况，但我相信我们的团队有足够的灵活性来应对未来的独特挑战并迅速适应，以作出最好业务定位，实现长期增长和为所有利益相关方创造价值，” Zallie总结道。
摊薄每股收益（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 | ||||||||||
预计会影响报告和调整后每股收益变化的因素
| 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 | ||||||||
**因数据舍入，总额可能有出入
主要财务数据
- 截至2020年3月31日，总债务及现金和短期投资分别为19亿美元和2.8亿美元，2019年12月31日的数字分别为18亿美元和2.68亿美元。总债务增加的主要原因是借款的时间安排。
- 截至2020年3月31日的营业所得现金为6500万美元，相比去年同期增加4700万美元，主要是由于营运资金情况的改善。
- 第一季度的净融资成本为1800万美元，比上年同期低400万美元，原因是利息费用降低。
- 第三季度的报告和调整后实际税率分别为42.6%和26.0%，相比之下，上年同期的数字分别为26.6%和27.1%。报告税率上涨的原因是因为墨西哥比索兑美元汇价在第一季度下跌24%，这导致了2200万美元的离散税预提。
- 第一季度资本支出为9800万美元，相比去年同期增长1800万美元，这是由于我们为支持植物性蛋白和其他增长项目投资所做现金支付的时间安排。
- 2020年4月9日，公司宣布了收购Purecircle的协议。PureCircle是一家在伦敦证券交易所上市的百慕大公司。在满足监管、股东批准和其他条件的前提下，预计该交易将在2020年第三季度完成。
业务回顾
Ingredion净销售额总计
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | |
| First quarter | 1,536 | -40 | 4 | 43 | 1,543 | — | 3 | % |
报告营业利润
| $ 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 | )% |
调整后营业利润
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 166 | -5 | 6 | 167 | 1 | % | 4 | % |
净销售额
- 与去年同期相比，第一季度净销售额持平，有利的价格组合被汇率影响所抵消。剔除汇率影响后的净销售额增长了3%。
营业利润
- 本季度报告和调整后营业利润分别为1.53亿美元和1.67亿美元，较上年同期分别降低了5%和提高1%。报告营业利润下降的主要原因是与成本智能有关的资产关闭及重组成本，这一成本由价格组合的改善所部分抵消。调整后营业利润的增加是由于价格组合的改善。排除外汇影响，调整后营业利润较去年同期增长4%。
- 由于与成本智能相关的资产关停和重组成本，第一季度报告营业利润比调整后营业利润低1400万美元。
北美
净销售额
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 951 | -1 | -8 | 21 | 963 | 1 | % | 1 | % |
部门营业利润
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX |
| First quarter | 125 | — | — | 125 | — | — |
营业利润
- 第一季度营业利润为1.25亿美元，与前一年相比持平。价格组合的改善和特种产品销售的增加被盯市结算对冲时间造成的更高玉米成本所抵消。
南美洲
净销售额
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 228 | -25 | 13 | 21 | 237 | 4 | % | 15 | % |
部门营业利润
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 18 | -3 | 11 | 26 | 44 | % | 61 | % |
营业利润
- 第一季度营业利润为2600万美元，相比去年同期增长800万美元。有利的价格组合和销量完全抵消了原材料成本上涨和汇率的影响。剔除汇率影响后，调整后营业利润较去年同期增长了61%。注：阿根廷按恶性通货膨胀会计以美元核算。
亚太区
净销售额
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | ||
| First quarter | 203 | -5 | -6 | -3 | 189 | -7 | % | -4 | % |
部门营业利润
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX |
| First quarter | 20 | — | — | 20 | — | — |
营业利润
- 第一季度营业利润为2000万美元，与前一年相比持平。新冠疫情对销售量的破坏被运营成本的降低所抵消。
欧洲、中东和非洲（EMEA）
净销售额
| $ in millions | 2019 | FX Impact | Volume | Price mix | 2020 | % change | % change excl. FX | |
| First quarter | 154 | -9 | 5 | 4 | 154 | — | 6 | % |
部门营业利润
| $ in millions | 2019 | FX Impact | Business Drivers | 2020 | % change | % change excl. FX | ||
| First quarter | 24 | -2 | 5 | 27 | 13 | % | 21 | % |
营业利润
- 第一季度营业利润为2700万美元，相比一年前增长300万美元，有利的价格组合抵消了汇率影响。剔除汇率影响后，调整后营业利润较去年同期增长了21%。
股息
- 2020年3月，公司的季度股息保持在每股0.63美元，并在第一季度支付了4200万美元的股息。
2020年展望
由于新冠疫情影响所造成的不确定性，该公司确定，先前关于2020年全年每股收益、运营现金流量和净销售额展望的指引已不再适用。新冠疫情在第一季度的影响相对较小。由于消费者预计居家禁足而囤积食品，我们在传统渠道中实现了更大的销量，我们预计这些渠道将继续保持良好的表现。然而，在餐饮部门，消费者人流何时回归以及回归的速度存在着极大的不确定性。
在南美洲，疫情正处于较早期的阶段，我们预计对餐饮、酿酒和糖果部门会产生严重的负面影响。在北美，我们预计餐饮业的需求将减少，特别是在墨西哥，由于政府执行
新冠疫情强制措施，啤酒的需求量将会受到抑制。
在EMEA地区，我们预计欧洲的特种产品销售强劲，但巴基斯坦的销售量低迷。在亚太地区，随着限制措施的解除，我们看到相对强劲的需求回升。然而，现在确定这种恢复是否会持续还为时过早。
我们预计全年的报告税率为28.5%至32%，调整后的实际税率范围为约26%至27%。
假定设备订单、网点通行情况和分包商的安全可得以维持，预计承诺资本投资将介于2.85亿美元至3.05亿美元之间。
电话会议和网络直播详情
Ingredion将于今天美国东部时间上午9:00 （中部时间上午8:00） 举行电话会议，由总裁兼首席执行官Jim Zallie以及执行副总裁兼首席财务官James Gray主持。电话会议将进行实时网络直播，其中的演示介绍可通过Ingredion网站“新闻和活动”下的“活动和演讲”栏目访问。演示介绍将于会议前数小时内开始提供下载。网络直播将通过网站提供限时重放。
近期交流
Jim Zallie和James Grey将以网上参与的方式参加2020年5月13日东部时间上午11:20举行的BMO农场到市场 会议。演示稿将可在公司网站上“新闻和活动”下“活动和演讲”部分查看。 此外，Ingredion还会在2020年5月20日星期三中部时间上午9:00主办其股东年度 会议。年度会议可通过访问。
关于公司
Ingredion Incorporated（NYSE: INGR）总部位于芝加哥郊区，是全球领先的原料解决方案提供商，为全球120多个国家/地区的客户提供服务。公司将谷物、水果、蔬菜和其他植物基材料转化为食品、饮料、动物饲料、酿造和工业市场使用的增值原料和生物材料解决方案，2019年净销售额超过60亿美元。凭借遍布世界各地的Ingredion Idea Labs®创新中心和11,000多名员工，公司与客户共同确立并实现其目标：将人、自然和科技的潜力融合在一起以创建更美好的生活。如需了解更多信息和最新公司新闻，请访问。
前瞻性声明
本新闻稿含有或可能含有《1933年证券法案》第27A节（及其修订案）以及《1934年证券交易法案》第21E节（及其修订案）中定义的前瞻性声明。公司拟将这些前瞻性声明纳入该等声明的安全港条款。
除其他事项之外，前瞻性声明还包括公司关于其预期2020年实际税率和承诺资本投资的任何陈述，以及基于上述内容的任何假设、期望或意见。这些陈述有时可以通过使用的前瞻性词汇进行确定，如“可能”、“将”、“应该”、“预计”、“假设”、“相信”、“计划”、“规划”、“估计”、“期望”、“意图”、“继续”、“预估”、“预测”、“展望”、“拟制”、“驱使”、“机会”、“潜在”、“暂定”或其他类似的表达或否定。本新闻稿中包含或提及的历史事实之外的所有陈述均为“前瞻性声明”。
这些陈述均基于当前情况或预期作出，但存在某些固有的风险和不确定性，其中很多难以预测并且超出我们的控制范围。我们相信这些前瞻性声明所反映的预期均基于合理假设，但投资者须注意：我们无法担保这些预期将成为现实。
由于下列风险和不确定性，以及各类因素，实际结果和发展可能与这些声明中明示或暗示的预期显著不同：高果糖玉米糖浆相关及其他消费偏好和意识的改变；全球经济状况以及在我们购买原材料或产销产品的各地理区域和国家/地区影响到客户和消费者的总体政治、经济、商业和市场状况的影响，特别包括南美的经济、货币和政治状况和欧洲的经济和政治状况及其可能对我们产品销售量和定价、我们对信用市场的利用和我们向客户收取应收账款能力的影响；我们养老金资产投资回报收益方面的不利变化；我们所服务并且作为我们销售额重要来源的主要行业的未来财务表现，包括食品、饮料、动物饲料和酿造行业；对通过基因编辑和生物技术所开发产品之接受度的不确定性；我们开发或获得新产品和服务的速度和质量足以满足期望的能力；美国和外国政府政策、法规或监管的变动以及法律合规性成本；玉米加工行业和相关行业日益增长的竞争和/或消费者压力，包括在我们主要产品和副产品（尤其是玉米油）的市场和价格方面；原材料的供应情况，包括马铃薯淀粉、木薯淀粉、阿拉伯树胶和我们某些产品所需的特殊玉米品种，以及我们向客户转嫁玉米或其他原材料成本上涨的能力；原材料和能源成本及供应情况；我们消化成本、完成预算和实现预期协调的能力，包括我们能够按预算按时完成计划维护和投资项目，以及按照成本智能计划和货运和运输成本方面实现预期节约的能力；金融和资本市场对我们借贷成本的影响，包括由于外币波动、利率和汇率波动以及市场波动而产生的风险以及对冲此类波动的相关风险；气候变化的潜在影响；我们按有利条款成功确定并完成收购或结成战略联盟的能力，以及我们成功整合所收购企业或实施并在上述所有方面维持战略联盟实现预期协同作用的能力；我们生产厂或锅炉可靠性方面的运营困难；产品的安全和质量相关风险，以及环境、健康与安全、食品安全法律法规的合规性风险；涉及在外国使用外币以及跨国产品运输的运营所固有的经济、政治和其他风险，包括商品关税、配额和进口关税；可能对我们的信息技术系统、流程和网点造成影响的中断、安全违规或故障；我们维持良好劳资关系的能力；天气、自然灾害、战争或类似敌对活动、恐怖主义活动或威胁、新冠肺炎等流行病疫情的爆发或持续以及其他可能对我们业务造成的影响的重大事件；商誉或长期资产减值准备的潜在认列；税率变动或额外所得税负债敞口；以及我们以合理利率为我们的业务增长和扩张进行筹款的能力。
我们的前瞻性声明仅针对截至声明日期的情况，我们无任何义务在声明日期之后因为任何新的信息或未来事件或发展而更新任何前瞻性声明以反映事件或情况。如果我们确实更新或更正了其中一项或多项声明，投资者和其他人不应该就此推断我们将进行其他更新或更正。有关这些和其他风险的进一步描述，请参见我们截至2019年12月31日的年度报告（表10-K）以及我们的后续报告（表10-Q和表8-K上）中收录的“风险因素”。
| 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). | ||||||||||
联系人：
投资者关系： Tiffany Willis，708-551-2592
媒体：Becca Hary，708-551-2602
