Ingredion Shows Earnings Traction From Strong Mix and Margin Improvements
No-moat Ingredion reported strong second-quarter earnings, driven by price/mix (up 6%) and very strong margin improvement (adjusted operating margin up over 200 basis points), a similar picture to the first quarter. Management has increased the midpoint of its 2016 EPS guidance by 6%, but we are barely increasing ours because of the regional mix, and our fair value estimate remains at $124. Upwardly revised North American projections are offset by downward revisions to South America and a higher...Ingredion provides ingredients solutions. The company turns corn, tapioca, potatoes, grains, fruits, and vegetables into ingredients and biomaterials for the food, beverage, brewing and other industries. The company's product lines include starches and sweeteners, animal feed products and edible corn oil. The company's starch-based products include both food-grade and industrial starches, and biomaterials. The company's sweetener products include glucose syrups, maltose syrups, fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, and glucose and syrup solids. The company's products are derived from the processing of corn and other starch-based materials, such as tapioca, potato, and rice.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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