Ingredion Inc. reported adjusted operating income of $208 million for the second quarter Tuesday, up 64% over the same period last year.
The Westchester, Illinois-based company, which operates an industrial starch manufacturing plant in southwest Cedar Rapids, also reported adjusted earnings per share of $2.05, as compared to $1.12 EPS for the same period in 2020 and up dramatically from analysts’ estimates of $1.59 EPS.
Earnings for the quarter were $178 million, according to the report, and net sales were $1.762 billion, up 31 percent from 2020’s second-quarter earnings of $1.349 billion.
“We delivered exceptional second quarter performance, resulting in our strongest quarter since 2017,” said Jim Zallie, Ingredion’s president and chief executive officer. “In every region, we saw double-digit volume growth from demand recovery across all customer segments, as well as strong specialties growth. Our strong sales execution and price mix management, in a challenging supply chain landscape, mitigated rising corn costs and contributed to our increase in net sales.”
Ingredion expects full-year EPS in the range of $6.45 to $6.85 per share, compared to consensus analyst estimates of $6.53 EPS.