Ingredion Q2: Earnings Miss, Softer Volume Demand, Dividend Boost & More
Portfolio Pulse from Shivani Kumaresan
Ingredion Inc (NYSE:INGR) reported Q2 FY23 sales growth of 1.2% year-on-year to $2.07 billion, missing the analyst consensus of $2.20 billion. Adjusted EPS of $2.32 also missed the analyst consensus of $2.33. The company declared a quarterly dividend of $0.78 per share, an increase of 9.9% over the previous quarter's dividend. However, INGR shares traded lower by 4.20% at $105.00 premarket on the last check Tuesday.
August 08, 2023 | 12:20 pm
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NEGATIVE IMPACT
Ingredion's Q2 FY23 sales and EPS missed analyst expectations, which may have contributed to the premarket drop in share price. However, the company increased its dividend by 9.9%.
Ingredion's lower than expected Q2 FY23 sales and EPS likely disappointed investors, leading to a drop in share price. However, the increased dividend may provide some consolation to shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100