Ingredion Q3 Topline Misses Hit By Lower Corn Costs; Hints On Softer Volume Demand
Portfolio Pulse from Shivani Kumaresan
Ingredion Inc reported Q3 FY23 sales growth of 1% YoY to $2.03 billion, missing the analyst consensus estimate of $2.114 billion. The revenue increase was driven by price mix and foreign exchange impacts, partially offset by volume declines. Adjusted EPS of $2.33 beat the consensus estimate of $1.95. The company raised its FY23 adjusted EPS outlook from $8.80 - $9.40 to $9.05 - $9.45 against the consensus of $9.00. INGR shares closed lower by 0.28% at $95.62 on Monday.
November 07, 2023 | 2:25 pm
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Ingredion's Q3 sales missed estimates but adjusted EPS beat consensus. The company raised its FY23 adjusted EPS outlook. Shares closed lower by 0.28%.
Despite missing sales estimates, Ingredion's EPS beat consensus and the company raised its FY23 EPS outlook. This mixed result could lead to uncertainty in the market, potentially causing short-term price volatility. However, the overall impact is neutral as the positive EPS result and raised outlook may balance out the negative sentiment from the sales miss.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100