Ingredion (INGR) FY2020 results: revenue $6.0 billion, down 3.6% on the year
Ingredion Inc. (INGR) reported revenue of $6.0 billion for fiscal 2020, the year ended 31 December 2020, down 3.6% on the year before. Net income was $348 million, down 15.7%, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$6.0 billion
-3.6% on the year
FY2013FY2020
Operating margin
9.7%
10.7% a year earlier
FY2013FY2020
Net income
$348 million
-15.7% on the year
FY2013FY2020
Diluted EPS
$5.15
-16.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,987
6,209
6,289
-3.6%
Cost of revenue
4,715
4,897
4,921
-3.7%
Gross profit
1,272
1,312
1,368
-3.0%
Gross margin
21.2%
21.1%
21.8%
Research and development
43.0
44.0
n/a
-2.3%
Operating income
582
664
703
-12.3%
Operating margin
9.7%
10.7%
11.2%
Pre-tax income
506
582
621
-13.1%
Income tax
152
158
167
-3.8%
Effective tax rate
30.0%
27.1%
26.9%
Net income
348
413
443
-15.7%
Net margin
5.8%
6.7%
7.0%
Diluted EPS
$5.15
$6.13
$6.17
-16.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
829
680
703
+21.9%
Capital expenditure
340
328
350
+3.7%
Free cash flow
489
352
353
+38.9%
Free cash flow margin
8.2%
5.7%
5.6%
Cash from investing
-571
-374
-361
Cash from financing
143
-364
-589
Depreciation and amortisation
213
220
247
-3.2%
Share-based compensation
23.0
18.0
21.0
+27.8%
Dividends paid
178
174
182
+2.3%
Diluted shares, weighted
68m
67m
72m
+0.3%
Shares outstanding at period end
67m
67m
67m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,951
2,720
2,388
+8.5%
Non-controlling interest
21.0
21.0
20.0
0.0%
Redeemable equity
30.0
31.0
37.0
-3.2%
Debt
2,186
1,848
2,100
+18.3%
Operating lease liabilities
136
120
n/a
+13.3%
Other liabilities
1,534
1,300
1,183
+18.0%
Total liabilities and equity
6,858
6,040
5,728
+13.5%
Fixed assets
2,455
2,306
2,198
+6.5%
Goodwill
902
801
791
+12.6%
Intangible assets
444
437
460
+1.6%
Cash and equivalents
665
264
327
+151.9%
Receivables
1,011
977
951
+3.5%
Inventory
917
861
824
+6.5%
Other assets
464
394
177
+17.8%
Total assets
6,858
6,040
5,728
+13.5%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.