Ingredion (INGR) Q3 FY2023 earnings: revenue $2.0 billion, up 0.5% on the year

Ingredion Inc. (INGR) reported revenue of $2.0 billion for Q3 FY2023, the quarter ended 30 September 2023, up 0.5% on the same quarter a year earlier. Net income was $158 million, up 49.1% on the year, and diluted earnings per share $2.36. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$2.0 billionup 0.5%

Net income$158 millionup 49.1%

Diluted EPS$2.36

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,033	n/a	n/a	n/a
Cost of revenue	1,612	n/a	n/a	n/a
Gross profit	421	n/a	n/a	n/a
Gross margin	20.7%	n/a	n/a
Operating income	213	n/a	n/a	n/a
Operating margin	10.5%	n/a	n/a
Pre-tax income	185	n/a	n/a	n/a
Income tax	25.0	n/a	n/a	n/a
Effective tax rate	13.5%	n/a	n/a
Net income	158	n/a	n/a	n/a
Net margin	7.8%	n/a	n/a
Diluted EPS	$2.36	n/a	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	368	n/a	n/a	n/a
Capital expenditure	79.0	n/a	n/a	n/a
Free cash flow	289	n/a	n/a	n/a
Free cash flow margin	14.2%	n/a	n/a
Cash from investing	-82.0	n/a	n/a	n/a
Cash from financing	-204	n/a	n/a	n/a
Depreciation and amortisation	56.0	n/a	n/a	n/a
Share-based compensation	9.0	n/a	n/a	n/a
Dividends paid	48.0	n/a	n/a	n/a
Dividend per share	$0.78	n/a	n/a	n/a
Diluted shares, weighted	67m	n/a	n/a	n/a
Shares outstanding at period end	65m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	3,364	n/a	n/a	n/a
Non-controlling interest	13.0	n/a	n/a	n/a
Redeemable equity	49.0	n/a	n/a	n/a
Debt	2,406	n/a	n/a	n/a
Other liabilities	1,717	n/a	n/a	n/a
Total liabilities and equity	7,549	n/a	n/a	n/a
Fixed assets	2,401	n/a	n/a	n/a
Goodwill	908	n/a	n/a	n/a
Cash and equivalents	335	n/a	n/a	n/a
Receivables	1,380	n/a	n/a	n/a
Inventory	1,502	n/a	n/a	n/a
Other assets	1,023	n/a	n/a	n/a
Total assets	7,549	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	2,033	1,921	1,882	1,878	1,870	1,800	1,813	1,833	1,816	1,757	1,792	1,850
Cost of revenue	1,612	1,521	1,465	1,432	1,391	1,351	1,347	1,356	1,361	1,327	1,391	1,424
Gross profit	421	400	417	446	479	449	466	477	455	430	401	426
Gross margin	21%	21%	22%	24%	26%	25%	26%	26%	25%	24%	22%	23%
Operating income	213	202	213	240	268	162	276	271	249	220	203	188
Operating margin	10%	11%	11%	13%	14%	9%	15%	15%	14%	13%	11%	10%
Pre-tax income	185	176	276	230	273	152	267	259	241	207	194	175
Tax rate	14%	24%	21%	35%	31%	36%	25%	24%	29%	19%	26%	34%
Net income	158	131	216	148	188	95.0	197	196	171	165	142	114
Net margin	8%	7%	11%	8%	10%	5%	11%	11%	9%	9%	8%	6%
Diluted EPS	$2.36	$1.97	$3.23	$2.22	$2.83	$1.43	$3.00	$2.99	$2.61	$2.56	$2.22	$1.78
Operating cash flow	368	410	209	312	479	436	77.0	185	277	405	33.0	90.0
Capital expenditure	79.0	83.0	65.0	55.0	50.0	131	92.0	101	105	135	110	100
Free cash flow	289	327	144	257	429	305	-15.0	84.0	172	270	-77.0	-10.0
Dividends paid	48.0	51.0	51.0	53.0	52.0	54.0	52.0	54.0	51.0	54.0	52.0	53.0
Shares outstanding	65m	65m	66m	65m	65m	64m	64m	64m	64m	63m	63m	63m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001046257-23-000070: the filing on EDGAR. All of Ingredion Inc.'s filings: EDGAR company page.

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