Ingredion has reported first quarter sales up 1% on year ago levels at $1,584 million, with price/mix improvements partially offset by volume declines and currency devaluations, and operating income up 9% on the year ago period at $175 million, resulting from improved pricing and cost savings.
"We are pleased with the first quarter results which were highlighted by operating income and earnings per share growth. Contributing to the growth was good performance in the North America, Asia Pacific and Europe/Middle East/Africa regions," said Ilene Gordon, chairman, president and chief executive officer. "Our South American region continues to effectively manage through the ongoing difficult environment, which includes lower economic growth, inflation and currency devaluations. In spite of these factors, South America operating income was down only $2 million."
“We continue to have confidence in our 2013 outlook supported by our on-going ability to cope with macroeconomic headwinds and manage risk while still capitalizing on long-term growth opportunities," Gordon added.
Sales were up 2% in North America, down 5% in South America largely due to currency devaluations in Brazil and Argentina along with volume declines resulting from continued weak economic conditions and the impact of price increases. Asia Pacific sales were up 3%, as were EMEA sales.
