Ingredion Incorporated (NYSE:INGR) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET
Company Participants
Noah Weiss - Vice President, Investor Relations
Jim Zallie - President and Chief Executive Officer
Jim Gray - Executive Vice President and Chief Financial Officer
Conference Call Participants
Ben Bienvenu - Stephens Inc
Andrew Strelzik - BMO Capital Markets
Cody Ross - UBS
Ben Theurer - Barclays
Operator
Good day and thank you for standing by. Welcome to the Ingredion Second Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Noah Weiss, Vice President of Investor Relations. Please go ahead.
Noah Weiss
Good morning, and welcome to Ingredion’s second quarter 2023 earnings call. I’m Noah Weiss, Vice President of Investor Relations. Joining me on today’s call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and CFO. The press release we issued today as well as the presentation we will reference our second quarter results can both be found on our website, ingredion.com, in the Investors section.
As a reminder, our comments within the presentation may contain forward-looking statements. These statements are subject to various risks and uncertainties and include expectations and assumptions regarding the company’s future operations and financial performance. Actual results could differ materially from those estimated in the forward-looking statements, and Ingredion assumes no obligation to update them in the future as or if circumstances change. Additional information concerning factors that could cause actual results to differ materially from those discussed during today’s conference call or in this morning’s press release can be found in the company’s most recently filed annual report on Form 10-K and subsequent reports on Form 10-Q and 8-K.
During the call, we will also reference to certain non-GAAP financial measures, including adjusted earnings per share, adjusted operating income and adjusted effective tax rate, which are reconciled to U.S. GAAP measures in Note 2 non-GAAP information included in our press release and in today’s presentation’s appendix.
With that, I will turn the call over to Jim Zallie.
Jim Zallie
Thank you, Noah, and good morning, everyone. As we enter the second half of the year, I am pleased to report that sales and profitability remained strong with net sales up 4% for the second quarter, absent foreign exchange impacts, driven by solid price and customer mix management across all regions. Adjusted operating income was up 17% due to pricing and mix improvements, which helped us overcome inflationary input cost pressures that have been a headwind over the last 2 years.