Ingredion Incorporated (NYSE:INGR) Q1 2023 Results Conference Call May 3, 2023 9:00 AM ET
Company Participants
Noah Weiss - VP, IR
Jim Zallie - President, CEO & Director
Jim Gray - EVP & CFO
Conference Call Participants
Cody Ross - UBS
Ben Theurer - Barclays
Adam Samuelson - Goldman Sachs
Ben Bienvenu - Stevens
Andrew Strelzik - BMO Capital Markets
Operator
Good day and thank you for standing by. Welcome to the Ingredion First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [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 first quarter 2023 earnings call. I'm Noah Weiss, Vice President of Investor Relations. On today's call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and CFO. The press release issued today and the presentation we'll reference for the first quarter results can 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 on 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 refer 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. We started the year with exceptional performance, delivering our highest ever quarterly profit and earnings per share. Net sales grew 15%, and adjusted operating profit was up 39%, driven by broad-based growth in both core and specialty ingredients. From a segment perspective, net sales were up in each region with notable increases in North America and EMEA.