Ingredion, Inc. (NYSE:INGR) Q4 2022 Earnings Conference Call February 8, 2023 9:00 AM ET
Company Participants
Noah Weiss - VP, IR
James Zallie - President, CEO & Director
James Gray - EVP & CFO
Conference Call Participants
Benjamin Theurer - Barclays Bank
Adam Samuelson - Goldman Sachs Group
Cody Ross - UBS
Robert Moskow - Crédit Suisse
Benjamin Bienvenu - Stephens Inc.
Operator
Good day, and thank you for standing by. Welcome to the Ingredion Incorporated Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions].
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 Fourth Quarter and Full Year 2022 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 will reference for the fourth quarter and full year results can be found on our website, ingredion.com, in the Investors section. As a reminder, our comments within this 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 these 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 could 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 this call, we 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.
Now I'm pleased to turn the call over to Jim Zallie.
James Zallie
Thank you, Noah, and good morning, everyone. I am pleased to report that for 2022, Ingredion delivered outstanding performance with top line and adjusted profit growth growing 15%. We finished the year with a strong fourth quarter with net sales up 13% and adjusted profit growth up 49%. Our teams demonstrated resilience and agility throughout 2022 as they overcame macroeconomic headwinds while executing against our driving growth roadmap while also expanding and transforming our solutions and opportunity set with customers.