Ingredion Incorporated. (NYSE:INGR) Q3 2023 Earnings Conference Call November 7, 2023 ET

Company Participants

Noah Weiss - VP, IR

James Zallie - President, CEO & Director

Jim Gray - EVP & CFO

Conference Call Participants

Kristen Owen - Oppenheimer

Benjamin Theurer - Barclays

Ben Bienvenu - Stephens

Adam Samuelson - Goldman Sachs

Andrew Strelzik - BMO Capital Markets

Operator

Thank you for standing by. And welcome to the Ingredion’s Third 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 call is being recorded.

I would now turn the conference over to your host Mr. Noah Weiss, Vice President of Investor Relations. Please go ahead.

Noah Weiss

Good morning, and welcome to Ingredion’s third 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 issued today and the presentation we’ll reference for the third 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 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.

James Zallie

Thank you, Noah, and good morning, everyone. As we enter the last part of the year, I am pleased to report positive sales growth and strong profitability in the third quarter, driven by solid price mix, partially offset by volumes, which are recovering sequentially across all regions.