Ingredion Incorporated (NYSE:INGR) Q2 2024 Earnings Conference Call August 6, 2024 9:00 AM ET
Corporate 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
Kristen Owen - Oppenheimer
Josh Spector - UBS
Adam Samuelson - Goldman Sachs
Andrew Strelzik - BMO Capital Markets
Ben Theurer - Barclays
Heather Jones - Heather Jones Research
Operator
Good day and thank you for standing by. Welcome to the Second Quarter 2024 Ingredion Incorporated Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker's 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 first speaker today, Noah Weiss, Vice President Investor Relations. Please go ahead.
Noah Weiss
Good morning and welcome to Ingredion second quarter 2024 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 for our second quarter results can be found on our website Ingredion.com in the investor 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 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 Forms 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 to non-GAAP information included in our press release and in today's presentation appendix.
With that I will turn the call over to Jim Zallie.
Jim Zallie
Thank you, Noah, and good morning, everyone.
Ingredion's results for the second quarter exceeded our expectations with a strong recovery in volumes across the portfolio and strong growth in profitability with adjusted operating income up 8% and gross margins up 240 basis points. Profit growth was supported by improving volume, lower input costs, and greater fixed cost absorption.