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![Ingredion Inc [INGR] reports annual net loss of $651.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FINGR.png&w=1200&q=75)
Ingredion Inc [INGR] has reported a net loss of $651.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $8.2 billion
Based in WESTCHESTER, Illinois, Ingredion Inc operates in the MANUFACTURING sector.
For the 12 months ending December 31, 2023, Ingredion reported a net sales figure of $8.16 billion, showing an increase compared to the previous year's $7.946 billion and $6.894 billion for the year before that. This demonstrates a positive growth trend in revenue over the past two years.
The cost of sales for the same period amounted to $6.411 billion, slightly lower than the $6.452 billion recorded in the previous year but higher than the $5.563 billion from two years ago. Despite fluctuations, the company has maintained a consistent level of cost of goods sold over the past three years.
Gross profit for the current reporting period reached $1.749 billion, indicating a steady increase from $1.494 billion in the previous year and $1.331 billion in the year before. This growth reflects the company's ability to effectively manage its cost of sales and optimize its gross profit margin.
Operating income for the year ending December 31, 2023, was $957 million, showing a significant improvement from $762 million in the previous year and $310 million two years ago. This upward trend indicates the company's success in controlling operating expenses and enhancing operational efficiency.
Net income for the period was reported at $651 million, a notable increase from $502 million in the previous year and $125 million in the year before. This demonstrates Ingredion's strong financial performance and sustained profitability over the past three years.
Earnings per common share for Ingredion also witnessed positive growth, with basic earnings per share standing at $9.74 and diluted earnings per share at $9.60 for the current reporting period. This is a substantial improvement from $7.43 and $7.34, respectively, in the previous year. The company has shown significant earnings growth per share, reflecting its ability to generate value for shareholders.
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