Ingredion Incorporated (INGR)

Last week, INGR posted results ahead of consensus, with EPS besting our $2.56 estimate by ~3% and EBITDA ahead by 1%. The lower end of the Company’s F’25 EPS guide ($10.75-$11.55) implies growth materially below…

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

Our agribusiness coverage has been roiled by a combination of global biofuel policy shifts/uncertainty, growing global soy surplus/tighter corn supply, ongoing trade shifts, and the long anticipated fallout from aggressive capacity expansion. These have resulted…

The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

In an early September WSJ Op-Ed, Robert F. Kennedy Jr. (RFK) laid out prospective policy ideas that warrant examination given his nomination to lead the Department of Health and Human Services (HHS) – his nomination…

Q3 results were strong with the upside driven equally by segment earnings and lower financing costs (working capital, higher cash, and a $10M – $20M YTD – FX benefit). Full-year guidance was raised to $10.35-$10.65….

Very elevated uncertainty is the overwhelming theme headed into Q3 earnings, whether that be related to biofuels policy (see our Ag Brief published yesterday), the Election or protein production. Below (cont’d pg 2) we offer…

Global, particularly domestic, biofuel markets are transitioning between two starkly different environments. U.S./European product/credit prices have been pressured by a weaker energy complex and excess credit inventories. Feedstock values have been stickier (much stronger yr/yr…

We believe Ingredion likely benefited from better-than-expected demand/margin conditions in its Mexico business during Q3 given a step up in HFCS demand there against a backdrop of broadly stronger beverage consumption. In addition, peer commentary…

Given the ferocity of Hurricane Helene’s winds and its drenching rains, damage to the broiler industry that is concentrated in the Southeast is to be expected. The industry is no stranger to hurricane damage as…