Ingredion Incorporated (INGR)

INGR reported a very strong Q1 with upside in all segments, but T&HS and LATAM were the standouts with >25% yr/yr growth during the period. Q1’24 was admittedly an easy comparison for those two segments,…

The INGR shares have been punished by overarching trade news since “Liberation Day” and there are certainly risks. We are monitoring currencies, tariff headlines, policy developments and the int’l consumer (puts/takes with potential trade-down offsets),…

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…