Ingredion Incorporated (INGR)

The global grains/oilseed complex is currently characterized by excess production and processing capacity. Trade tensions has exacerbated the imbalance for U.S. producers. A massive, sustained new demand driver is required – genetics and improved agronomic…

INGR recently hosted an analyst day in which it showcased product development capabilities that have helped shift product mix to higher-margin, more stable categories. It also updated its LT algorithms: specifically, consolidated top-line growth of…

INGR reported Q2 EPS modestly shy of our projection, while its EBITDA bested us. LATAM and corporate expense underperformed relative to our estimate, whle the Texturant and Healthful Solutions (THS) segment handily outperformed and turned…

Late yesterday, Trump stated on Truth Social (likely in a nod to the MAHA cohort) that Coke agreed to start using cane sugar in ‘Coke in the U.S.’ Later, Coke released a comment stating details…

We have modestly reduced our Q2’25 estimate ($2.89/$2.92) due to slightly more cautious assumptions for the LATAM business offset somewhat by a more benign FX backdrop. Our full-year 2025 and 2026 projections move higher, however,…

The recent RVO proposal laid out far more bullish targets than we had anticipated, and also put forward potential modifications to RIN values for imported fuels/feedstocks. That, combined with potential changes to 45Z rules, results…

Brazil’s farmers have long benefited from both the ability to produce 2-3 crops per year and relatively low land conversion costs. Technological improvements have fostered higher yields that have improved its cost profile further (BZ…

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…