Ingredion Incorporated (INGR)

We believe Q2 fundamentals for INGR’s business were more favorable than during Q1. Adjusted for the South Korea divestiture, we estimate yr/yr volumes expanded at a nearly 5% clip, albeit against very easy compares. The…

There have been notable shifts in the markets most relevant to our coverage over the past several weeks, and those markets have been particularly volatile reflecting, among other factors, the threat of a tighter global…

Amidst multiple headwinds, Ingredion posted a solid Q1, albeit modestly below our projection; it also increased the low end of its guidance. EBIT declined nearly 1/3 from last year, largely reflecting pricing pressure in the…

Earnings season for our coverage kicks off this week with Bunge and DAR. Excepting DAR and GPRE, we expect upside for the quarter, but more important is the outlook; for each company, there are challenges,…

Earnings season for our coverage kicks off tomorrow with Bunge and the fundamental backdrop for our agribusiness coverage seems to be more uncertain with many more crosscurrents than usual. Excepting DAR and GPRE, we expect…

The workshop is ongoing at present, but yesterday at noon ET, CARB published a slide deck to accompany the workshop hosted today (from noon to 7p ET). The rule is not yet definitive, but the…

As we noted in our industry notes published earlier today, we are not utilizing the typical rating system, but instead, are using a forced rank process. This note shows current ranking based upon Friday’s close.

The INGR shares have performed well over the past year propelled by both improved industry fundamentals and company-specific dynamics. Previously, the company had struggled with regularly missing guidance, but over the past 12-18 months, it…