Stock Alert: Ingredion Shares Rise

(RTTNews) - Ingredion Incorporated (INGR), a maker of starch, modified starches, and starch sugars, closed yesterday's trading at $87.80, up 1.14%.

The company has been reporting a steady increase in revenue for the past few years. Its Cost Smart savings program introduced in May 2018 to improve profitability is started paying off and expects to reach its targets including $75 million Cost of Sales savings and $50 million SG&A savings by year-end 2021.

In October, the company reported third-quarter net sales that improved to $1.457 billion from $1.45 billion in the same quarter a year ago. Earnings per share rose to $1.47 from $1.32 in the corresponding quarter last year. On an adjusted basis, earnings were $1.82 per share, up from $1.70 per share last year. Analysts were expecting only $1.69 per share.

Looking forward to full year, earnings excluding charges, are expected in the range of $6.45 - $6.65 per share. Analysts foresee earnings of $6.52 per share.

Ingredion is boosting its investment in plant-based protein business by increasing its investment in Canadian pulse processing company Verdieant Foods Inc. A new facility in the collaboration is expected to be operational in the second half of 2020. The company has opened its first allulose production plant in Mexico, last month.

The global market for plant-based proteins is projected to be $1.5 billion by 2022.