Net sales of $2.14 billion were up 13% from $1.89 billion. In North America, operating income of $207 million was up 33% from $156 million in the previous year. The increase was driven by favorable price mix, partially offset by higher input costs and lower volume, Ingredion said. Another positive for Ingredion in the quarter was the company’s KaTech Food Systems business, which Ingredion acquired in 2021. Ingredion forecasts North American operating income to be up 20% to 25%, with price mix continuing to outpace lower volumes and increasing costs.

Source: The North Africa Journal May 05, 2023 05:34 UTC