Ingredion Inc
XMUN:CNP
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Ingredion Inc
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Ingredion Inc
Ingredion makes ingredients that food and industrial companies use to change texture, taste, shelf life, and performance. Its main products include starches, sweeteners, flours, and plant-based proteins made from crops such as corn, tapioca, potato, and wheat. Food and beverage makers use these ingredients in products like soups, snacks, baked goods, dairy items, drinks, and confectionery, while industrial customers use them in paper, packaging, and other manufactured goods. The company sells these ingredients to large manufacturers around the world and earns money by processing raw crops into specialized products that customers buy in bulk. In many cases, Ingredion does not sell the final consumer brand; instead, it sits in the middle of the supply chain and helps other companies make their products work better, taste better, or stay stable on the shelf. Its business depends on long-term relationships with customers that need consistent quality, supply, and technical support. What makes Ingredion distinctive is that it is not just a commodity grain processor. It uses its manufacturing and formulation know-how to make tailored ingredient systems for specific customer needs, such as clean-label foods, reduced sugar products, or better texture in packaged foods. That gives it a role as a specialist supplier to the food industry rather than a direct consumer brand maker.
Ingredion makes ingredients that food and industrial companies use to change texture, taste, shelf life, and performance. Its main products include starches, sweeteners, flours, and plant-based proteins made from crops such as corn, tapioca, potato, and wheat. Food and beverage makers use these ingredients in products like soups, snacks, baked goods, dairy items, drinks, and confectionery, while industrial customers use them in paper, packaging, and other manufactured goods.
The company sells these ingredients to large manufacturers around the world and earns money by processing raw crops into specialized products that customers buy in bulk. In many cases, Ingredion does not sell the final consumer brand; instead, it sits in the middle of the supply chain and helps other companies make their products work better, taste better, or stay stable on the shelf. Its business depends on long-term relationships with customers that need consistent quality, supply, and technical support.
What makes Ingredion distinctive is that it is not just a commodity grain processor. It uses its manufacturing and formulation know-how to make tailored ingredient systems for specific customer needs, such as clean-label foods, reduced sugar products, or better texture in packaged foods. That gives it a role as a specialist supplier to the food industry rather than a direct consumer brand maker.
In line: Ingredion said second-quarter results were in line with expectations, with net sales up 1% to $1.85 billion and adjusted operating income down 5% year over year.
Texture strength: Texture & Healthful Solutions remained the clear bright spot, posting its ninth straight quarter of volume growth, up 7%, and delivering the segment’s second-highest quarterly operating income ever.
Argo improving: The company said reliability and production at its Argo plant improved through the quarter, and it exited June at normal production rates, though some cost drag will still flow through inventory in the near term.
Guidance updated: Full-year 2026 guidance was reaffirmed overall, but adjusted operating income is now expected to be down mid-single digits because of the sale of the Pakistan stake; EPS remains $10.30 to $10.90.
Cost pressure: Tapioca costs rose sharply, with root prices up more than 40% since the start of the year, and management said it is passing those increases through over roughly 1 to 1.5 quarters.
Tate & Lyle: Shareholder approval was secured for the Tate & Lyle deal, and management said regulatory reviews are now the main remaining step toward closing.