Ingredion Incorporated: Initiation Of Coverage – Does It Have A Sustainable Competitive Advantage? 

Ingredion Incorporated showcased a commendable performance in their 4th Quarter 2023 results, setting several records in key financial metrics – net sales rose by 3%, achieving an all-time high of $8.2 billion, operating income escalated by 23% reaching $969 million and adjusted EPS grew by 26% reaching $9.42. Cash from operations also peaked at over $1 billion, delivering a positive return for investors with a total shareholder return of 15%. The company credited these strides to proactive price action and cost-saving measures that managed raw material volatility. Despite softening customer demand, they ended the year with a well-balanced inventory level.