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Daily Archives: November 2, 2020

WillScot Mobile Mini Holdings to Participate in the Berenberg US CEO Conference

PHOENIX, Nov. 02, 2020 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), a North American leader in turnkey modular space and portable storage solutions, today announced that Brad Soultz, Chief Executive Officer, and Tim Boswell, Chief Financial Officer, will host virtual private meetings and participate in a fireside chat during Berenberg’s US CEO Conference on Friday, November 13, 2020. The meetings will be held by appointment only. The fireside chat will take place at 11:00 a.m. EST.

About WillScot Mobile Mini Holdings

WillScot Mobile Mini Holdings trades on the Nasdaq stock exchange under the ticker symbol “WSC”. Based in Phoenix, Arizona, WillScot Mobile Mini Holdings is a North American leader in turnkey modular space and portable storage solutions. It was formed in 2020 upon the merger of leaders in the modular space and portable storage markets. Together the WillScot and Mobile Mini brands operate approximately 275 locations across the United States, Canada, Mexico, and the United Kingdom with a combined fleet of over 350,000 portable offices and storage containers. They lease turnkey office space and storage solutions for temporary applications across a diverse customer base in the commercial and industrial construction, retail, education, health care, government, transportation, security and energy sectors. They create value by enabling customers to add space efficiently and cost-effectively – when the solution is perfect, productivity is all the customer sees.

Additional Information and Where to Find It

Additional information can be found on the company’s website at www.willscotmobilemini.com.

Contact Information

Investor Inquiries:

Mark Barbalato

investors@willscotmobilemini.com

Media Inquiries:

Scott Junk

scott.junk@wllscotmobilemini.com

 

Med PPE Global Launches International Ordering System

EDMONTON, Alberta, Nov. 02, 2020 (GLOBE NEWSWIRE) — Med PPE Canada Inc. (“Med PPE” or the “Company”), – is a personal protective equipment supply company, established in early 2020 to help provide global clients with a reliable source of PPE during and after the COVID-19 pandemic. The company is developing permanent manufacturing capacity for vital medical grade PPE products in Canada. Med PPE is pleased to announce that is opening availability of its HC/FDA approved PPE supply to global wholesale clients.

We continue to watch the 2nd wave of the COVID-19 pandemic across the world with concern, and want to assure our neighbors that we stand ready to supply anyone who needs it with quality manufactured, safe, FDA approved PPE. We have disposable masks, nitrile gloves, respirators, sanitizer, and more on stand-by for those in need across the globe.”   Terry Booth, Chief Executive Officer

Med PPE Canada recently celebrated the successful launch of its online retail store, shop.medppecan.com, which allows domestic retail consumers to purchase quality PPE from the safety of their homes, with delivery options available anywhere in Canada. With this announcement, Med PPE is making its catalogue of PPE available across international borders. The company believes that it is well positioned to ensure supply of these vital PPE products can continue uninterrupted to global clients as the pandemic continues. The company proudly operates two direct to consumer retail locations in Edmonton, including a first-in-class retail and supply centre in West Edmonton Mall.

Learn more about Med PPE Global today by visiting https://medppe.global.

Med PPE Canada Inc. is a Canadian medical supplies company dealing in head to toe personal protective equipment (PPE) for essential workers and other businesses operating through the pandemic. Med PPE is aiming to expand its operations across the world and believe firmly in “Protecting our front-line health workers so they can keep us safe.”

Name of Press Contact: David Howe
Phone: 780-289-8683
Email: david@MedPPECan.com

AIR Worldwide Estimates Insured Losses for Hurricane Zeta Will be Between USD 1.5 Billion to USD 3.5 Billion

Boston, Nov. 02, 2020 (GLOBE NEWSWIRE) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Zeta’s winds and storm surge will range from USD 1.5 billion to USD 3.5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

Hurricane Zeta made landfall at 4 p.m. CDT on October 28 near Cocodrie, Louisiana, about 80 miles south of New Orleans. It then moved quickly northeastward and tracked directly over New Orleans before moving through Mississippi and Alabama, where it weakened to a tropical storm. Its remnants then continued across Georgia, the Carolinas, and Virginia on Thursday, October 28.

According to AIR, at landfall, Zeta was a high-end Category 2 storm with 1-minute sustained wind speeds of 110 mph—just 1 mph shy of a Category 3, which would have classified it as a major hurricane. Zeta was the 27th named storm of the season—tying the record for number of named storms in the Atlantic, set in 2005—and the 11th to make landfall in the United States, breaking the previous record for the number of U.S.- landfalling named storms set in 1916. As the fifth named storm to make landfall in Louisiana this season, it also broke the record for the number of named storms to make landfall in Louisiana in one season set in 2002.

Hurricane Zeta made landfall just three weeks after Hurricane Delta and about nine weeks after Hurricane Laura. While Laura and Delta made landfall just 12 miles apart, Zeta made landfall about 150 miles east of their landfall locations and west of where Sally made landfall on September 16. Considering all four of these hurricanes—Sally, Laura, Delta, and Zeta—the entire coastline from eastern Texas near the Louisiana border to the western Florida Panhandle has been impacted by hurricanes so far this season.

After landfall, Zeta moved through Louisiana and into Mississippi with gusts of up to 100 mph observed, and hurricane conditions impacted Mississippi and Alabama. By Thursday morning, Zeta had weakened to a tropical storm over central Alabama, although strong gusts continued to impact northeastern Alabama, northern Georgia, the Carolinas, and southeastern Virginia through Thursday as Zeta’s remnants trekked northeastward.

Hurricane Zeta’s storm surge inundated far into the bayous of southeastern Louisiana. Despite Zeta moving directly over New Orleans, the levees protected that city from storm surge. Inundation in Mississippi and Alabama was confined to coastal areas, with Mississippi’s coast experiencing the largest storm surge.

Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage.

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong@air-worldwide.com

Nexen Tire launches live stream watch-along “Purple Live, Digital” fan engagement campaign

Nexen Tire launches live stream watch-along “Purple Live, Digital” fan engagement campaign

Company’s latest effort to set up a new online communication platform to engage more closely with customers and Man City fans.

BANGKOK, Thailand, Nov. 01, 2020 (GLOBE NEWSWIRE) — Nexen Tire, a leading global tire manufacturer, announced the launch of its ‘Purple Live, Digital’ campaign, a live stream watch-along that connects Manchester City FC fans with popular sports content creators. First rolled out as a successful pilot in Korea earlier this year, the campaign is now kickstarting internationally – in Thailand and the United Arab Emirates.

As the official partner of Man City, Nexen Tire’s ‘Purple Live, Digital’ event is the company’s latest effort to set up a new online communication platform to engage more closely with customers and Man City fans.

For Thailand, Nexen Tire will collaborate with Khob-sa-nam, a popular European football platform with over 4.4 million subscribers on Facebook, to host the first ‘Purple Live, Digital’ watch-along on Sunday, November 8 at 11:30 PM (ICT) for the Manchester City vs Liverpool game. During the event, fans will get the chance to win various prizes.

Furthermore, Nexen Tire will launch a pre-game online competition to promote ‘Purple Live, Digital’. To enter, fans should post messages of support for their favorite Man City players.

“Not only is Thailand an important market for us, it is also one of the most passionate countries about European football,” said Brian Han, Chief Marketing Officer of Nexen Tire. “We are excited to connect Thai football fans through our ‘Purple Live, Digital’ event and look forward to engaging more with them through further online and offline events to come.”

For more information, please visit: https://www.facebook.com/NEXENTH/

Meanwhile, Nexen Tire’s official business partner in Thailand, Silver Tire, is set to launch a sales promotion in collaboration with leading Thai automotive service chain, B-Quik. Details of the promotion will be posted on the B-Quik website and Silver Tire’s Facebook page in December.

About Nexen Tire

Nexen Tire, established in 1942, is a global tire manufacturer headquartered in South Korea. Nexen Tire, one of the world’s fastest growing tire manufacturers, currently interacts with approximately 150 countries around the world and owns four manufacturing plants – two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. Another plant in Žatec, te Czech Republic has also begun operation in 2019. Nexen Tire produces tires for passenger cars, SUVs, and light trucks with advanced technology and excellence in design. Nexen Tire supplies OE tires to global car makers in various countries around the world. In 2014, the company achieved a grand slam of the world’s top 4 design awards for the first time amongst the various tire makers in the world.

For more information, please visit https://www.nexentire.com/international/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/548cd102-8b4f-436e-9c44-5ca50f6ec8bd

Sylvia Chang
sylvia.chang@pivotp.co.kr

Nexen Tire เปิดตัวแคมเปญให้แฟนๆ มีส่วนร่วมรับชมสตรีมสด “Purple Live, Digital” ไปพร้อมกัน

Nexen Tire เปิดตัวแคมเปญให้แฟนๆ มีส่วนร่วมรับชมสตรีมสด “Purple Live, Digita” ไปพร้อมกัน

เป็นความพยายามล่าสุดของบริษัทในการจัดตั้งแพลตฟอร์มการสื่อสารออนไลน์ใหม่เพื่อมีส่วนร่วมกับลูกค้าและแฟนๆ ของทีม Man City อย่างใกล้ชิดยิ่งขึ้น

กรุงเทพฯ, ไทย, Nov. 02, 2020 (GLOBE NEWSWIRE) — Nexen Tire ผู้ผลิตยางรถยนต์ชั้นนำระดับโลกประกาศเปิดตัวแคมเปญ ‘Purple Live, Digital’ ซึ่งเป็นการสตรีมสดแบบรับชมพร้อมกันที่จะเชื่อมต่อแฟนๆ ของทีม Manchester City FC กับผู้สร้างเนื้อหากีฬายอดนิยม ด้วยการเปิดตัวนำร่องที่ประสบความสำเร็จในเกาหลีเมื่อต้นปีที่ผ่านมา ขณะนี้แคมเปญดังกล่าวกำลังเริ่มต้นในระดับสากล ทั้งในประเทศไทยและสหรัฐอาหรับเอมิเรตส์

ในฐานะพาร์ทเนอร์อย่างเป็นทางการของ Man City งาน ‘Purple Live, Digital’ ของ Nexen Tire เป็นความพยายามล่าสุดของบริษัทในการจัดตั้งแพลตฟอร์มการสื่อสารออนไลน์ใหม่เพื่อมีส่วนร่วมกับลูกค้าและแฟนๆ ของทีม Man City อย่างใกล้ชิดยิ่งขึ้น

สำหรับประเทศไทย Nexen Tire จะร่วมมือกับขอบสนาม ซึ่งเป็นแพลตฟอร์มฟุตบอลยุโรปยอดนิยมที่มีผู้ติดตามมากกว่า 4.4 ล้านคนบน Facebook เพื่อเป็นผู้จัดรายการรับชม ‘Purple Live, Digital’ ครั้งแรกในวันอาทิตย์ที่ 8 พฤศจิกายน เวลา 23.30 น. (ICT) สำหรับเกมระหว่าง Manchester City พบกับ Liverpool ภายในงาน แฟนๆ จะได้ลุ้นรับของรางวัลมากมาย

นอกจากนี้ Nexen Tire จะเปิดตัวการแข่งขันออนไลน์ก่อนเริ่มเกมเพื่อโปรโมท ‘Purple Live, Digital’ ในการเข้าร่วม แฟนๆ จะต้องโพสต์ข้อความสนับสนุนนักเตะ Man City ที่ตนชื่นชอบ

“ไม่เพียงแต่ประเทศไทยจะเป็นตลาดสำคัญสำหรับเราเท่านั้น แต่ยังเป็นหนึ่งในประเทศที่หลงใหลในฟุตบอลยุโรปมากที่สุด” Brian Han หัวหน้าเจ้าหน้าที่ฝ่ายการตลาดของ Nexen Tire กล่าว “เรารู้สึกตื่นเต้นที่จะได้เชื่อมโยงแฟนบอลชาวไทยผ่านกิจกรรม ‘Purple Live, Digital’ และหวังว่าจะได้มีส่วนร่วมกับแฟนๆ มากขึ้นผ่านกิจกรรมทั้งในรูปแบบออนไลน์และออฟไลน์ที่กำลังจะมาถึง”

สำหรับข้อมูลเพิ่มเติม โปรดไปที่: https://www.facebook.com/NEXENTH/

ในขณะเดียวกัน Silver Tire ซึ่งเป็นพันธมิตรทางธุรกิจอย่างเป็นทางการของ Nexen Tire ในประเทศไทยเตรียมเปิดตัวโปรโมชั่นส่งเสริมการขายร่วมกับ B-Quik ซึ่งเป็นผู้ให้บริการด้านยานยนต์ชั้นนำของไทย รายละเอียดของโปรโมชั่นจะแจ้งไว้ที่เว็บไซต์ B-Quik และหน้า Facebook ของ Silver Tire ในเดือนธันวาคม

เกี่ยวกับ Nexen Tire

Nexen Tire ก่อตั้งขึ้นในปี 1942 เป็นผู้ผลิตยางรถยนต์ระดับโลกซึ่งมีสำนักงานใหญ่อยู่ในประเทศเกาหลีใต้ Nexen Tire เป็นหนึ่งในผู้ผลิตยางรถยนต์ที่เติบโตเร็วที่สุดในโลก ปัจจุบันมีการติดต่อกับกว่า 150 ประเทศทั่วโลกและเป็นเจ้าของโรงงานผลิตสี่แห่ง โดยสองแห่งในประเทศเกาหลี (ยางซานและชางเนียง) และอีกหนึ่งแห่งในชิงเต่าประเทศจีน โรงงานอีกแห่งอยู่ในเมืองชาเตซประเทศสาธารณรัฐเช็ก ซึ่งได้เริ่มดำเนินการในปี 2019 Nexen Tire ผลิตยางสำหรับรถยนต์โดยสาร, SUV และรถบรรทุกขนาดเล็กด้วยเทคโนโลยีขั้นสูงและความเป็นเลิศในการออกแบบ Nexen Tire เป็นผู้จัดหายาง OE ให้กับผู้ผลิตรถยนต์ระดับโลกในประเทศต่างๆ ทั่วโลก ในปี 2014 บริษัทได้รับรางวัลสุดยอดการออกแบบ 4 อันดับแรกของโลกเป็นครั้งแรกท่ามกลางบรรดาผู้ผลิตยางรถยนต์หลายรายในโลก

สำหรับข้อมูลเพิ่มเติม โปรดไปที่ https://www.nexentire.com/international/

รูปภาพประกอบของการแถลงนี้สามารถรับชมได้ที่: https://www.globenewswire.com/NewsRoom/AttachmentNg/b89095cf-af0c-48ea-a4d4-5447349aa774

Sylvia Chang
sylvia.chang@pivotp.co.kr

Ingredion Incorporated Reports Third Quarter 2020 Results

  • Third quarter 2020 reported and adjusted EPS* were $1.36 and $1.77, respectively, compared with $1.47 and $1.86 in the third quarter 2019, respectively
  • Year-to-date 2020 reported and adjusted EPS were $3.45 and $4.50, respectively, compared with $4.51 and $5.06 in the year-ago period, respectively
  • The Company expects to increase its investment in Verdient Foods Inc. by acquiring 100% ownership, further bolstering its plant-based proteins portfolio

WESTCHESTER, Ill., Nov. 01, 2020 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the third quarter 2020. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2020 and 2019, include items that are excluded from the non-GAAP financial measures that the Company presents.

“We are pleased with our operational execution and financial performance for the third quarter. We experienced sequential improvement over second quarter 2020 in customer volume demand across all four of our regions, driven by increased consumer activity in response to easing of COVID-19 restrictions,” said Jim Zallie, Ingredion’s president and chief executive officer. “Reported and adjusted operating income were up 35% and 41%, respectively, from the second quarter. Our intense focus on servicing customers and operational execution, enabled us to deliver year-over-year profit growth in most of our regions.”

“As we continue to navigate the different economic environments around the world, we remain focused on the resilience of our workforce, the responsibility to the communities in which we operate and ensuring business continuity for our customers. Our teams displayed great agility and creativity to advance our go-to-market strategy with customers, and I am incredibly proud of them. As part of new ways of working, we are leveraging new forms of digital collaboration to connect, innovate and co-create with our customers. Around the world, we are moving our Idea Labs to virtual interactive studios to bring the innovation process to our customers, wherever they are,” Zallie continued.

“Today, we announced another strategic step to advance our Driving Growth Roadmap with the pending acquisition of Verdient Foods Inc., bringing our ownership to 100%. This transaction enables us to accelerate net sales growth, further expand our manufacturing capacity and better manage our supply network to serve the increasing demand for plant-based proteins. During the quarter, we also further enhanced our sugar reduction capabilities by integrating PureCircle’s global team and operations.”

“We are well positioned to effectively manage through the uncertainties due to the pandemic and successfully support our customers and their changing needs. We remain confident in the relevance of our strategy to grow our business and deliver value for shareholders,” concluded Zallie.

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted cash flow from operations are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures.

Diluted Earnings Per Share (EPS)

3Q19 3Q20 YTD19 YTD20
Reported EPS $1.47 $1.36 $4.51 $3.45
Impairment/Restructuring Costs $0.32 $0.22 $0.47 $0.51
Acquisition/Integration Costs $0.06 $0.02 $0.10
Tax Items $0.07 $0.01 $0.06 $0.33
Other Adjusted Items $0.12 $0.12
Adjusted EPS** $1.86 $1.77 $5.06 $4.50

Estimated factors affecting change in reported and adjusted EPS

3Q20 YTD20
Margin (0.07) (0.05)
Volume (0.02) (0.41)
Foreign exchange (0.07) (0.20)
Other income 0.01 (0.03)
Total operating items (0.15) (0.69)
Other non-operating income 0.02 0.05
Financing costs 0.09 0.09
Non-Controlling interests 0.02 0.02
Shares outstanding (0.01) (0.02)
Tax rate (0.06) (0.02)
Total non-operating items 0.06 0.12
Total items affecting EPS** (0.09) (0.56)

**Totals may not foot due to rounding

Financial Highlights

  • At September 30, 2020, total debt and cash and short-term investments were $2.2 billion and $553 million, respectively, versus $1.8 billion and $268 million, respectively, at December 31, 2019. The increase in total debt and cash and short-term investments was primarily due to the Company’s sale of $1.0 billion of senior notes in the second quarter 2020, partially offset by the redemption of $400 million of November 2020 senior notes in July.
  • Net financing costs were $22 million, which includes $5 million for interest payments associated with the early retirement of the senior notes in July. Net financing costs were $2 million lower in the third quarter from the year-ago period. The decrease resulted from lower net interest expense due to lower interest rates.
  • Reported and adjusted effective tax rates for the quarter were 30.1 percent and 26.2 percent, respectively, compared to 27.1 percent and 23.2 percent, respectively, in the year-ago period. The increase in reported and adjusted tax rates resulted primarily from US foreign tax credits, country earnings mix, and other one-time adjustments.
  • Year-to-date capital expenditures were $250 million, up $19 million from the year-ago period.

Business Review

Total Ingredion

$ in millions 2019
Net Sales
FX Impact Volume Pricemix

PureCircle

2020
Net Sales
% change % change
excl. FX
Third quarter 1,574 -38 -36 -6 8 1,502 -5% -2%
Year-to-Date 4,660 -138 -214 78 8 4,394 -6% -3%

Reported Operating Income

$ in millions 2019 FX Impact Business Drivers PureCircle Acquisition /
Integration
Restructuring /
Impairment
Other 2020 % change % change
excl. FX
Third quarter 165 -6 -3 -5 5 12 5 153 -7% -4%
Year-to-Date 494 -18 -41 -5 6 5 419 -15% -11%

Adjusted Operating Income

$ in millions 2019 FX Impact Business Drivers

PureCircle

2020 % change % change
excl. FX
Third quarter 193 -6 -3 -5 179 -7% -4%
Year-to-Date 537 -18 -41 -5 473 -12% -8%

Net Sales

  • Third quarter net sales were down from the year-ago period. The decrease was driven by foreign exchange impacts in South America and sales volume declines in North America. Excluding foreign exchange impacts, net sales were down 2 percent for the quarter.
  • Year-to-date net sales were down from the year-ago period. The decrease in year-to-date net sales was driven by sales volume declines in North America and South America and foreign exchange impacts in South America which were partially offset by favorable pricing. Excluding foreign exchange impacts, net sales were down 3 percent year-to-date.

Operating income

  • Reported and adjusted operating income for the quarter were $153 million and $179 million, respectively, both of which decreased by 7 percent, from the year-ago period. The decreases were largely attributable to lower sales volumes in North America and the inclusion of PureCircle results. Excluding foreign exchange impacts, reported and adjusted operating income were both down 4 percent from the same period last year.
  • Year-to-date reported and adjusted operating income were $419 million and $473 million, respectively, decreases of 15 percent and 12 percent, respectively, from the year-ago period. The decreases were largely attributable to lower sales volumes in North America and higher corporate costs due to continued investments to drive business and digital transformation. Excluding foreign exchange impacts, reported and adjusted operating income were down 11 percent and 8 percent, respectively, from the same period last year.
  • Third quarter and year-to-date reported operating income were lower than adjusted operating income by $26 million and $54 million, respectively, due to asset closures and restructuring costs related to Cost Smart, acquisition and integration costs, and the impact of the August storm damage in Iowa.

North America

Net Sales

$ in millions 2019
Net Sales
FX Impact Volume Price
mix
2020
Net Sales
% change % change
excl. FX
Third quarter 984 1 31 -24 928 6% 6%
Year-to-Date 2,912 6 181 14 2,739 6% 6%

Segment Operating Income

$ in millions 2019 FX Impact Business Drivers 2020 % change % change
excl. FX
Third quarter 145 13 132 9% 9%
Year-to-Date 409 1 50 358 12% 12%

Operating income

  • Third quarter operating income was $132 million, a decrease of $13 million from the year-ago period. The decrease was driven by lower volumes, as COVID-19 continued to impact away-from-home consumption across the region, and unfavorable mix in the U.S. and Canada.
  • Year-to-date operating income was $358 million, a decrease of $51 million from the year-ago period. The decrease was driven by significantly lower away-from-home consumption across the region and the shutdown of brewery customers in Mexico in the second quarter.

South America
Net Sales

$ in millions 2019
Net Sales
FX Impact Volume Price
mix
2020
Net Sales
% change % change
excl. FX
Third quarter 245 38 7 24 224 9 % 7 %
Year-to-Date 699 104 20 68 643 8 % 7 %

Segment Operating Income

$ in millions 2019 FX Impact Business Drivers 2020 % change % change
excl. FX
Third quarter 27 6 8 29 7 % 30 %
Year-to-Date 61 13 20 68 11 % 33 %

Operating income

  • Third quarter operating income was $29 million, an increase of $2 million from the year-ago period. The increase was driven by strong price mix which was partially offset by unfavorable foreign currency impacts. Excluding foreign exchange impacts, segment operating income was up 30 percent.
  • Year-to-date operating income was $68 million, an increase of $7 million from the year-ago period due to strong price mix which was partially offset by unfavorable foreign currency impacts and lower sales volumes. Excluding foreign exchange impacts, segment operating income was up 33 percent. Results for Argentina are accounted for in U.S. dollars under hyper-inflationary accounting.

Asia-Pacific

Net Sales

$ in millions 2019
Net Sales
FX Impact Volume Price
mix

PureCircle

2020
Net Sales
% change % change
excl. FX
Third quarter 205 1 -7 8 207 1% 1%
Year-to-Date 611 -12 -12 -12 8 583 -5% -3%

Segment Operating Income

$ in millions 2019 FX Impact Business Drivers

PureCircle

2020 % change % change
excl. FX
Third quarter 22 1 -5 18 -18% -18%
Year-to-Date 65 -1 1 -5 60 -8% -6%

Operating income

  • Third quarter operating income was $18 million, down $4 million from the year-ago period driven by $5 million of operating loss from PureCircle. Excluding PureCircle, third quarter operating income was $23 million, up $1 million from the year-ago period driven by lower input costs and operating expenses.
  • Year-to-date operating income was $60 million, a decrease of $5 million from the year-ago period. PureCircle results reduced year-to-date operating income by $5 million. Excluding PureCircle results, year-to-date operating income was flat to the same period in the prior year as lower input costs and favorable operating expenses offset lower sales volumes in the first half due to the impact of stay-at-home orders. Excluding foreign currency impacts, segment operating income was down 6%.

Europe, Middle East, and Africa (EMEA)

Net Sales

$ in millions 2019
Net Sales
FX Impact Volume Price
mix
2020
Net Sales
% change % change
excl. FX
Third quarter 140 1 2 143 2% 2%
Year-to-Date 438 18 1 10 429 2% 2%

Segment Operating Income

$ in millions 2019 FX Impact Business Drivers 2020 % change % change
excl. FX
Third quarter 24 1 25 4% 4%
Year-to-Date 71 3 5 73 3% 8%

Operating income

  • Third quarter operating income was $25 million, up $1 million from the year-ago period. The increase was largely attributable to favorable price mix in Pakistan and lower operating expenses in Europe.
  • Year-to-date operating income was $73 million, an increase of $2 million from a year ago. The increase was largely attributable to Pakistan pricing actions, solid EMEA specialty sales volume, and lower operating expenses in Europe, partially offset by the impacts of stay-at-home orders on Pakistan production and sales volume in the first half and negative foreign currency impacts. Excluding foreign currency impacts, segment operating income was up 8 percent.

Dividends

In September 2020, the Company increased the quarterly dividend to $0.64 per share from $0.63 per share, and paid dividends of $45 million in the third quarter and $132 million year-to-date.

2020 Outlook

Due to continued uncertainty of COVID-19 impacts, the Company cannot reasonably estimate full-year results at this time and guidance remains withdrawn.

The Company anticipates continued impacts from COVID-19 on net sales volume across our operating segments in the fourth quarter, with recovery in net sales generally correlated with increased consumer activity. With pandemic case rates rising and falling across many geographies, we expect away-from-home consumption to continue to fluctuate, suppressing volume demand for ingredients that are formulated in food and beverages consumed away-from-home. We anticipate modestly higher demand for food consumed in home, increasing volumes for ingredients that are part of the recipes for these meals.

For the full year, we expect a reported tax rate of 32 percent to 36 percent and an adjusted effective tax rate in the range of approximately 27 percent to 28 percent.

Capital expenditures are anticipated to be between $290 million and $310 million, of which more than $100 million is being invested to drive Specialty growth.

Conference Call and Webcast Details
Ingredion will conduct a conference call on Monday, November 2, 2020 at 8:00 a.m. Central Time hosted by Jim Zallie, president and chief executive officer, and James Gray, executive vice president and chief financial officer. The call will be webcast in real time and will include a presentation accessible through the Company’s website at www.ingredion.com. The presentation will be available to download a few hours prior to the start of the call. A replay of the webcast will be available for a limited time at www.ingredion.com.

About the Company
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2019 annual net sales over $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredients solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements
This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding the Company’s expectations regarding impacts of COVID-19, and the Company’s effective tax rates and capital expenditures for 2020 and any assumptions, expectations or beliefs underlying the foregoing. These statements can sometimes be identified by the use of forward looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts in this release or referred to in this release are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and are beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by our forward looking statements as a result of the following risks and uncertainties, among others: changing consumption preferences and perceptions, including those relating to high fructose corn syrup; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products, our access to credit markets and our ability to collect our receivables from customers; adverse changes in investment returns earned on our pension assets; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including the food, beverage, animal nutrition, and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to meet expectations; changes in U.S. and foreign government policy, laws or regulations and costs of legal compliance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic and the specific varieties of corn upon which some of our products are based, and our ability to pass on potential increases in the cost of corn or other raw materials to customers; raw material and energy costs and availability; our ability to contain costs, achieve budgets and to realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget, and to achieve expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the impact of financial and capital markets on our borrowing costs, including as a result of foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; the potential effects of climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing plants or with respect to boiler reliability; risks related to product safety and quality and compliance with environmental, health and safety, and food safety laws and regulations; economic, political and other risks inherent in operating in foreign countries with foreign currencies and shipping products between countries, including with respect to tariffs, quotas and duties; interruptions, security breaches or failures that might affect our information technology systems, processes and sites; our ability to maintain satisfactory labor relations; the impact that weather, natural disasters, war or similar acts of hostility, acts and threats of terrorism, the outbreak or continuation of pandemics such as COVID-19 and other significant events could have on our business; the potential recognition of impairment charges on goodwill or long lived assets; changes in our tax rates or exposure to additional income tax liabilities; and our ability to raise funds at reasonable rates to grow and expand our operations.

Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and in our subsequent reports on Form 10-Q and Form 8-K.

CONTACTS:
Investors:  Tiffany Willis, 708-551-2592
Media:  Becca Hary, 708-551-2602

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts) Three Months Ended September 30, Change % Nine Months Ended September 30, Change %
2020 2019 2020 2019
Net sales $ 1,502 $ 1,574 (5%) $ 4,394 $ 4,660 (6%)
Cost of sales 1,176 1,230 3,474 3,671
Gross profit 326 344 (5%) 920 989 (7%)
Operating expenses 155 153 1% 456 457 0%
Other expense (income), net 2 (2) 4 (3)
Restructuring/impairment charges 16 28 41 41
Operating income 153 165 (7%) 419 494 (15%)
Financing costs, net 22 24 59 62
Other, non-operating (income) expense, net (2) 1 (3) 1
Income before income taxes 133 140 (5%) 363 431 (16%)
Provision for income taxes 40 38 125 120
Net income 93 102 (9%) 238 311 (23%)
Less: Net income attributable to non-controlling interests 1 3 5 7
Net income attributable to Ingredion $ 92 $ 99 (7%) $ 233 $ 304 (23%)
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic 67.2 66.9 67.2 66.9
Diluted 67.6 67.4 67.6 67.4
Earnings per common share of Ingredion:
Basic $1.37 $1.48 (7%) $3.47 $4.54 (24%)
Diluted $1.36 $1.47 (7%) $3.45 $4.51 (24%)

 

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) September 30, 2020 December 31, 2019
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 553 $ 264
Short-term investments 4
Accounts receivable – net 913 977
Inventories 908 861
Prepaid expenses 56 54
Total current assets 2,430 2,160
Property, plant and equipment – net 2,354 2,306
Goodwill 841 801
Other intangible assets – net 479 437
Operating lease assets 161 151
Deferred income tax assets 23 13
Other assets 176 172
Total assets $ 6,464 $ 6,040
Liabilities and equity
Current liabilities
Short-term borrowings 62 $ 82
Accounts payable and accrued liabilities 893 885
Total current liabilities 955 967
Non-current liabilities 211 220
Long-term debt 2,115 1,766
Non-current operating lease liabilities 123 120
Deferred income tax liabilities 189 195
Share-based payments subject to redemption 32 31
Redeemable non-controlling interests 74
Equity
Ingredion stockholders’ equity:
Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued
Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875
shares issued at September 30, 2020 and December 31, 2019 1 1
Additional paid-in capital 1,145 1,137
Less: Treasury stock (common stock; 10,822,592 and 10,993,388 shares at
September 30, 2020 and December 31, 2019, respectively) at cost (1,027 ) (1,040 )
Accumulated other comprehensive loss (1,259 ) (1,158 )
Retained earnings 3,884 3,780
Total Ingredion stockholders’ equity 2,744 2,720
Non-redeemable non-controlling interests 21 21
Total equity 2,765 2,741
Total liabilities and equity $ 6,464 $ 6,040

 

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended September 30,
(in millions) 2020 2019
Cash provided by operating activities:
Net income $ 238 $ 311
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 158 158
Mechanical stores expense 39 42
Deferred income taxes (1 ) 2
Charge for fair value mark-up of acquired inventory 3
Margin accounts 6 (4 )
Changes in other trade working capital 80 (51 )
Other 39 32
Cash provided by operating activities 562 490
Cash used for investing activities:
Capital expenditures and mechanical stores purchases, net proceeds on disposals (250 ) (231 )
Payments for acquisitions, net of cash acquired (208 ) (42 )
Investment in a non-consolidated affiliate (6 ) (10 )
Short-term investments 4 4
Other 1
Cash used for investing activities (460 ) (278 )
Cash provided by (used for) financing activities:
Proceeds from borrowings (payments on), net 341 (19 )
Debt issuance costs (9 )
Repurchases of common stock, net 63
Issuances of common stock for share-based compensation, net of settlements 2 1
Dividends paid, including to non-controlling interests (132 ) (131 )
Cash provided by (used for) financing activities 202 (86 )
Effect of foreign exchange rate changes on cash (15 ) (10 )
Increase in cash and cash equivalents 289 116
Cash and cash equivalents, beginning of period 264 327
Cash and cash equivalents, end of period $ 553 $ 443

 

Ingredion Incorporated (“Ingredion”)
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, expect for percentages) Three Months Ended September 30, Change Nine Months Ended September 30, Change Change
2020 2019 Change Excl. FX 2020 2019 % Excl. FX
Net Sales
North America $ 928 $ 984 (6 %) (6 %) $ 2,739 $ 2,912 (6 %) (6 %)
South America 224 245 (9 %) 7 % 643 699 (8 %) 7 %
Asia-Pacific 207 205 1 % 1 % 583 611 (5 %) (3 %)
EMEA 143 140 2 % 2 % 429 438 (2 %) 2 %
 Total Net Sales $ 1,502 $ 1,574 (5 %) (2 %) $ 4,394 $ 4,660 (6 %) (3 %)
Operating Income
North America $ 132 $ 145 (9 %) (9 %) $ 358 $ 409 (12 %) (12 %)
South America 29 27 7 % 30 % 68 61 11 % 33 %
Asia-Pacific 18 22 (18 %) (18 %) 60 65 (8 %) (6 %)
EMEA 25 24 4 % 4 % 73 71 3 % 8 %
Corporate (25 ) (25 ) 0 % 0 % (86 ) (69 ) (25 %) (25 %)
Sub-total 179 193 (7 %) (4 %) 473 537 (12 %) (8 %)
Restructuring/impairment charges (16 ) (28 ) (41 ) (41 )
Acquisition/integration costs (5 ) (8 ) (2 )
Charge for fair value markup of acquired inventory (3 ) (3 )
North America storm damage (2 ) (2 )
Total Operating Income $ 153 $ 165 (7 %) (4 %) $ 419 $ 494 (15 %) (11 %)

 

II. Non-GAAP Information
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment cost, Mexico tax provision, and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP measure is provided in the tables below.
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
(in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 92 $ 1.36 $ 99 $ 1.47 $ 233 $ 3.45 $ 304 $ 4.51
Add back:
Acquisition/integration costs, net of income tax benefit of $1 million and $2 million for the three and nine months ended September 30, 2020, respectively, and $ – million and $1 million for the three and nine months ended September 30, 2019, respectively (i) 4 0.06 6 0.10 1 0.02
Restructuring/impairment charges, net of income tax benefit of $1 million and $7 million for the three and nine months ended September 30, 2020, respectively, and $6 million and $9 million for the three and nine months ended September 30, 2019, respectively (ii) 15 0.22 22 0.32 34 0.51 32 0.47
Charge for fair value markup of acquired inventory, net of income tax benefit of $ – for the three and nine months ending September 30, 2020, respectively (iii) 3 0.04 3 0.04
Charge for early extinguishment of debt, net of income tax benefit of $1 million for the three and nine months ended September 30, 2020, respectively (iv) 4 0.06 4 0.06
North America storm damage, net of income tax benefit of $ – for the three and nine months ended September 30, 2020, respectively (v) 2 0.03 2 0.03
Tax (benefit) provision – Mexico (vi) (6 ) (0.08 ) 3 0.04 16 0.24 2 0.03
Other tax matters (vii) 6 0.09 2 0.03 6 0.09 2 0.03
Non-GAAP adjusted net income attributable to Ingredion $ 120 $ 1.77 $ 126 $ 1.86 $ 304 $ 4.50 $ 341 $ 5.06
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) The 2020 period primarily includes costs related to the acquisition and integration of the business acquired from PureCircle Limited. The 2019 period primarily includes costs related to the acquisition and integration of the business acquired from Western Polymer, LLC.
(ii) During the three months ended September 30, 2020, the Company recorded $6 million of pre-tax restructuring/impairment charges, consisting of $4 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program and $2 million of restructuring related expenses primarily in North America and APAC as part of its Cost Smart cost of sales program. During the nine months ended September 30, 2020, the Company recorded $31 million of pre-tax restructuring/impairment charges, consisting of, $17 million of restructuring related expenses primarily in North America and APAC as part of its Cost Smart cost of sales program and $14 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program. In addition, the Company recorded a $10 million impairment of its equity method investment during the three months ended September 30, 2020, triggered by the decrease in fair value of its investment resulting from the agreed upon purchase price of the remaining 80% interest in Verdient Foods, Inc. The Company expects to complete the acquisition during Q4 2020. During the three and nine months ended September 30, 2019, the Company recorded $28 million and $41 million of pre-tax restructuring charges, respectively. During the third quarter of 2019, the Company recorded $14 million of net restructuring related expenses as part of the Cost Smart cost of sales program, including $6 million of employee-related costs and accelerated depreciation as part of the closure of our Lane Cove, Australia facility. Additionally, we recorded $4 million of employee-related costs in South America and APAC, and $4 million of other costs, including professional services, within the Cost Smart cost of sales program. The Company also recorded $14 million of restructuring related costs as part of the Cost Smart SG&A program, including $7 million of employee-related severance and $7 million of other costs, including professional services, primarily in North America and South America. During the nine months ended September 30, 2019, the Company recorded $41 million of restructuring charges including $20 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program, $18 million of other costs, including professional services, and employee-related costs associated with its Cost Smart cost of sales program, including the closure of the Lane Cove, Australia facility, and $3 million of other costs related to the Latin America finance transformation initiative.
(iii) The three and nine months ended September 30, 2020 includes the flow-through of costs associated with the purchase of PureCircle Limited inventory that was adjusted to fair value at the acquisition date in accordance with business combination accounting rules.
(iv) During the three and nine months ended September 30, 2020, the Company incurred $5 million of costs directly related to the early debt extinguishment of the $400 million 4.625% senior notes due November 1, 2020. The Company recorded the debt extinguishment charges within Financing costs, net on the Condensed Consolidated Statements of Income.
(v) During the three and nine months ended September 30, 2020, the Company incurred storm damage to the Cedar Rapids, IA manufacturing facility. The facility was shut down for 10 days, and the storm related damage resulted in $2 million of charges during the three months ended September 30, 2020. The Company recorded the storm damage costs within Other expense (income), net on the Condensed Consolidated Statements of Income.
(vi) The tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The company recorded a tax benefit of $6 million and a tax provision of $16 million three and nine months ended September 30, 2020, respectively, as a result of the movement of the Mexican peso against the U.S. dollar during the periods. During the three and nine months ended September 30, 2019, the company recorded a tax provision of $3 million and $2 million, respectively, as a result of the movement of the Mexican peso against the U.S. dollar during the periods.
(vii) This relates to other tax settlements, tax adjustments for an intercompany reorganization, and tax results of the above non-GAAP addbacks.
II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, pre-tax) 2020 2019 2020 2019
Operating income $ 153 $ 165 $ 419 $ 494
Add back:
Acquisition/integration costs (i) 5 8 2
Restructuring/impairment charges (ii) 16 28 41 41
Charge for fair value markup of acquired inventory (iii) 3 3 0
North America storm damage (v) 2 2
Non-GAAP adjusted operating income $ 179 $ 193 $ 473 $ 537
For each tickmark above, see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
Income before Provision for Effective Income Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 133 $ 40 30.1 % $ 363 $ 125 34.4 %
Add back:
Acquisition/integration costs (i) 5 1 8 2
Restructuring/impairment charges (ii) 16 1 41 7
Charge for fair value markup of acquired inventory (iii) 3 3
Charge for early extinguishment of debt (iv) 5 1 5 1
North America storm damage (v) 2 2
Tax item – Mexico (vi) 6 (16 )
Other tax matters (vii) (6 ) (6 )
Adjusted Non-GAAP $ 164 $ 43 26.2 % $ 422 $ 113 26.8 %
Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019
Income before Provision for Effective Income Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 140 $ 38 27.1 % $ 431 $ 120 27.8 %
Add back:
Acquisition/integration costs (i) 2 1
Restructuring/impairment charges (ii) 28 6 41 9
Tax item – Mexico (vi) (3 ) (2 )
Other tax matters (vii) (2 ) (2 )
Adjusted Non-GAAP $ 168 $ 39 23.2 % $ 474 $ 126 26.6 %
For each tickmark above, see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of Reported U.S. GAAP Effective Tax Rate (“GAAP ETR”)
to Anticipated Adjusted Effective Tax Rate (“Adjusted ETR”)
(Unaudited)
Anticipated Effective Tax Rate Range
for Full Year 2020
Low End High End
GAAP ETR 32.0 % 36.0 %
Add:
Acquisition/integration costs (i) 0.4 % 0.4 %
Restructuring/impairment charges (ii) 1.5 % 1.6 %
Charge for fair value markup of acquired inventory (iii) 0.0 % 0.0 %
Charge for early extinguishment of debt (iv) 0.2 % 0.2 %
North America storm damage (v) 0.1 % 0.2 %
Tax item – Mexico (vi) -2.3 % -5.0 %
Other tax matters (vii) -1.0 % -1.0 %
Impact of adjustment on Effective Tax Rate (viii) -3.9 % -4.4 %
Adjusted ETR 27.0 % 28.0 %
Above is a reconciliation of our anticipated full year 2020 GAAP ETR to our anticipated full year 2020 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR.
For items (i) through (vii), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
(viii) Indirect impact of tax rate after items (i) through (vii).

 

Britain Locks Down as Europe Becomes Pandemic Epicenter

LONDON – British Prime Minister Boris Johnson is defending plans to impose a nationwide lockdown beginning Thursday, warning that a failure to act could cause up to twice as many deaths this winter as during the first wave in the spring.

The country is recording several hundred COVID-19 deaths and at least 20,000 new coronavirus infections every day. Government scientists say infection rates are exceeding worst-case scenarios modeled just weeks ago.

Johnson offered a stark warning to British lawmakers in Parliament Monday.

“To those in this House who believe we should resist further national measures, let me spell out the medical and moral disaster we face,” Johnson told members of Parliament. “If we allow our health system to be overwhelmed, exactly as the data now suggests, then that would not only be a disaster for thousands of COVID patients, because their survival rates would fall, we would also reach a point where the NHS was no longer there for everyone. The sick would be turned away because there was no room in our hospitals — that sacred principle of care for anyone who needs it, whoever they are and wherever, whenever they need it, could be broken for the first time in our lives.”

Johnson said Britain’s lockdown would end as soon as the data allowed.

“Let me stress that these restrictions are time-limited. After four weeks on Wednesday, the 2nd of December, they will expire, and we intend to return to a tiered system on a local and regional basis, according to the latest data and trends, and the House will have a vote to agree the way forward,” the British leader said Monday.

Despite some opposition from lawmakers in his own Conservative Party, the new lockdown measures are expected to be voted through on Wednesday with the help of opposition Labour Party lawmakers.

The nationwide lockdown will force all nonessential shops and services, including pubs and restaurants, to close their doors for at least four weeks with people once again encouraged to work from home. However, schools and universities will stay open in contrast with the spring lockdown.

The prime minister had until now resisted calls for a second lockdown despite sharply rising infection rates through September and October.

Over two-thirds of Britons support the measures, according to a YouGov poll published Monday. Many scientists say it remains to be seen whether the new measures will be enough to bring the pandemic under control.

“Particularly with schools, there is some evidence that older children are drivers of infection,” said Dr. Simon Clarke, a microbiologist at the University of Reading. “So, keeping those schools open means that driving down the number of infections in the U.K. will be more difficult than it otherwise would have been. So, we’ll see what effect that has over the coming month.”

The government has extended its furlough scheme, which pays 80% of workers’ wages at firms hit by the lockdown, alongside grants for businesses forced to close and additional support for some self-employed workers.

During the first lockdown, the British economy shrunk by a fifth. Many companies rely on Christmas trading to boost profits, and there are fears of further economic pain.

“We’re just going to end up going through this weird cycle of closing and opening and closing and opening,” London bartender Marshall Seyler told Reuters. “And people are just going to continue to lose their jobs and rely on government support to pay their rent.”

This time there is also greater political opposition. Nigel Farage, widely seen as the architect of Britain’s exit from the European Union, announced plans Monday to rebrand his Brexit Party into the Reform Party, with opposition to the lockdown its central theme. Farage is not an MP and his party does not hold any parliamentary seats, but analysts say Conservative MPs are nervous that his message could appeal to some voters.

The World Health Organization said this week that Europe is once again the epicenter of the pandemic. France and Belgium have imposed nighttime curfews in addition to monthlong lockdowns as infections surge.

In Spain, protesters clashed with police amid lockdown measures in several regions. Germany and Italy, along with several other European countries, have imposed tighter restrictions.

The hope is that locking down now will mean an easing of the rules for Christmas. However, if infection rates remain high, governments say the lockdowns could last for several more weeks.

Source: Voice of America