Ingredion raises FY23 adjusted EPS view to $9.05-$9.45 from $8.80-$9.40

FY23 consensus $9.00. The company now expects full-year 2023 net sales to be up mid-single-digits vs. prior view of up mid to high single digits, reflecting softer volume demand. FY23 consensus $8.41B. Reported and adjusted operating income are both expected to be up high double-digits. Compared to last year, the 2023 full-year outlook now assumes the following: North America operating income is expected to be up 20% to 25%, with price mix continuing to outpace lower volume and cost increases; South America operating income is expected to be down mid to high-teens, with higher input costs more than offsetting favorable price mix; Asia-Pacific operating income is expected to be up high double-digits, driven by favorable price mix and PureCircle growth, partially offset by higher input costs; and EMEA operating income is expected to be up 40% to 45% driven by favorable price mix. Corporate costs are expected to be up high single-digits. For full-year 2023, the Company expects a reported and adjusted effective tax rate of 22.5% to 23.5% and 25.0% to 26.0%, respectively. Cash from operations for full-year 2023 is now expected to be in the range of $650 million to $750 million. Capital expenditures for the full year are expected to be approximately $310 million.