Ingredion sees FY24 adjusted EPS $9.15-$9.85, consensus $9.76

Excluding the effects of the divestiture of its S. Korea business, the company expects full-year 2024 net sales to be flat to up low single-digits reflecting greater volume demand partially offset by price mix. FY24 consensus $8.44B. Reported operating income is expected to be up low to mid-double-digits including the expected gain on the divestiture. Adjusted operating income is expected to be up mid-single-digits. Corporate costs are expected to be up low single-digits. For full-year 2024, the company expects a reported and adjusted effective tax rate of 24.0% to 26.0%, and 25.5% to 26.5%, respectively. Cash from operations for full-year 2024 is expected to be in the range of $750 million to $900 million, which reflects an anticipated increase in our working capital balances. Capital expenditures for the full year are expected to be approximately $340 million.