Ingredion profit falls as operational issues stymie U.S. output

Ingredion (NYSE:INGR) lowered its full-year earnings forecast after a difficult first quarter where operational setbacks in its core North American business more than offset steady demand for its specialty ingredient portfolio.

The Westchester, Illinois-based provider of starches and sweeteners reported first-quarter net sales of $1.792 billion, a 1% decrease from the prior year.

The decline was most pronounced in the bottom line, with reported operating income falling 26% to $203 million.

Adjusted operating income, which excludes one-time items, dropped 22% to $212 million, as the company struggled with higher manufacturing costs and lower volumes in the United States and Canada.

The primary culprit for the weakness was a "longer-than-expected recovery" at the company’s flagship Argo facility in Illinois.

Operational challenges at the plant restricted output and pressured margins in the Food & Industrial Ingredients—U.S./CAN segment, where operating income plummeted 63% to $34 million.

Meanwhile, the company reported diluted earnings of $2.22 per share, while adjusted EPS stood at $2.34—down from $2.97 in the first quarter of 2025.

In response to the slow start, Ingredion updated its full-year 2026 adjusted EPS guidance to a range of $10.45 to $11.15, down from its previous midpoint estimate of approximately $11.40.