Ingredion Inc INGR reported second-quarter FY23 sales growth of 1.2% year-on-year to $2.07 billion, missing the analyst consensus of $2.20 billion. Sales in North America increased 5% Y/Y to $1.3 billion, South America decreased 11% to $257 million, Asia-Pacific fell 3% to $267 million, and EMEA climbed 4% to $203 million. Gross profit increased 13% Y/Y to $441 million, and the gross margin expanded 230 basis points to 21.3%. The operating margin was 12.1%, and the operating income for the quarter was $251 million, an 18% Y/Y increase. Adjusted EPS of $2.32 missed the analyst consensus of $2.33. Ingredion held $263 million in cash and equivalents as of June 30, 2023. Cash from operating activities for six months totaled $279 million. "Net sales growth of specialty ingredients was driven by price and customer mix.