Ingredion Incorporated (NYSE:INGR) Q3 2019 Earnings Conference Call - Final Transcript
Oct 31, 2019 • 08:00 am ET
transactional corn costs, which are difficult to pass through while their local economy is experiencing a slowdown. In EMEA, we expect net sales to be flat to down. We expect operating income to be down due to currency impacts throughout the region, higher raw materials cost and the postponement of Brexit to January next year. In past conversations, we have highlighted that our business experiences some seasonality as the summer months in the northern hemisphere bring greater demand for our ingredients.
Therefore, as we complete 2019, we expect similar seasonal demand to be reflected in our results. In 2019, we expect cash from operations to be in the range of $600 million to $640 million. We expect to invest between $335 million and $355 million in capital expenditures, of which a significant portion will support our specialty growth platforms.
And as Jim stated in his opening, we are committed to returning value to shareholders. Our 1% dividend increase this year reflects our desire to balance the cash-generating capacity of our core business with future investments to fund organic specialty growth opportunities. That brings my comments to a close. Let me now turn it back to Jim Zallie.
Thanks, Jim. As you heard from us today, we are delivering on our strategy and are pleased that the business demonstrated growth. The network optimization moves that we have made are -- and our progress, improving operational efficiencies are paying off. We delivered specialty net sales growth across all four regions, and our team continues to advance our roadmap for driving growth.
Our recent specialty investments provide new and expanded capabilities that position us even better to meet the growing consumer demand, serve our customers and deliver net sales growth. As the leader in starch-based texturizers, combined with our new plant-based protein offerings, we are broadening our portfolio of consumer-preferred, clean-label ingredient systems and doing so, enables us to increase our solutions capabilities to co-create with customers to successfully drive their growth and ours.
And now let's open the call for questions.